Category: Canada

Posted on

Canada Pension Plan Contributions, Where Is The Money Going?

Obtain Your Statement Of Contributions

Any Service Canada should be able to help you apply for a copy of your statement of contributions. One tip is to do it after a tax assessment to get the most up to date information. You will need your social insurance number.

Also, you can request your statement by mail.
Contributor Client Services
Canada Pension Plan
Service Canada
PO Box 818 Station Main
Winnipeg MB R3C 2N4

Once you have received it, you will get a lot of new information you didn’t have before. Yes, I have mine from 2018, and am ordering a 2019 statement.

2. Information From Statement Of Contributions

A quote from the 2018 statement:

You and your employer each paid 4.95% of your earnings between the minimum of $3,500 and the maximum of $55,900 for 2018. These are called “pensionable earnings. Self employed individuals paid contributions of 9.9% on these amounts.
The maximum retirement pension at age 65 this year is $1,134.17 per month.

A few things to point out here:

You and your employer “both” paid 4.95% of your earnings between the minimum and maximum amounts. So if you made $25,000 then $21,500 of it would be taxable. Both you and your employer would have contributed $1,064.25 towards it. Combined is $2128.50.

Suppose you made over $55,900. Then $52,400 of it would have been taxable, and both you and the employer would have paid $2,593.80 into it. Combined is $5187.60.

Let address the elephant in the room. How much: (a) will CPP actually pay out for you; and (b) what would you make if you invested the CPP contributions yourself?

3. How Much Will CPP Pay Out For You?

Assuming retirement at age 65, and average life expectancy is 82. That gives 17 years, (204 months) of receiving pension contributions.

For the 2019 year, the maximum is listed as $1,154.58, and the average is $679.16. None of this covers Old Age Security (OAS) or Guaranteed Income Supplement (GIS). Those are separate and fall outside of CPP.

The average earner:
($679.16/month)X(17 year)X(12 month/year) = $138,540

The top earner:
($1,154.58/month)X(17 year)X(12 month/year) = $235,534

For simplicity, inflation is ignored, as is indexing of contributions.

Invest Your Own CPP Contributions

Yes, contributions and interest rates vary, but for simplicity, let’s keep them consistent.

For the top earner, let’s do this scenario:
(a) Worked for 40 years
(b) Contributed full amounts
(c) Invested at 8% annually.

Yes, the interest is absurd, but CPPIB claims that is what it is getting. In fact, CPPIB states that it gets 6.6-18% interest on its fun each year.

Over $1.3 million. That is what you would have after 40 years, making full contributions, assuming those contributions (both yours and the employer’s) were fully invested. A far cry from the $235,000 that you would make from 17 years of CPP payouts. Over a million more in fact.

Even just a 3% return — which is very doable — would net you $390,000 over those 4 years. Almost double what CPP would be paying out.

For an average earner, let’s try different numbers:
(a) Worked for 30 years
(b) Earned ~$30,000 annually contributed $2,970
(c) Invested at 6% annually.

$235,000 the person would have earned. This is about $100,000 more than simply taking the average payouts from Canada Pension Plan.

Why the different numbers? Perhaps the person took several years off for childcare. Perhaps there were years with low earnings. And 6% is a more realistic return, although good luck getting that from a bank. To repeat, CPPIB claims 6-18% returns (after costs) annually.

To be fair, people who go decades without working are unlikely to ever be able to save and invest the equivalent of what CPP is paying out.

For example, my own statement of contributions estimates if I were magically 65 today. With only a decade of work, I would be getting $317/month. Over the next 17 years that would pay out about $65,000, far more than I would have put in.

But long term and steadily employed workers get screwed.

Performance CPPIB Claims In Investments

This was addressed in the previous piece. In the CPPIB Annual Reports, the Board claims to have staggering growth year after year. Of the years listed, the interest ranges from 6% to 18%.

Year Value of Fund Inv Income Rate of Return
2010 $127.6B $22.1B 14.9%
2011 $148.2B $20.6B 11.9%
2012 $161.6B $9.9B 6.6%
2013 $183.3B $16.7B 10.1%
2014 $219.1B $30.1B 16.5%
2015 $264.6B $40.6B 18.3%
2016 $278.9B $9.1 6.8%
2017 $316.7B $33.5B 11.8%
2018 $356.B $36.7B 11.6%
2019 $392B $32B 8.9%

Also, as outlined in the last article, the accounting method used also changes how your pension plan comes across. You can select your data, and paint a rosy picture. Or you can take ALL assets and liabilities into account.

When the Canada Pension Plan was properly audited in 2016, it was found to have $884.2 billion in unfunded liabilities. The 2019 Annual report lists $392 billion as the value of the fund. However, with over a trillion dollars in liabilities, that illusion came crashing down.

$239 billion in growth over the last decade, an 11% annual increase. But in spite of that, CPP is not paying out retirees anywhere near what they have put in.

Why? Where is the money going?

CPP Unfunded Liabilities Swept Under Rug

Here are quotes from some of the actuarial reports. Interesting how they go out of their way to gloss over the truth about the CPP. In 2 of the reports, the total unfunded liabilities are reduced to a mere footnote.

Page 113 in 2000 audit. Actuarial liability 486,682M Actuarial value of assets 43,715 or 9%, Unfunded liability 442,967M or 91% of total. That’s right, ten times as many liabilities as assets.


Page 73 in 2006 audit report. $619.9B in unfunded liabilities. Updated in 2009 to reflect another $67.9B on the interest (just the interest) of those unfunded liabilities.


Footnote from 2012 audit. When the “closed-group approach” is used to audit the program, the assets are $175.1 billion, actuarial liability of the Plan is equal to $1,004.9 billion, and the assets shortfall is equal to $829.8 billion

Footnote from 2015 audit. Using “closed-group approach” to audit, the actuarial liability of the Plan is equal to $1,169.5 billion, the assets are $285.4 billion, and the assets shortfall is equal to $884.2 billion

Despite the glowing reviews our politicians give, the Canada Pension Plan is not doing well. In fact, it has close to a trillion dollars in unfunded liabilities. This is not sustainable in the slightest.

Younger workers will be paying into a system they have no realistic hope of ever collecting on. Not a good social safety net.

By now you are probably wondering these things:
The CPP, for most people, will never actually pay out anywhere near the amount that the person contributes over their lifetime. This is on top of the nearly 1 trillion shortfall that the plan has. So if the plan won’t pay out fully, and yet is so broke, where is the money going?

Who is running the show?

Open-Group v.s. Closed-Group Valuation

The difference is this:
Open-group valuation principles mean that a pension is solvent and in good shape as long as it’s current assets and payouts are able to keep up with the demands of retirees at the moment. It doesn’t require that the pension plan be fully funded. The reasoning is there is a “social contract”, and that the Government can raise more money (tax more) to cover the shortfalls.

Closed-group valuation principles require that “all” liabilities be taken into account. The is a far more accurate method, as payments from all workers are considered, if those who won’t retire for decades. The rationale is that private companies could go bankrupt at any time, and need to take the actual amounts into account.

CPPIB Board Members Well Connected

Heather Munroe-Blum

  • Principal and Vice Chancellor (President), McGill University
  • Current Director of the Royal Bank of Canada
  • Hydro One (Ontario)
  • Trilateral Commission

Ashleigh Everett

  • Former Director of The Bank of Nova Scotia
  • Premier’s Enterprise Team for the Province of Manitoba

William ‘Mark’ Evans

  • Former member of the Management Committee at Goldman Sachs
  • Co-founded TrustBridge Partners in China (2006)
  • Kindred Capital in Europe (2016)

Mary Phibbs

  • Standard Chartered Bank plc
  • ANZ Banking Group
  • National Australia Bank
  • Commonwealth Bank of Australia
  • Allied Irish Banks plc
  • Morgan Stanley Bank International Ltd
  • The Charity Bank Ltd

Tahira Hassan
Kathleen Taylor

  • Chair of the Board of the Royal Bank of Canada
  • Director of Air Canada since May 2016
  • Chair since April 2019 of Altas Partners

Karen Sheriff

  • United Airlines
  • Director of WestJet Airlines

Jo Mark Zurel

Not proof of any wrongdoing, but the board is certainly connected to other institutions.

