Social & Governance

OPB’s Perspective on Responsible Investing and Environmental, Social & Governance Policies

OPB believes that we have a responsibility to operate and invest in a way that minimizes the negative impact of ESG issues, consistent with fulfilling our pension obligation to our members. With our investment manager, IMCO, we believe incorporating ESG factors is essential to a successful long-term investment strategy. OPB and IMCO have worked together to establish policies that guide our collaborative ESG efforts.

In 2022, IMCO released its inaugural ESG report, Adapting to a Changing World, which outlines the ESG strategy, including the commitment to achieve a net-zero emissions portfolio by 2050 or sooner. This report helps to direct its global investment approach. As an institutional investment manager, IMCO has significant influence to support ESG policies through its various activities. Furthermore, IMCO can use its influence during the ongoing operations of its portfolio companies and assets to improve corporate practices.

We continue to collaborate with IMCO to implement OPB’s investment objectives, while effectively incorporating important ESG factors. Our strong alignment, in conjunction with using our combined scale and influence, allows us to achieve strong risk-adjusted investment results.”

Chris Kautzky
Chris Kautzky, Chief Investment Officer

Delivering on Our ESG Commitments

We are committed to integrating ESG into our strategies and to making meaningful progress in this area. As such, both OPB and IMCO are integrating ESG factors into our investments and operations. Meeting our ESG commitments shapes our strategies, guides our actions, and leads us to work with peers, partners and stakeholders to improve our ESG practice and performance.

2022 Highlights

Updated our ESG action plan to identify additional ESG-related activities we can undertake over the next two to three years.
Developed an ESG communications strategy to enhance our reporting and transparency on ESG issues.
Surveyed members on what ESG-related topics matter most to them and how they want us to communicate our progress to them.
IMCO made a US$50 million investment in the Fifth Wall Climate Tech Fund, its first in a real estate venture capital enterprise focused on climate change. Fifth Wall supports venture companies in developing new technologies aimed at decarbonizing the real estate industry.
IMCO and its consortium partners completed the acquisition of AusNet Services, a regulated energy utility in the state of Victoria, Australia. AusNet, which will play a lead role in helping Victoria reach its 2050 net-zero commitment, is IMCO’s largest infrastructure investment and its first take-private transaction.
IMCO committed to investing $455 million in the Macquarie GIG Energy Transition Solutions Fund. The fund will invest in sustainable infrastructure assets that are expected to deliver attractive risk-adjusted returns and meaningful social impact.

We will continue to provide updates on OPB and IMCO’s ESG activities on OPB.ca throughout the year.