EIG has been engaging
Costco on the topic of forced labour in its supply chain since February 2016. Following
reports in the media on the potential abuse of workers in Costco’s supply chain
in Cambodia and Thailand, EIG sent a letter expressing concern to the Executive
Vice President and Chief financial officer at Costco. Despite numerous attempts
on the part of EIG to solicit a response to the letter, Costco remained silent.
Friday, 20 March 2020
Wednesday, 22 May 2019
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.
Monday, 20 May 2019
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.
Wednesday, 17 April 2019
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
A light meal will be served, cost approximately $15-18 per person.
This is your chance to learn how EIG’s investments have been doing, learn more about what the EIG committees have been up to and meet face-to-face. The meeting is open to anyone interested in socially responsible investing and/or interested in joining EIG. We have 10 spaces for new members.
The approximate schedule of the evening is as follows:
- 5:30: arrival, food, socializing.
- 6:15: to 7:30: AGM
- 7:30 - 8:15: Presentation by Alain-Olivier Desbois
- 8:15 to 9:00: dessert and socializing
We are looking forward to seeing you on the 25th!
--------------------------------------------------------------------
AGA du GIÉ, 25 avril 2019 à 17h30
Un nouveau lieu pour l'AGA du GIÉ : Université Concordia, Campus Loyola
Un repas léger sera servi au coût approximatif de 15-18$ 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.
Nous avons hâte de vous voir le 25!
Tuesday, 9 April 2019
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.
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.
Thursday, 13 December 2018
EIG shareholder engagement with High Liner Foods
(Le français suit)
EIG sends a letter to Heather Keeler-Hurshman VP, Investor Relations & Corporate Performance, at High Liner Foods (HLF) concerning allegations brought before a US court of human trafficking of Cambodian workers in the shrimp industry that supplies Rubicon Resources, a company that HLF acquired in 2017.