CPPIB Holdings (Foreign & Domestic)

Here are CPPIB’s Canadian holdings.
Here are CPPIB’s foreign holdings.

$44M in from Power Corporation (Desmarais)
$17M in Hydro One Ltd (Heather Munroe-Blum is former board member)
$555M in RBC (Heather Munroe-Blum is board member)
$292M in Scotia Bank (Sylvia Chrominska is former chair)

In fairness, there are hundreds of companies CPPIB invests in. But always keeping an eye out for potential conflicts of interest.

But having all of these assets (both within Canada and abroad), doesn’t really explain the trillion dollar shortfall. There has to be something else that the CPPIB is wasting Canadian pensioners’ retirement savings on.

Pensions Sent For UN Development Projects?

Yes, this sounds absurd, but consider this report from the UN about using pensions to leverage development projects. True, this report refers to African pension funds. But it is entirely possible that Canada could get involved (or already be involved) in some similar scheme.

III. PENSION FUNDS DIRECT INVESTMENT IN INFRASTRUCTURE
International experience At 36.6 percent of GDP, assets of the pension funds in OECD countries are relatively large. As of end-2013, pension-fund assets were even in excess of 100 percent in countries such as the Netherlands, Iceland, Switzerland, Australia, and the United Kingdom (Figure 1). In absolute terms, pension funds in OECD countries held $10.4 trillion of assets.25 While large pension funds (LPFs) held about $3.9 trillion of assets, assets in public and private sector and public pension reserves (PPRFs) stood at $6.5 trillion.

Individual pension funds can be relatively large in some countries such as the Netherlands (ABP at $445.3 billion and PFZW at $189.0 billion) and the U.S. (CalPERS at $238.5 billion, CalSTRS at $166.3 billion, and the New York City Combined Retirement System at $150.9 billion). Similarly, PPRFs are relatively large in the U.S. (United States Social Security Trust Fund at $2.8 trillion) and Japan (Government Pension Investment Fund at $1.2 trillion). Among emerging markets, South Africa (Government Employees Pension Fund (GEPF) at $133.4 billion) and Brazil (Previ at $72 billion) have the largest funds in Africa and Latin America, respectively.

Pension funds can dedicate a share of their assets specifically to infrastructure. Such direct investment in infrastructure is implemented through equity investment in unlisted infrastructure projects (through direct investment in the project or through a private equity fund). Such investment can also take the form of debt investment in project and infrastructure bonds or asset-backed security. In contrast, pension funds can allocate a share of their funds indirectly to infrastructure through investment in market-traded equity and bonds. Listed equity investment can take the form of shares issued by corporations and infrastructure project funds while debt investment is often in the form of corporate market-traded bonds.

As is plain from the text, (Page 10), the UN views pensions as a potential investment vehicle for their agendas. And is clear from the pages in the reports, the UN has been sizing up pension funds from all over the world.

This is more than just an academic exercise

IV. OBSTACLES TO PENSION FUNDS INVESTMENT IN INFRASTRUCTURE
The extent to which pension funds can invest in infrastructure depends on the availability of assets in the pension system. Asset availability, in turn, is driven by a number of factors including the pension system’s environment, design, and performance. Even in a well-performing pension system with ample assets available for investments, the governance, regulation, and supervision of pension funds can restrict those funds’ ability to actually invest in infrastructure. If such constraints are lifted, then pension funds need to consider the risks of infrastructure projects and demand a fair, transparent, clear, and predictable policy framework to invest in infrastructure assets. Once this hurdle is overcome, pension funds will need adequate financial and capital market instruments to implement their investment decisions.

Simple enough (page 13). Lift the regulations, and the pension money will be free to flow to UN development projects. And after all, who knows better about spending other people’s money?

The endless foreign aid gestures that our government engages in: is that really our pension money being sent abroad?

We can see from Table 2 (Page 16) that the UN has been sizing up:

  1. Canada Pension Plan ($173B in assets)
  2. Ontario Municipal Employees ($62B in assets)
  3. Ontario Teachers’ Pension Plan ($128B in assets)
  4. Quebec Pension Plan ($39B in assets)

The recent OECD policy guidance for investment in clean energy, which is based on the PFI illustrates how policymakers can identify ways to mobilize private investment in infrastructure (OECD, 2015c). The policy guidance focuses on electricity generation from renewable energy sources and improved energy efficiency in the electricity sector, and provides a list of issues and questions on five areas of the PFI (investment policy, investment promotion and facilitation, competition policy, financial market policy, and public governance).

(Page 31) Clearly the UN is pushing its enviro agenda and suggesting that public pensions be used to finance at least part of it.

So Why Is CPP So Underfunded?

A number of factors most likely.

(A) Most pension plans are ponzi-style. In order to stay funded, it requires an ever growing number of contributors in order to pay off older contributors. Rather than having members who can sustain themselves, this is dependent on infinite growth.

(B) Although a person contributing to a pension in their career would “theoretically” be self-sufficient, it is clear the interest and gains are not what CPPIB pretends. If the fund was growing at 10%+ year over year, it would be different. We are not getting the full story.

(C) Public sector pensions are not sustainable either. So, very likely that some CPP money is being diverted to help cover the shortfalls.

(D) Due to political pressure, the powers that be find it more convenient to downplay the serious shortfalls rather than meaningfully address it. No political will to ask the hard questions.

(E) There has to be money going to outside projects, such as the UN plot to use pensions to fund their development agenda. The UN is a money pit, and the waste is probably enormous.

To repeat from the last post:
We are screwed.

PREVIOUSLY:
(1) https://canucklaw.ca/cbc-propaganda-16-cpp-invests-2b-in-mumbai-india
(2) https://canucklaw.ca/pensions-2-unsustainable-underfunded-takes-money-out-of-canada/
(3) https://canucklaw.ca/canada-pension-plan-cpp-unsustainable-underfunded-takes-money-out-of-canada/

AUDITS OF CPP:
(1) http://www.osfi-bsif.gc.ca/Eng/Docs/CPP1801.pdf$443B shortfall in 2000 (Page 113)
(2) http://www.osfi-bsif.gc.ca/eng/docs/cpp25.pdf for 2006 audit. $620B shortfall (Page 73). $67.9B added as of 2009.
(3) http://www.osfi-bsif.gc.ca/Eng/Docs/cpp26.pdf 2012 audit. $830B shortfall (Page 48)
(4) “http://www.osfi-bsif.gc.ca/Eng/Docs/cpp27.pdf 2015 audit. $884B shortfall (Page 48)
(5) ttp://ar.cppib.com/documents/2048/F2019-annual-report_-june-6-2019-EN.pdf

MISCELLANEOUS:
(1) https://www.canada.ca/en/services/benefits/publicpensions/cpp/statement-contributions.html
(2) https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/amount.html
(3) Generic Investment Calculator

PENSION FUNDING:
(1) https://www.un.org/en/africa/osaa/pdf/pubs/2017pensionfunds.pdf
(2) https://developmentfinance.un.org/sites/developmentfinance.un.org/files/FSDR2019_ChptII.pdf
(3) https://developmentfinance.un.org/closing-the-infrastructure-gap

Posted on

Pensions: Unsustainable, Underfunded, Takes Money Out Of Canada

(Canada Pension Plan Investment Board website)

(In 2019 Annual Report, the CPPIB claims that the fund is worth $392 billion as of March 31, 2019)

(2016, Chief Actuary claims CPP is sustainable)

(Ezra Levant of Rebel Media addresses CPP)

(Pension ponzi schemes explained)

Glowing 2016 Press Release

The press release regarding, the Chief Actuary’s report on the sustainability of the Canadian Pension Plan.

