B.C. PENSION FUND’S SELECTED OIL AND GAS HOLDINGS

Exxon, and others. All told, BCI owns stock in more than 30 oil and gas companies.

“If the sector ran hard and they were not in energy because of political decisions, then they would be underperforming and they would be criticized,” Tahmazian said.

He also said it’s a good sign that BCI’s portfolio managers have made investing decisions rather than political decisions.

“There’s an irony that (BCI’s investment managers) with their investor policy statement is obligated to have energy exposure and when they go into it, without taking the time to understand the sector better, they’re owning the biggest of thebignamesandtheyhappen to be on the front lines,” he said, noting the debate over an oilsands pipeline has divided the province.

In its annual report on ‘responsible investing’, BCI said it was a signatory to the Climate Action plan to “take action to reduce greenhouse gas emissions, consistent with the goal of the Paris Agreement to keep global temperature rise well below two degrees Celsius.”

The fund also said it voted in favour of a human rights shareholder proposals at meetings of both Enbridge and Marathon and urged them to report on the due diligence process they follow to identify environmental and social risks.

“Shareholders are concerned that legal and reputational risks related to oil and gas projects have grown steadily,” according to the BCI report.