CDPQ complicit
What is the CDPQ?
The Caisse de dépôt et placement du Québec (CDPQ) was created in 1965 by the National Assembly to manage the collective savings of Quebecers. It is Quebecers’ nest egg.
With $432 billion in assets under management, CDPQ is Canada’s 2nd largest pension fund.
It manages the funds of 48 public organizations. These depositors are mainly public pension funds and insurance plans.
More than 6.5 million Quebecers pay into or receive benefits from these funds. For example, all employees pay a portion of their wages to the Quebec Pension Plan and the CNESST, Québec’s workers compensation board.
CDPQ’s main depositors
RRQ
Quebec pension plan
FARR
Pension plans sinking fund
RREGOP
Pension plan for employees of the Quebec government and public agencies
CCQ
Pension Plan for Employees in the Quebec Construction Industry
CNESST
Quebec workers compensation board
FDG
Generations Fund
SAAQ
Quebec car insurance plan
RRPE
Pension Plan of Management Personnel
AMF
Autorité des marchés financiers
CDPQ invests in human rights violations
As of December 31, 2023, CDPQ had $14.2 billion invested in 87 companies around the world that are complicit in violations of international law and crimes against the Palestinian people. That amounts to 3 % of its portfolio.
Examples of complicit companies
WSP GLOBAL
Montréal-based consulting engineering firm
WSP is overseeing the extension of the Jerusalem Light Rail to illegal settlements in East Jerusalem. By facilitating the transfer of settlers to the occupied territories, WSP is complicit in war crimes and violations of international law. CDPQ is WSP Global’s largest shareholder.
$4.2 billion
ALSTOM
French multinational, owner of Bombardier Transportation
Alstom is building the Jerusalem-Tel Aviv A1 line on land stolen from the Palestinian people through illegal expropriation, in violation of international law.
$1.2 billion
CATERPILLAR
World’s largest construction equipment manufacturer
Israel uses Caterpillar equipment to demolish tens of thousands of homes and build illegal Israeli settlements in Palestine. Caterpillar heavy machinery was also used to build the 700-kilometre separation wall in the West Bank, which imprisons the population and has been used to annex 10% of the West Bank, in violation of international law.
$77.6 million
LOCKHEED MARTIN
The world’s largest arms manufacturer
Supplies most of the Israeli army’s fighter jets. These planes have been used in repeated attacks on Gaza since 2007, killing tens of thousands of Palestinians. F-35s are being used in the current genocide, dropping 900 kg bombs on the people of Gaza.
$62.2 million
CDPQ must take action
CDPQ must ensure that all its investments comply with international law.
It has two options: pressure the complicit companies to immediately cease all activities that violate international law (e.g. WSP Global) or sell its holdings (e.g. Lockheed Martin).
Divestment is possible!
CDPQ has sold investments with negative social or environmental impacts in the past.
The tobacco industry
In 2020, CDPQ withdrew entirely from the tobacco industry.
Fossil industries
In 2022, the Sortons la Caisse du carbone campaign led CDPQ to completely pull out of oil production.
Policity
In 2023, the Québec BDS Coalition got CDPQ to divest from Policity because of its violations of Palestinian human rights.
The Norwegian example
KLP, Norway's largest pension fund, has made several divestments in recent years.
In April 2021, KLP, Norway’s largest pension fund, divested from 16 companies, including Alstom, because of their involvement in Israeli settlements in the West Bank.
In June 2024, KLP sold its investment in Caterpillar because of its role in violations of human rights and international law in Palestine.
If KLP can do it, so can and must CDPQ !
Double standards
CDPQ claims its investments meet the highest ethical standards. When Russia invaded Ukraine, CDPQ quickly sold its Russian stocks.
Why won’t CDPQ do the same for Palestine?