Middle class Canadians are working harder than ever, but many are worried that they won’t have enough put away for their retirement. One in four families approaching retirement—1.1 million families—are at risk of not saving enough. That is why a stronger Canada Pension Plan (CPP) is a key part of the promise that the Government of Canada made to Canadians to help the middle class and those working hard to join it.

Today, Minister of Finance Bill Morneau tabled the Chief Actuary’s 28th Actuarial Report on the CPP in Parliament. The report confirms that the contribution and benefit levels proposed under the CPP enhancement agreed upon by Canada’s governments on June 20, 2016 will be sustainable over the long term, ensuring that Canadian workers can count on an even stronger, secure CPP for years to come.

On October 6, 2016, the Government of Canada delivered on its commitment to a stronger CPP with the introduction of legislation in Parliament to implement the agreement reached by Canada’s governments to enhance the CPP to give Canadians a stronger public pension that will help them retire in dignity.

This can’t really be taken at face value, as it is all self serving. The notice fails to even acknowledge the elephant in the room, which we will get into.

Quotes From Actuary’s 2016 Report

The Canada Pension Plan Investment Board (CPPIB) invests base CPP funds according to its own investment policies which take into account the needs of contributors and beneficiaries, as well as financial market constraints. It is expected that a separate investment policy will be developed by the CPPIB with respect to the additional CPP assets. Since at the time of the preparation of the 28th Report there is no such separate investment policy in existence, the real rate of return assumption was developed to reflect the financing objective of the additional Plan. As the actual CPPIB investment strategy for the additional CPP assets becomes known, it will be reflected in subsequent actuarial reports by revising the real rate of return assumption

This is a bit troublesome. It will become “known” to the public, or it will become “known” to the people doing the investments? (Page 15 of report.)

(Page 30 of report.) The CPPIB estimates that the percentage of base contributions from investment profits will creep up, and that the additional CPP will eventually become mostly funded from investment income by 2075.

The future income and outgo of the additional CPP depend on many demographic and economic factors. Thus, many assumptions in respect of the future demographic and economic outlook are required to project the financial state of the additional Plan. These assumptions impact the contribution rates, cash flows, amount of assets, as well as other indicators of the financial state. This section discusses the sensitivity of the minimum first and second additional contribution rates to the use of different assumptions than the best estimate.

Can’t fault the report for admitting it has to make assumptions. However, the trends of the current government are not great. Admitting large numbers of “refugees” who are and will remain a burden will not contribute to public coffers. Nor will vast amounts of seniors or others who won’t work. Furthermore, making industrial projects more difficult (Bills C-48 and C-69), means additional Canadians not working.

The actuarial projections of the financial state of the Canada Pension Plan presented in this report reveal that if the CPP is amended as per Part 1 of Bill C-26, the constant minimum first and second additional contribution rates that result in projected contributions and investment income that are sufficient to fully pay the projected expenditures of the additional Canada Pension Plan would be, respectively, 1.93% for the year 2023 and thereafter and 7.72% for the year 2024 and thereafter.

This report confirms that if the Canada Pension Plan is amended as per Part 1 of Bill C-26, a legislated first additional contribution rate of 2.0% for the year 2023 and thereafter, and a legislated second additional contribution rate of 8.0% for the year 2024 and thereafter, result in projected contributions and investment income that are sufficient to fully pay the projected expenditures of the additional Plan over the long term. Under these rates, assets of the additional Plan would accumulate to $70 billion by 2025, and to $1,330 billion by 2050.

No real surprise. The report concludes that the changes that the Government wants to bring in are exactly what are needed to make the plan sustainable.

CPPIB Claims Plan Sustainable Past 2090

Within this strategic framework, fiscal 2017 was a good year for CPPIB. Our diversified portfolio achieved a net return of 11.8% after all costs. Assets increased by $37.8 billion, of which $33.5 billion came from the net income generated by CPPIB from investment activities, after all costs, and $4.3 billion from net contributions to the CPP. Our 10-year real rate of return of 5.1%, after all CPPIB costs, remains above the 3.9% average rate of return that the Chief Actuary of Canada assumes in assessing the sustainability of the CPP. In his latest triennial review issued in September 2016, the Chief Actuary reported that the Base CPP is sustainable until at least 2090.

CPPIB toots its own horn, stating that the plan is sustainable at least until 2090. Page 5 is a quote from the 2017 annual report.

Quotes From 2019 CPPIB Annual Report

This is a graph included at the beginning of the report (page 3). It projects that by the year 2040, the Canada Pension Plan will have over $1.5 trillion in assets. This is in comparison to the $393 billion that there currently is.

It shows that actual assets have been higher than projected assets for the last 3 years.

The most recent triennial report by the Chief Actuary of Canada indicated that the CPP is sustainable over a 75-year projection period. Projections of the CPP Fund, being the combined assets of the base and additional CPP accounts, are based on the nominal projections from the 29th Actuarial Report supplementing the 27th and 28th Actuarial Reports on the Canada Pension Plan as at December 31, 2015.

The report shows a graph with projected assets. However, it doesn’t seem to address liabilities. Specifically, the pension contributions of much younger people who are paying into the system and are entitled to get it out when they retire.

This is impressive. Over the last decade, $239 billion has been added to the fund, an equivalent of 11% annual growth. Of course, one may be forgiven for asking why premiums are so high if it’s all just going into a government fund.

CPPIB Claims Fund Is Worth Billions

Note: The sources for this data is in all of the annual reports, going back a decade, which are linked up in SECTION 1.

Inv. Income refers to investment income. This is money CPPIB claims that the funds make annually. Notice the rate of return varies from 6-18%. That is money that CPPIB makes, not money that YOU will be making from the pension plan.

Year Value of Fund Inv Income Rate of Return
2010 $127.6B $22.1B 14.9%
2011 $148.2B $20.6B 11.9%
2012 $161.6B $9.9B 6.6%
2013 $183.3B $16.7B 10.1%
2014 $219.1B $30.1B 16.5%
2015 $264.6B $40.6B 18.3%
2016 $278.9B $9.1 6.8%
2017 $316.7B $33.5B 11.8%
2018 $356.B $36.7B 11.6%
2019 $392B $32B 8.9%

The value of the pension fund is skyrocketing? Isn’t it? Looking at the values from the annual reports, it has tripled in value in just a decade. This is incredible growth.

What then is the problem?

CPPIB Has Billions In Unfunded Liabilities

Not just billions, but hundreds of billions in liabilities.

While the CPPIB staff crow about how sustainable the system is, the Office of the Superintendent of Financial Institutions had a very different conclusion.

The Plan is intended to be long-term and enduring in nature, a fact that is reinforced by the federal, provincial, and territorial governments’ joint stewardship through the established strong governance and accountability framework of the Plan. Therefore, if the Plan’s financial sustainability is to be measured based on its asset excess or shortfall, it should be done so on an open group basis that reflects the partially funded nature of the Plan, that is, its reliance on both future contributions and invested assets as means of financing its future expenditures. The inclusion of future contributions and benefits with respect to both current and future participants in the assessment of the Plan’s financial state confirms that the Plan is able to meet its financial obligations over the long term1 2

What is the difference between open group basis and closed group basis?

The open group approach addresses assets and liabilities with respect to their expectations v.s. reality. The closed group approach, however, measures total assets and liabilities. And to see how much of a difference it makes, see the following two screenshots.

If you use the open group approach, everything looks fine. Reality comes very close to what you are expecting. However, the “closed group approach” takes everything into account, not just expectations.

Remember, when younger workers are paying into CPP, the organization has the money, but it isn’t theirs. It belongs to the workers, even if they won’t retire for 20, 30, or 40 years. The only way “open group approach” works is if the CPPIB had no intention of paying younger workers back.

All things considered, Canada Pension Plan is short $884.2 billion (as of 2016). This is if you don’t use selective accounting.

Paying off current obligations, by taking money from new people. Isn’t that how a ponzi scheme works? To be fair though, there is “some” investing done by CPPIB. It’s just that the bulk of the new money comes from the younger suckersworkers.

