Imperial Oil charged after toxic tailings leak – Canada's largest pension funds hold nearly US$300 million in shares
The Alberta Energy Regulator has laid nine charges against Imperial Oil after the company leaked an estimated 5.3 million litres of oil sands tailings and toxic chemicals into Alberta waterways from its Kearl oil sands mine north of Fort McMurray, Alberta.
The charges, announced Friday, include failing to report the spill as soon as the company became aware of it, releasing a substance that had or may have had a major effect on the environment and failing to immediately take all reasonable measures to clean up the spill. While most of the charges are under Alberta’s Environmental Protection and Enhancement Act, Imperial Oil is also facing charges under the Public Lands Act for “causing the loss or damage of public land” and for accumulating waste on public land. Additionally, Imperial Oil remains under investigation by Environment and Climate Change Canada for the Kearl oil sands leak and the company’s response, which was called “environmental racism” by the Athabasca Chipewyan First Nation.
Failure of engagement
Canada's largest pension funds hold nearly US$300 million in shares in Imperial Oil. These pension funds continue to make the absurd claim that their "engagement" is helping Imperial Oil improve its environmental oversight, reduce emissions and align with net-zero. Investor engagement coalition Climate Action 100+ finds that Imperial Oil is failing on almost all indicators to align its business with net-zero.
Conflict of interest
Meanwhile, a Director of PSP Investments – one of the only Maple 8 pension funds that’s yet to commit to net-zero emissions – sits on Imperial Oil's board. The PSP Director, Miranda Hubbs, was Chair of Imperial Oil’s Community Collaboration and Engagement Committee when the toxic Imperial Oil leak occurred. Members of Canada's Public Service Pension Plan called for the federal government to remove Hubbs from PSP's board following the tailings leak and subsequent cover-up.
Imperial Oil is polluting our waterways, wrecking the climate, and violating Indigenous rights – with no plans to stop. Why are our pension funds investing our savings in Imperial Oil, a company that's undermining our retirement security in a safe climate future?