Silence from Xylem on the water privatization front

No news isn’t always good news. It has been about six months since we first reached out to Xylem and unfortunately we haven't received a response. EIG is always highly appreciative of responses from the companies that we engage. 

It all started in in the autumn of 2018 when some EIG members raised concerns with Xylem’s potential connection to water privatisation. This led to researching the topic and the decision to engage Xylem on the matter.

Exchanges about chocolate - EIG and Equal Exchange

You may recall that EIG got in touch with La Siembra after As You Sow reported finding heavy metals in a range of chocolate products, including some made by Equal Exchange. The finding resulted in legal notices being filed against chocolate manufacturers for failure to warn of lead and/or cadmium in their chocolate products. EIG also wrote to Equal Exchange in December 2018, asking for the company’s response to the legal notices, whether the company tests chocolate products for heavy metals and what measures are being taken to eliminate heavy metals from their chocolate products.

It took a couple of follow-ups on our end before the Chocolate Products Manager responded to us in April 2019. He noted that Equal Exchange is testing the levels of cadmium and lead in their products and also has testing done by its partners. The company is working to achieve the standards agreed to in the settlement of the case in California, and he shared these levels with us. As part of the settlement, parties agreed to fund research on how heavy metals get into cacao products and how this can be mitigated. EIG learned that this report will be made public and Equal Exchange has committed to sharing it with us (expected in May 2021).

Equal Exchange also highlighted its preoccupation around the impact of decisions in the chocolate industry on the livelihoods of small-scale farmers in regions where heavy metals occur naturally at higher levels. EIG shares this concern.

Learn more on our website.

EIG engages with companies in which it is a shareholder by writing letters to upper management on issues of concern. As investors, we feel our voices should be heard.

AGA du GIÉ / EIG AGM, 25 avril/April 25, 2019

[le français suit]

EIG AGM, 25 April 2019 at 5:30 pm

A new venue for the EIG AGM: Concordia University, Loyola Campus

Directions and Map

 *RSVP*: eig.gie.montreal@gmail.com

A light meal will be served, cost approximately $15-18 per person.

This is your chance to learn how EIG’s investments have been doing, learn more about what the EIG committees have been up to and meet face-to-face. The meeting is open to anyone interested in socially responsible investing and/or interested in joining EIG. We have 10 spaces for new members.  

This year, one of EIG’s members, Alain-Olivier Desbois, will be speaking about the new not-for-profit impact-investing platform SVX, of which he is senior advisor. See svx.ca for more information.  

The approximate schedule of the evening is as follows: 

• 5:30: arrival, food, socializing. 
• 6:15: to 7:30: AGM 
• 7:30 - 8:15: Presentation by Alain-Olivier Desbois 
• 8:15 to 9:00: dessert and socializing

Agenda  and 2018 Financial Statements

We are looking forward to seeing you on the 25th!

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AGA du GIÉ, 25 avril 2019 à 17h30

Un nouveau lieu pour l'AGA du GIÉ : Université Concordia, Campus Loyola

Directions et carte (en anglais)

*RSVP* : eig.gie.montreal@gmail.com  

Un repas léger sera servi au coût approximatif de 15-18$ par personne

C’est l’occasion de socialiser avec les membres du groupe, savoir comment vont les investissements du GIÉ et d’en savoir plus sur ce que les comités du GIÉ ont fait au cours de l’année. L’assemblée est ouverte à toute personne intéressée par l'investissement socialement responsable et / ou susceptibles de vouloir devenir membres. Nous avons 10 places pour de nouveaux membres.

Cette année, l'un des membres du GIÉ, Alain-Olivier Desbois, parlera de la nouvelle plate-forme à but non lucratif d'investissement à impact SVX, dont il est le conseiller senior. Voir svx.ca pour plus d’informations.

 L’horaire approximatif de la soirée est le suivant:

• 17h30 : arrivée, repas, discussions
• 18h15 : à 19h30: AGA
• 19h30 - 20h15 : présentation d'Alain-Olivier Desbois
• 8h15 à 21h00 : dessert et discussions. 

Ordre du jour et États financiers 2018 (en anglais)

Nous avons hâte de vous voir le 25!

Following the oil pipeline divestment file with Desjardins…

EIG has been engaging Desjardins on the topic of oil sands divestment since April 2018. In December 2018, looking ahead to the Desjardins Annual General Meeting (AGM) in March 2019, EIG sent a follow-up letter on the topic to Gérald Larose, President of the Board of Governors, and to Marc Picard, Director General of our Caisse d'économie solidaire. We requested that the Caisse d'économie solidaire present to Desjardins Group, a notice of preliminary proposal concerning the financing of oil sands pipelines. The objective is that this resolution be adopted during the upcoming AGM of Desjardins Group. The resolution requests that Desjardins Group, as well as the Caisse, ensure that it respects the rights of First Nations people and protect water and global climate by committing to permanently ending the financing of and investments in oil sands pipelines.

Having received no response in early March EIG sends an email to the same people (Mr Larose and Mr Picard), requesting confirmation about their intention to submit a proposal about divestment from oil sands pipeline financing in the March AGM. This time Mr Picard responds, assuring EIG that the Caisse d’économie solidaire shares our objectives and maintains pressure on Desjardins Group in order to promote them. He notes that that the proposal was submitted as an agenda item but that it was not retained for reasons of conformity. He mentions an upcoming Desjardins-Group-wide activity focused on environmental issues scheduled for the spring of 2019 and promises to keep EIG abreast of developments.

We’ll keep you posted! See our website for the detailed history of exchange between EIG and Desjardins on divesting.

La Siembra chocolate passes our sweet test

GIE was concerned after reading a study by As You Sow that found cadmium and lead in various chocolate products, including ones from Equal Exchange.  Since Equal Exchange is La Siembra’s sister organisation in the United States which also has an investment in La Siembra, we decided to engage La Siembra in December 2018. (We also contacted Equal Exchange, find out more here).

We received a thorough response one day after having sent our letter (!) from Kelly Storie, the Co-Executive Director & Finance Director of La Siembra Cooperative. Ms Storie explained that the company has been testing products with high cocoa content since 2016. Interestingly, she explained La Siembra’s commitment to continue to work with Peruvian farmers, introducing techniques to reduce cadmium uptake into cocoa trees, rather than simply switching to suppliers elsewhere who don’t face this challenge.

Ms. Storie also informed EIG about a settlement in the case filed in California, explaining that due to the nature of the case La Siembra did not join in the case. EIG thanked Ms Storie for alleviating our concerns and asked to be kept informed about future testing of heavy metals in La Siembra chocolate. In sum we were reassured about our investment in La Siembra and will happily also enjoy consuming their tasty chocolate products.

For more details, see La Siembra and heavy metals on EIG's website.

EIG engages with companies in which it is a shareholder by writing letters to upper management on issues of concern. As investors, we feel our voices should be heard.