Guess this partially explains why all parties are so pro-mass-migration. Workers are needed to be shipped in to contribute deductions to fund the shortfall.

Is CPP Used To Prop Up Public Pensions?

As the federal and provincial governments continue discussing changes to the Canada Pension Plan, it is worth recalling that there are no public discussions of the most important pension issue in Canada: The unsustainable gap between the pensions of public servants and most everyone else. In fact, some critics maintain that the push to expand the CPP is driven by an unspoken need to prop up public-sector pension plans a little longer. However, doing so will only delay the inevitable overhaul of both the benefits and the funding of public-sector pensions.

The key issues surrounding public-service pension-plan benefits are mostly unspoken, both to their members and to taxpayers. Public-sector unions allow their members to believe the fiction that members contribute a fair share of their own retirement benefits, when really, the vast majority is funded by taxpayers. Few people appreciate how the CPP is folded into public-sector pension benefits: since benefits are “defined” in advance, an increase in CPP benefits reduces the amount that a public-sector pension needs to pay out to retired workers (leaving unchanged the total benefit payout to public-sector retirees). Meanwhile, taxpayers are kept in the dark about the full measure of unfunded future benefits they will have to pay, even as they shoulder more of the burden for their own retirement.

That is a theory floated over the years. Unfortunately, it gets difficult to prove given how CPPIB will not be honest about their $884.2 billion in unfunded liabilities. Their annual reports seem designed to conceal the truth.

An interesting argument though. If public sector union workers are retiring (or are retired), then they have likely been promised a good pension. However, if those union funds can’t cover it, would CPP be dipped into to make up the difference?

CPPIB “Invests” 85% Outside Of Canada

(From page 11 of the 2019 report)

Our 2025 strategy With two decades under our belt, CPPIB has hit its stride and truly knows its potential as a global active manager of capital. Last year, I wrote about the Board-approved strategic direction for CPPIB in 2025. Over this past year, we’ve continued to refine this 2025 strategy, and chart the course for the coming years.

Pillars of our 2025 plan include investing up to one-third of the Fund in emerging markets such as China, India and Latin America, increasing our opportunity set and pursuing the most attractive risk-adjusted returns. We have reoriented our investment departments to deliver on this growth plan, to manage a larger Fund and to achieve our desired geographic and asset diversification.

To ask the obvious question: why is the CPPIB so eager to plow its money into FOREIGN ventures? Wouldn’t putting the bulk of it into Canadian projects make more sense?

This is not just a return-on-investment issue. Plowing that money into Canadian industries would help Canadians, and help drive Canadian employment, would it not? This is supposed to be a “Canadian” pension fund.

(From page 13 of the 2019 report). The CPPIB expects that by 2050, nearly 1/2 of all income to the pension plan will be from interest and dividends on its portfolio

For reference, the fund value is calculated using this rough formula
Employee & Employer CPP Contributions + Fund Investment Returns – CPP payouts = Value

So how much of CPPIB investments are in Canada?

That’s right, just 15.5% in Canada. The other 84.5% is invested abroad. Where specifically is this money going?

(1) Midstream joint venture United States US$1.34 billion Formed a joint venture with Williams to establish midstream exposure in the U.S., with initial ownership stakes in two of Williams’ midstream systems.
(2) Grand Paris development Paris, France Formed a joint venture with CMNE, La Française’s majority shareholder, to develop real estate projects linked to the Grand Paris project, a significant infrastructure initiative in Paris.
(3) Ultimate Software United States Total value: US$11 billion Acquired a leading global provider of cloud-based human capital management solutions, alongside consortium partners Hellman & Friedman, Blackstone and GIC.
(4) CPPIB Green Bond Issuance Canada and Europe C$1.5 billion/€$1.0 billion First pension fund to issue green bonds in 10-year fixed-rate notes. Our inaugural Green Bond was a Canadian dollar-denominated bond, followed by a eurodenominated bond.
(5) ChargePoint United States Total value: US$240 million Invested as part of a funding round in preferred shares of ChargePoint, the world’s leading electric vehicle charging network.
(6) European logistics facilities Europe €450 million Formed a partnership with GLP and Quadreal to develop modern logistics facilities in Germany, France, Italy, Spain, the Netherlands and Belgium.

(7) Companhia Energética de São Paulo (CESP) São Paulo, Brazil R$1.9 billion Together with Votorantim Energia, acquired a controlling stake in CESP, a Brazilian hydro-generation company.
(8) Pacifico Sur Mexico C$314 million (initial) Signed an agreement alongside Ontario Teachers’ Pension Plan to acquire a 49% stake in a 309-kilometre toll road in Mexico from IDEAL.
(9) WestConnex Sydney, Australia Total value: A$9.26 billion Invested in WestConnex, a 33-kilometre toll road project in Sydney, alongside consortium partners Transurban, AustralianSuper and ADIA.
(10) Logistics facilities Korea Up to US$500 million Partnered with ESR to invest in modern logistics facilities in Korea.
(11) Challenger fund Australia and New Zealand A$500 million Partnered with Challenger Investment Partners to invest in middle-market real estate loans in Australia and New Zealand.
(12) Ant Financial China US$600 million Invested in Ant Financial, a company with an integrated technology platform and an ecosystem of partners to bring more secure and transparent financial services to individuals and small businesses.
(13) Renewable power assets Canada, U.S., Germany C$2.25 billion Acquired 49% of Enbridge’s interests in a portfolio of North American onshore wind and solar assets and two German offshore wind projects, and agreed to form a joint venture to pursue future European offshore wind investment opportunities.
(14) Berlin Packaging United States US$500 million Invested US$500 million in the recapitalization of Berlin Packaging L.L.C. alongside Oak Hill Capital Partners. Berlin Packaging is a leading supplier of packaging products and services to companies in multiple industries.

That’s right. Our Canadian pension fund is being used to prop up projects in: Australia, Belgium, Brazil, Germany, Italy, Mexico, the Netherlands, New Zealand, South Korea, Spain and the United States.

We won’t invest in Canadian industries, but we will bail them out. Great idea.

What about item #4, those green bonds?

CPPIB Endorses Climate Change Scam

So called green bonds are now available for sale. So state the obvious, if climate change were really a threat to humanity, then this is blatantly taking advantage of it.

Support for environmental companies or projects and clean technology is a strategic priority for EDC as demand rises for goods and services that allow for a more efficient use of the planet’s resources. Opportunities to create trade are abundant in this sector and Canada possesses a large pool of both established and emerging expertise in clean technology subsectors such as water and wastewater, biofuel, and waste to energy, to name a few.

Eligible transactions will include loans that help mitigate climate change with clean technology or improved energy efficiency. They also include transactions that specifically focus on soil, or help mitigate climate change. Our rigorous due diligence requirements ensure that all projects and transactions we support are financially, environmentally and socially responsible.

What happens when it becomes politically untenable for these globalist politicians to keep wasting taxpayer money on this hoax? Will it collapse? Will we have to perpetuate the lie in order to ensure that our “investments” don’t disappear?

Another factor that is reshaping the global investment environment is climate change. As a long-term investor, understanding environmental impacts on our investments is a key consideration and we continue to chart both the risks and opportunities stemming from climate change. This year, we launched our inaugural Green Bond, becoming the first pension fund to do so. We followed that with a euro-denominated offering. These issuances provide additional funding for CPPIB as it increases its holdings in renewables and energy-efficient buildings as world demand gradually transitions in favour of such investible assets.

(From Page 10 of the 2019 report.) Perhaps no one informed them that the climate change agenda is a scam, and has become a money pit.

This is hardly the first time that green bonds have come up. It will not be the last either.

When they say “risks and opportunities”, what are the opportunities? Will it be investing in a bubble that is sure to burst? Will it be taking advantage of desperate people?

Euro-denominated offerings? Why, is it a bigger market there?

