Social Responsibility

As an asset owner and an experienced long-term investor, we know that environmental, social and governance (ESG) factors can and do affect investment performance. With the Investment Management Corporation of Ontario (IMCO), we pursue a shared belief that companies and investment managers that effectively address sustainability issues are more likely to deliver better long-term investment returns that help pay our members’ pensions.

We believe that a strong commitment to social responsibility is important and that socially responsible companies are more likely to improve shareholder value over the longer term – which in turn helps pension plan members. This contributes to the sustainability of the Public Service Pension Plan (PSPP).

Whether it’s administering the PSPP or investing in the pension plan’s assets, social factors – including those related to health and safety, labour and community relations, diversity, equity and inclusion – are key considerations.

Within our organization

Diversity, equity and inclusion are core values for OPB, and we are continuously evolving our approach to meet the expectations of our stakeholders and employees. We are committed to advancing initiatives that support these values.

We believe that commitment makes our workplace stronger and more agile, and that it directly contributes to making our organization more productive and sustainable over the long term. As an employer, it helps us drive employee engagement and attract and retain talent. It also allows us to deliver better service to our diverse membership. Over the past few years, we have taken several steps to advance these values at OPB, including:

• providing mandatory training sessions and expansion of education for staff and Board members,
• reviewing human resources practices and policies to reduce the potential for bias in our recruitment and hiring process,
• partnering with organizations dedicated to advancing DEI for underrepresented groups,
• establishing a Diversity, Equity and Inclusion (DEI) Council
• Partnered with the 519, a Toronto-based community centre that focuses on 2SLGBTQ+ communities, to provide Gender & Sexual Diversity training for all employees
• Joined the Canadian Centre for Diversity and Inclusion (CCDI)
• Signed The Black North Initiative's CEO Pledge Against Anti-Black Systemic Racism
• Partnered with the Canadian Association of Urban Financial Professionals (CAUFP)
• Partnered with Pride at Work Canada/Fierté au travail Canada
• Created an education space for ongoing awareness-building and education
• Recognized dates of significance related to diversity, equity and inclusion, including raising awareness about mental health and the importance of ending stigma
• Marked the National Day for Truth and Reconciliation by providing two virtual tours for OPB employees of the former Mohawk Institute Indian Residential School through the Woodland Cultural Centre, as well as attending the Indigenous Legacy Gathering Sunrise Ceremony hosted by the Toronto Council Fire Native Cultural Centre at Nathan Phillips Square, including to mark National Indigenous Peoples Day
• Regularly highlight DEI by recognizing days of significance throughout the year, on our LinkedIn page

To learn more about steps we have taken to advance inclusivity and accessibility for our members, please read our 2023-24 Sustainability Report.

Within our investments

Investment Management Corporation of Ontario IMCO manages pension fund assets on behalf of OPB and considers diversity more broadly in line with the Canadian Investor Statement on Diversity and Inclusion. It has incorporated diversity, equity and inclusion considerations into its due diligence process for new investments and has signed the Responsible Investing Association’s Investor Statement to address systemic racism within the investment industry.

OPB and IMCO recognize the importance of considering ESG related risks in the investment management process. As part of IMCO’s investment due diligence, they have developed a screening guideline to determine which companies, sectors or activities they will consider investing in and which they will exclude because the risks outweigh any potential returns. Excluded investments include:

• entities sanctioned under Canada’s Special Economic Measures Act or United Nations Act,
• companies involved in the production of controversial weapons such as antipersonnel landmines, cluster munitions, chemical weapons, biological weapons, white phosphorus, depleted uranium munitions and nuclear weapons,
• companies involved in the manufacturing of firearms and small arms ammunitions for civilian markets,
• companies involved in operating for-profit prisons and detention centres,
• companies involved in the production of tobacco products,
• companies involved in thermal coal mining, and
• companies involved in Arctic oil and gas production.

Related resources

• Sustainable Investing Resources
• Our Statement of Investment Policies & Procedures (PDF)
• IMCO’s Sustainable Investing policy (PDF)(opens in a new tab)