What You Aren’t Being Told

The CPPIB admits that the bulk of its fund (around 85%) is actually invested outside of the country. That’s right, Canadians’ pension contributions being used to finance foreign investments. People assume that their money will be recirculated locally, but that is not the case.

CPPIB admits that it embraces the climate change scam. It goes as far as to endorse so-called “green bonds”. Again, this isn’t something the average person would know.

There is a credible case to be made that CPP funds are being used to top of public sector accounts, which are underfunded.

The CPP Investment Board intentionally distorts the truth about the unfunded liabilities. Using the OPEN GROUP approach, they show that actual assets are very close to expected assets, and they can cover their liabilities.

However, the more honest CLOSED GROUP approach will address “all” assets and liabilities, not just current ones. As it turns out, in 2016, the Canada Pension Plan had $285.4B in assets, and $1169.5B ($1.169.5 trillion) in liabilities. This works out to a $884.2B shortfall.

CPP is grossly underfunded.
CPP is being used to top up public pensions.
CPP is being invested in “green” schemes.
CPP is mainly being “invested” out of Canada.
CPP requires ever growing populations.
In short, we are screwed.

CPPIB AND ANNUAL REPORTS:
(1) http://www.cppib.com/en/
(2) http://www.cppib.com/documents/1800/CPPIB_F2018_Annual_Report_English.pdf
(3) http://www.cppib.com/documents/1591/2017_Annual_Report.pdf
(4) http://www.cppib.com/documents/1355/CPPIB_F2016_Annual_Report_-_ENGLISH_May_19_2016_G0UhjTk.pdf
(5) http://www.cppib.com/documents/1351/CPPIB_F2015_AR_ENG_May_21_2015_JSyvEY0.pdf
(6) http://www.cppib.com/documents/1347/CPPIB_F2014_Annual_Report_English_zZoFKwU.pdf
(7) http://www.cppib.com/documents/1339/CPPIB_Annual_Report_2013_-_English_6E8Nsli.pdf
(8) http://www.cppib.com/documents/1333/CPPIB_2012_Annual_Report_-_English_0FMf31r.pdf
(9) http://www.cppib.com/documents/1328/CPPIB_AR_2011_EN_Print_9X4nrLm.pdf
(10) http://www.cppib.com/documents/1323/CPPIB_2010_Annual_Report_English_v2_sCd3ww6.pdf
(11) http://www.cppib.com/documents/1319/CPPIB_2009_Annual_Report_English_QYpLMFZ.pdf
(12) http://www.cppib.com/en/how-we-invest/sustainable-investing/investing-reports/#/engagement

GREEN INVESTING:
(1) https://www.canada.ca/en/department-finance/news/2016/10/chief-actuary-confirms-canada-pension-plan-solid-sustainable-over-long-term.html
(2) http://www.osfi-bsif.gc.ca/Eng/Docs/cpp28.pdf
(3) https://www.edc.ca/en/investor-relations/green-bonds.html
(4) https://canucklaw.ca/international-economic-forum-of-the-americas-and-a-100t-salespitch/
(5) https://canucklaw.ca/cbc-propaganda-16-cpp-invests-2b-in-mumbai-india/
(6) https://business.financialpost.com/opinion/philip-cross-the-dirty-secret-of-a-bigger-cpp-is-that-its-to-help-bail-out-public-sector-pension-plans
(7) https://www.fraserinstitute.org/article/243000-bill-courtesy-canadas-governments

(1) http://www.osfi-bsif.gc.ca/eng/docs/cpp27.pdf (See pages 46-50)

Posted on

SNC-Lavalin: Lobbying The Entire Legislature For Deferred Prosecution

1. Important Links

Previous Coverage:
CLICK HERE, for deferred prosecution agreement, Bill C-74.
CLICK HERE, for SNC Lavalin’s political connections.
CLICK HERE, for David Lametti, the AG who freed SNC-Lavalin, in return for a $200M kickback to McGill University.

CLICK HERE, for the Office of the Commissioner of Lobbying in Canada.

2. SNC-Lavalin Lobbied David Lametti Personally

CLICK HERE, for the report associated with the meeting between David Lametti and SNC Lavalin.That’s right. On May 30, 2017, almost 2 years before becoming Attorney General of Canada, David Lametti met with SNC-Lavalin over exactly this issue. The company was looking to have the laws changed regarding so-called “white collar crime”.

3. SNC-Lavalin Lobbied Gerald Butts

CLICK HERE, for the report. On February 23, 2017, Trudeau’s Chief of Staff, Gerald Butts, met with SNC-Lavalin to discuss the possibility of a deferred prosecution agreement, which would have allowed SNC to keep getting Canadian Government contracts.

4. SNC-Lavalin Lobbied Finance Minister Bill Morneau

CLICK HERE, for the report. On October 16, 2018, SNC-Lavalin lobbied the sitting Finance Minister, Bill Morneau. One of the topics discussed was the creation of alternatives for white collar crime, or the DPA.

5. Privy Council Clerk Michael Wernick Lobbied

CLICK HERE, for the report. Lavalin actually lobbied the Clerk of the Privy Council, Michael Wernick, in the hopes of getting the DPA.

Also worth noting is that there is a HUGE conflict of interest here. Kevin Lynch, Chairman of SNC-Lavalin, among other roles, was Clerk of the Privy Council. He clearly still has access to the Council. (Taken from his BMO profile.)

6. SNC-Lavalin Lobbied Group Of MPs

CLICK HERE, for the report of the meeting. As before, one common item keeps coming up: changes to policies regarding white collar crime (a.k.a. the deferred prosecution agreement).

One thing that needs to be mentioned: Peter Van Loan is a CONSERVATIVE Member of Parliament. So much for this being a Liberal-only problem.

7. CONSERVATIVE Senator Larry Smith Lobbied

CLICK HERE, for the report. Lavalin has actually taken to lobbying at least one Conservative Senator.

8. List Of Public Figures Lobbied (DPA)

(Source is here.)
Dean Allison, Member of Parliament | House of Commons
Omar Alghabra, Parliamentary Secretary | Global Affairs Canada (GAC)
Navdeep Bains, Minister | Innovation, Science and Economic Development Canada (ISED)
Simon Beauchemin, Advisor | Prime Minister’s Office (PMO)
Stefanie Beck, Assistant Deputy Minister | Global Affairs Canada (GAC)
Karl Belanger, Chief of Staff | Immigration, Refugees and Citizenship Canada (IRCC)
Mathieu Belanger, Director of Policy | Infrastructure Canada (INFC)
Susan Bincoletto, Assistant Deputy Minister and Chief Trade Commissioner | Global Affairs Canada (GAC)
Michael Binder, President and Chief Executive Officer | Canadian Nuclear Safety Commission (CNSC)
Richard Botham, Assistant Deputy Minister | Finance Canada (FIN)
Mathieu Bouchard, Senior Advisor | Prime Minister’s Office (PMO)
Scott Brison, Member of Parliament | House of Commons
Gianluca Cairo, Chief of Staff | Innovation, Science and Economic Development Canada (ISED)
Rebecca Caldwell, Chief of Staff | Status of Women Canada (SWC)
Zoe Caron, Chief of Staff | Natural Resources Canada (NRCan)
Celina Cesar-Chavannes, Member of Parliament | House of Commons
Francois-Philippe Champagne, Minister of Infrastructure and Communities | Infrastructure Canada (INFC)
Jim Carr, Minister | Global Affairs Canada (GAC)
Ben Chin, Chief of Staff | Finance Canada (FIN)
Brian Clow, Director | Prime Minister’s Office (PMO)
Martin Crevier, Legislative Assistant to Peter Schiefke | House of Commons
Roger Cuzner, Member of Parliament | House of Commons
Kathleen Davis, Special Assistant | Prime Minister’s Office (PMO)
Bernie Derible, Senior Policy Advisor | Immigration, Refugees and Citizenship Canada (IRCC)
Rebecca Dixon, Advisor | Senate of Canada
Percy Downe, Senator | Senate of Canada
Scott Driscoll, Vice President and Chief Compliance and Ethics | Export Development Canada (EDC)
Pierre-Luc Dusseault, Member of Parliament | House of Commons
Mark Eyking, Member of Parliament | House of Commons
Greg Fergus, Member of Parliament | House of Commons
Marc Fortin, Assistant Deputy Minister | Infrastructure Canada (INFC)
Kelly Gillis, Deputy Minister | Infrastructure Canada (INFC)
Mark Glauser, Director General | Global Affairs Canada (GAC)
Pamela Goldsmith-Jones, Member of Parliament | House of Commons
Paul Halucha, Assistant Secretary to the Cabinet | Privy Council Office (PCO)
Tasha Hanes, Chief of Staff | Finance Canada (FIN)
Jamie Innes, Director of Parliamentary Affairs | Global Affairs Canada (GAC)
Diamond Isinger, Special Assistant | Prime Minister’s Office (PMO)
Phil Jennings, Associate Deputy Minister | Natural Resources Canada (NRCan)
Stephen Kelly, Chief of Staff | Senate of Canada
Jay Khosla, Assistant Deputy Minister | Natural Resources Canada (NRCan)
Jean-Frederique Lafaille, Assistant Secretary to the Cabinet | Privy Council Office (PCO)
Paul Lefebvre, Parliamentary Secretary to the Minister of Natural Resources | Natural Resources Canada (NRCan)
Andrew Leslie, Parliamentary Secretary to the Minister of Foreign Affairs | Global Affairs Canada (GAC)
Gavin Liddy, Associate Deputy Minister | Public Services and Procurement Canada (PSPC)
Stephen Lucas, Deputy Minister | Environment and Climate Change Canada (ECCC)
Steve MacKinnon, Member of Parliament | House of Commons
David Maloney, Member of Parliament | House of Commons
Elder Marques, Senior Advisor | Prime Minister’s Office (PMO)
Brian Masse, Member of Parliament | House of Commons
Remi Masse, Member of Parliament | House of Commons
John McCallum, Ambassador of Canada to the People’s Republic of China | Global Affairs Canada (GAC)
David McGovern, Associate Deputy Minister | Innovation, Science and Economic Development Canada (ISED)
Duane McMullen, Director General | Global Affairs Canada (GAC)
Michael McNair, Executive Director | Prime Minister’s Office (PMO)
David McNaughton, Ambassador of Canada to the United States | Global Affairs Canada (GAC)
Marc Miller, Member of Parliament | House of Commons
Grant Mitchell, Senator | Senate of Canada
Martin Moen, Director General | Global Affairs Canada (GAC)
Renze Nauta, Director of Policy and Planning | House of Commons
Kyle Nicholson, Special Assistant, Policy | Immigration, Refugees and Citizenship Canada (IRCC)
Julian Ovens, Chief of Staff | Global Affairs Canada (GAC)
Tracey Ramsey, Member of Parliament | House of Commons
Phil Rheault, Senior Policy Advisor | Global Affairs Canada (GAC)
Paul Rochon, Deputy Minister | Finance Canada (FIN)
Kim Rudd, Member of Parliament | House of Commons
Tim Sargent, Deputy Minister | Global Affairs Canada (GAC)
Dev Saxena, Policy Advisor | Innovation, Science and Economic Development Canada (ISED)
Sandra Schwartz, Senior Policy Advisor | House of Commons
Andrew Scheer, Leader of the Official Opposition | House of Commons
Richard Sexton, President and CEO | Atomic Energy of Canada Limited (AECL)
Judy Sgro, Member of Parliament | House of Commons
Miguel Simard, General Counsel | Export Development Canada (EDC)
Jagmeet Singh, Leader of the New Democratic Party of Canada | House of Commons
Rick Stewart, Assistant Deputy Minister | Finance Canada (FIN)
Catrina Tapley, Secretary to the Cabinet (Operations) | Privy Council Office (PCO)
Owen Teo, Director of Policy | Global Affairs Canada (GAC)
Justin To, Director of Policy and Policy Advisor | Prime Minister’s Office (PMO)
Chrystine Tremblay, Deputy Minister | Natural Resources Canada (NRCan)
Shawn Tupper, Associate Deputy Minister | Natural Resources Canada (NRCan)
David Usher, Ambassador of Canada to Argentina | Global Affairs Canada (GAC)
Michael Wernick, Clerk of the Privy Council and Secretary to the Cabinet | Privy Council Office (PCO)
Steve Verheul, Assistant Deputy Minister | Global Affairs Canada (GAC)
Howard Wetston, Senator | Senate of Canada
Yuen Pau Woo, Senator | Senate of Canada
Ava Yaskiel, Associate Deputy Minister | Finance Canada (FIN)
Martin Zablocki, President and CEO | Canadian Commercial Corporation (CCC)

I might have missed a few, but this is still pretty extensive.

To reiterate, all of these meetings took place during the period when SNC-Lavalin was lobbying for a DPA.

8. Opposition Leader Andrew Scheer Lobbied

CLICK HERE, for report. On May 29, 2018, Andrew Scheer, Opposition Leader, and supposedly a “Conservative” was also lobbied by SNC-Lavalin. This could explain why he is so open to giving Lavalin the deferred prosecution, in spite of the corruption. He’s controlled as well.

9. NDP Leader Jagmeet Singh Lobbied By SNC

CLICK HERE, for the report. Jagmeet Singh, yes the NDP leader, was “also” lobbied by SNC-Lavalin. One of the topics was “changes related to white collar crime”. Of course, this is a euphemism for the DPA (deferred prosecution agreement). Is the entire legislature in on this? Might be, from the number of Senators and MPs involved.

10. Lobbyists Bruce Hartley & William Pristanski

Also worth noting, SNC-Lavalin has two professional shills (I mean lobbyists), Bruce Hartley and William Pristanski. Both are lobbying specifically in relation to obtaining a DPA for SNC-Lavalin.

11. Is This Why Opposition So Tepid?

It seems that all parties are in on it.

Is all the bickering in the House of Commons just for show? Does SNC-Lavalin have the entire legislature in their pockets?

Posted on

Attorney General David Lametti, SNC-Lavalin, McGill University & $200M Kickback

(then Parliamentary Secretary to Minister for ISED, David Lametti, met with SNC Lavalin President Neil Bruce)

(McGill University Law Professor, David Lametti, Who is on leave while he sits as the Attorney General of Canada)

(February 13, 2019, McGill University is “gifted” $200M)

(The $200M gift to McGill came from John McCall MacBain, European Climate Foundation founder, and Chairman of the Board of the Trudeau Foundation).

1. Important Links

(1) https://canucklaw.ca/canadas-bill-c-74-deferred-prosecution-agreementand-oecd-anti-bribery-agreementand-oecd-anti-bribery-agreement/
(2) https://canucklaw.ca/who-is-snc-lavalin-really-connected-to/

(3) https://www.mcgill.ca/law/about/profs/lametti-david
(4) https://www.cba.org/News-Media/Press-Releases/2019/David-Lametti,-Canada’s-new-Minister-of-Justice-an
(5) https://www.mcgill.ca/newsroom/channels/news/single-largest-gift-canadian-history-create-flagship-graduate-scholarship-program-mcgill-university-294528
(6) https://globalnews.ca/news/5013229/david-lametti-snc-lavalin-affair-jody-wilson-raybould/?fbclid=IwAR0nVd2C-1hznMt18rqLUhk4O3psog4v6f6IIIFT2scp_Cg6yyTd4HP-MKI
(7) https://www.cbc.ca/news/politics/wilson-raybould-justice-veterans-1.4977782
(8) https://www.huffingtonpost.ca/2019/02/12/jody-wilson-raybould-resigns_a_23667810/

(9) http://www.fondationtrudeau.ca/en/activities/news/john-mccall-macbain-receives-uottawa-honorary-doctorate
(10) http://www.mccallmacbain.org/
(11) https://europeanclimate.org/
(12) https://www.eastonspectator.com/2019/04/03/mccall-macbain-928000-gift-to-trudeau-family-represents-single-largest-bribery-scandal-in-canadian-history/

2. Timeline of SNC-Lavalin Events

  • May 30, 2017, SNC-Lavalin lobbies David Lametti
  • January 14, 2019, Jody Wilson Raybould removed as Attorney General
  • January 14, 2019, David Lametti becomes Attorney General
  • February 9, 2019, Lametti sees nothing wrong with SNC-Lavalin getting the deferred prosecution, to allow it to keep accepting Canadian Government contracts
  • February 12, 2019, JWR resigns from Cabinet altogether
  • February 13, 2019, McGill is gifted $200 million
  • March 3, 2019, Lametti says no decision (SNC implied) is ever final and can always be reviewed

The implication is obvious here. Jody Wilson Raybould wasn’t willing to grant a deferred prosecution agreement to SNC-Lavalin. This would have allowed the company to still be granted Canadian contracts. So she was replaced by someone more “willing”.

Note: See the first link for more information on the DPA, or deferred prosecution agreement. This was created by an amendment to bill C-74.

3. Lametti Whitewashed Interference Scandal

“Interference is perhaps the wrong word in that it implies something illegal is going on,” he said.

Lametti, who became attorney general after Wilson-Raybould was removed from the post six weeks ago, acknowledged in the same interview he had not known when he took over the role and got briefed on the matters facing him that she had already made the decision not to offer a remediation agreement.

Such a deal would have allowed SNC-Lavalin to admit wrongdoing and pay a fine, but avoid the ban on bidding for government contracts that comes with a conviction for the corruption and fraud charges it currently faces.

“You do have an ongoing obligation as attorney general in terms of your relationship to prosecutions and the prosecution service to be open to new facts,” he said. “I can’t speak to the actual facts [of the SNC-Lavalin affair] but I know that in principle, an attorney general has to remain open so, in that sense, no decision is ever final.”

(Source is here.)

No interference. No pressure. Everything is just a point of view. The new Attorney General shrugs off very serious accusations of attempting to interfere with criminal prosecutions.

4. John McCall MacBain Directly Connected To McGill U

Taking a quick look at the McCall MacBain page, for “our people”, we quickly spot two items:

John McCall MacBain not only has an undergraduate degree in economics from McGill, but he chairs the International Advisory Board as well.

Although McGill is a decent sized university, the obvious question must be asked: Does John McCall MacBain know David Lametti personally?

5. Connections To Trudeau Foundation

(Jacques Bougie, Member of the Governance and Ethics Committee for SNC Lavalin, also is part of the Trudeau Foundation)

From the National Post article, of December 12, 2016:

Last Monday, interim Conservative leader Rona Ambrose wrote to the conflict of interest and ethics commissioner and to the lobbying commissioner, asking them to investigate Liberal fundraising practices — and in particular, whether people might be using donations to the charitable Trudeau Foundation to gain influence with the government.

“Given that Prime Minister Trudeau is a former member of the Trudeau Foundation,” she wrote, “that his brother Alexandre Trudeau is a current member of the board of directors of the foundation, that the Minister of Industry appoints two directors of the Trudeau Foundation, and that the Foundation has two representatives of the Trudeau family, any efforts by Mr. Trudeau to use his position as Prime Minister to encourage donations may be a violation of the definition of a conflict of interest.”

A National Post analysis of the Trudeau Foundation’s public disclosures has found that gifts to the foundation have increased significantly since Justin Trudeau’s April 2013 election as leader of the Liberal Party of Canada. The amount of money contributed to the foundation by foreign donors has grown each year since Trudeau claimed the party’s leadership. Moreover, a significant proportion of the charity’s donors, directors and members have ties to companies and organizations that are actively lobbying the federal government.

Whether or not the foundation violates conflict-of-interest laws, its operations represent another challenge to the high ethical standard Trudeau has established for his government. The Open and Accountable Government guide, codified after Trudeau became prime minister in October 2015, specifies that when fundraising or dealing with lobbyists, “Ministers and Parliamentary Secretaries must avoid conflict of interest, the appearance of conflict of interest and situations that have the potential to involve conflicts of interest.”

Would the Trudeau Government try to do an end run around Jody Wilson-Raybould’s refusal to grant SNC-Lavalin a deferred prosecution agreement? Would replacing her with the more “easily swayed” David Lametti work? Was the “gift” to McGill University 4 days after the announcement really just a form of payment?

It seems on the surface a conspiracy theory. However, given all the things the Trudeau Foundation has been involved with, it’s no much of a stretch.

It wasn’t the Canadian Government that gave McGill University the $200 million. Instead, it was a member of the Trudeau Foundation, who has been illegally lobbying Justin Trudeau.

That hardly makes it better.

Also when searching, out came this little gem here:

This is Philippe Couillard, the former Premier of Quebec. He has some very interesting connections:

  • Member of Privy Council
  • Teaching health care governance at McGill University
  • Long time Liberal
  • Member of Trudeau Foundation

But hey, it’s probably all unrelated.

6. Not Likely To Be Prosecuted

Bribery of judicial officers, etc.
.
119 (1) Every one is guilty of an indictable offence and liable to imprisonment for a term not exceeding fourteen years who
(a) being the holder of a judicial office, or being a member of Parliament or of the legislature of a province, directly or indirectly, corruptly accepts, obtains, agrees to accept or attempts to obtain, for themselves or another person, any money, valuable consideration, office, place or employment in respect of anything done or omitted or to be done or omitted by them in their official capacity, or
(b) directly or indirectly, corruptly gives or offers to a person mentioned in paragraph (a), or to anyone for the benefit of that person, any money, valuable consideration, office, place or employment in respect of anything done or omitted or to be done or omitted by that person in their official capacity.
Marginal note: Consent of Attorney General(2) No proceedings against a person who holds a judicial office shall be instituted under this section without the consent in writing of the Attorney General of Canada.

Considering that the sitting Attorney General is a full fledged PARTICIPANT in this corruption, it is extremely unlikely he will agree to a prosecution.

This reeks of corruption, unfortunately, it’s kind of a rigged game.

Theoretically, Lametti could be removed, and a new Attorney General could open up a case. That is also unlikely, since Trudeau would have to do it. Perhaps his successor will.

7. Is This Flat Out Corruption?

Consider the facts:

  1. SNC-Lavalin has at least two lobbyists: (a) Bruce Hartley; and (b) William Pristanski, who have been actively lobbying on SNC’s behalf in order to get a DPA for its criminal activity
  2. David Lametti has previously been lobbied at least once by SNC-Lavalin.
  3. Jody Wilson Raybould opposed allowing SNC-Lavalin access to a DPA (deferred prosecution agreement), as she felt it was inappropriate.
  4. JWR is replaced by David Lametti, a law professor from McGill University, currently on leave.
  5. 4 days after announcing that Lavalin will be reconsidered for the DPA, McGill receives a $200M “gift” from John McCall MacBain.
  6. John McCall MacBain sits on the Trudeau Foundation, as does Jacques Bougie (also on the Board of Directors for SNC-Lavalin).
  7. McCall MacBain has also been investigated for illegal donations to Justin Trudeau.

Perhaps I’m missing something, but it looks pretty corrupt to me.

Posted on

Fake Refugees Gaming The System, (United Nations v.s. N.G.O.)

(Lauren Southern reports on asylum fraud)

Original video is here.

(Squatting Slav: Lauren won’t talk about “who” is behind it)

Original video is here.

(UN publication on human trafficking)

Advocates Abroad And Ariel Ricker

(Advocates Abroad Homepage)

(Lauren Southern exposing Ariel Ricker on coaching “refugees” to lie).

At least one organization, Advocates Abroad, is openly committing fraud in trying to get bogus “refugees” into Europe. This is done by concocting convincing stories with specific details in hopes of duping refugee agencies.

(From this RT article)

Ariel Ricker, the executive director of Advocates Abroad, a major non-profit NGO which provides legal aid to migrants, has been caught on tape openly discussing how she teaches refugees to lie to border agents. The video was released by Canadian right-wing activist, author and internet personality, Lauren Southern, and will be a part of her new documentary film project ‘Borderless,’ which takes on the European migration crisis.

One method she teaches migrants is to exploit the presumed Christian sympathies of the predominantly Eastern Orthodox Greece by pretending to have been persecuted for being Christian. She even describes telling them how to pray during interviews, ironically because doing so reflects “honesty.”

Advocates Abroad claim the video was selectively edited and manipulated to serve a particular agenda.

Other NGO Activities

Of course the links here are just a tiny sample.

Interesting that Canada signed the United Nations Convention against Transnational Organized Crime and the Protocols Thereto.

The Protocol against the Smuggling of Migrants by Land, Sea and Air, adopted by General Assembly resolution 55/25, entered into force on 28 January 2004. It deals with the growing problem of organized criminal groups who smuggle migrants, often at high risk to the migrants and at great profit for the offenders. A major achievement of the Protocol was that, for the first time in a global international instrument, a definition of smuggling of migrants was developed and agreed upon. The Protocol aims at preventing and combating the smuggling of migrants, as well as promoting cooperation among States parties, while protecting the rights of smuggled migrants and preventing the worst forms of their exploitation which often characterize the smuggling process.

Canada claims to be against human smuggling. Yet we sign treaties (like the New York Declaration and Global Migration Compact), which facilitate human smuggling.

(1) https://advocatesabroad.org/
(2) https://www.bbc.com/news/world-europe-48853050
(3) https://gefira.org/en/2016/12/04/ngos-are-smuggling-immigrants-into-europe-on-an-industrial-scale/
(4) https://www.frontpagemag.com/point/274010/italy-seize-rescue-ships-smuggling-muslim-illegal-daniel-greenfield
(5) https://www.gatestoneinstitute.org/12960/greece-people-smuggling
(6) https://www.zerohedge.com/news/2017-04-06/soros-linked-undesirable-ngos-fund-isis-linked-refugee-boats-eu

Interpol’s Take On Human Smuggling

For centuries, people have left their homes in search of better lives. In the last decade, the process of globalization has caused an unprecedented amount of migration from the least developed countries of Asia, Africa, Latin America and Eastern Europe to Western Europe, Australia and North America.

With this, we have seen an increase in the activities of organized criminal networks who facilitate irregular migration. By providing fake identification documents, organizing transport, and bypassing official border controls, criminals are making huge profits.

People smuggling syndicates are run like businesses, drawn by the high profit margins and low risks. They benefit from weak legislation and a relatively low risk of detection, prosecution and arrest compared to other activities of transnational organized crime.

Smuggling networks can be extensive and complex, and can include people who carry out a number of different roles:

A report published jointly by Europol and INTERPOL in May 2016 estimates that more than 90% of the migrants coming to the European Union are facilitated, mostly by members of a criminal network.

Worth pointing out: that while Interpol cites the UN’s policies against human smuggling, it neglects to mention that the UN’s policies around “rights” for illegals go a long way towards incentivizing mass illegal immigration.

It also neglects to point out the underhanded means which host countries have these forced on their populations by politicians.

Media Pussyfoots Around Illegal Immigration

(From a CBC article)

“Desperate migrants are choosing ever more dangerous sea routes to Europe and using smaller and less seaworthy boats, causing a sharp increase in drowning deaths, warns the International Organization for Migration.”

“Meanwhile in Hungary, Prime Minister Viktor Orbán is ratcheting up his attacks on the European Union, calling it a “transport agency” for migrants that hands out funds and “anonymous bank cards” to “terrorists and criminals.”
.
“This is the kind of slippery slope which could again lead to a broken Europe,” Orbán declared today in an interview on Hungarian public radio.

The author of this trash deliberately and repeatedly skirted the main issue here: these hoards of “migrants” trying to get into Europe were doing so ILLEGALLY. Hence places like Hungary have every right to secure their borders.

(From one CBC interview)

“AMT: We all remember the Berlin Wall coming down. In fact it was 30 years ago this year. I’ve got a clip here that I’d like you to hear. These are two Germans talking about what it felt like to stand on top of the Berlin Wall after the crowds started streaming across the border.
.
AMT: Elisabeth Vallet, how did the fall of that iconic wall affect our ideas around the usefulness or function of walls?
.
ELISABETH VALLET: Well actually if you remember in 1989 it opened a almost a hippie era of international relations, where we believed that it was the end of borders me. Maybe even the end of state sovereignty or even the fading sovereignty of the state. We believed that peace would be dominating and that conflicts would be solved by the international community. It actually showed the good the positive aspects of globalization. And we overlooked the negative aspects of globalization. And when 9/11 arrived, it’s as if that negative aspect of globalization showed its face. And that’s when the only solution to that, governments came up with the one only solution which was building border fences, because there is no way to retain globalization, to contain globalization.”

In this garbage, the “expert” compares the Berlin Wall to border walls in general. The Berlin wall was built in the 1960s to keep Germans from fleeing, and in fact kept them prisoner. This is conflated with building walls to stop illegal immigration.

The above are just 2 examples of how media outlets (like the CBC) try to shade and distort the truth by downplaying how serious and criminal these actions actually are. They play to emotion and selectively avoid hard truths.

UN Openly Aids And Abets Refugee Fraud

(UN supports ongoing efforts to undermine US/Mexico border)

It involves some serious mental gymnastics to explain how the UN can both:

  1. Support mass, uncontrolled entry into other countries
  2. Oppose circumventing laws to get migrants into other countries

San Jose – The UN Migration Agency, IOM, continues to provide support and assistance to migrants who have joined the migrant caravans crossing Central America and opted to seek asylum in Mexico or return to their countries of origin.

In the Siglo XXI Migratory Station of Tapachula, managed by the National Institute for Migration (INM) of Mexico, IOM and the Mexican Secretary of Foreign Affairs (SRE) have been supplying food and basic hygiene kits to over 1,500 migrants from the caravans seeking asylum in Mexico.

“IOM maintains its position that the human rights and basic needs of all migrants must be respected, regardless of their migratory status,” says Christopher Gascon, IOM Chief of Mission in Mexico. “In coordination with UNHCR we will continue to monitor the situation of the caravan counting on field staff, the Mexican Office of Assistance for Migrants and Refugees (DAPMyR), and partner NGOs, providing information regarding alternatives for regular and safe migration, as well as options for voluntary returns.”

“The caravan phenomenon in Central America is another expression of a migration process that the region has been facing for quite some time,” explains Marcelo Pisani, IOM Regional Director for Central America, North America, and the Caribbean. “It is a mixed migration flow, driven by economic factors, family reunification, violence and the search for international protection, among others.

That’s right. The UN admits that many of these cases are not refugees.

The United Nations willingly aids and abets efforts to overwhelm the US/Mexico border. Even knowing that the bulk of the asylum claims are bogus, the UN sees nothing immoral about perpetrating a fraud. Nor is there anything immoral about the burden dumped on the American public.

What is eerie is how coordinated these “refreshment aid packages” are delivered. Almost as if the UN planned this invasion from the beginning.

UN Erasing Borders With New York Declaration (2016) and Global Migration Compact (2018)

The New York Declaration (2016) was covered here previously.

5. We reaffirm the purposes and principles of the Charter of the United Nations. We reaffirm also the Universal Declaration of Human Rights and recall the core international human rights treaties. We reaffirm and will fully protect the human rights of all refugees and migrants, regardless of status; all are rights holders. Our response will demonstrate full respect for international law and international human rights law and, where applicable, international refugee law and international humanitarian law.

49. We commit to strengthening global governance of migration. We therefore warmly support and welcome the agreement to bring the International Organization for Migration, an organization regarded by its Member States as the global lead agency on migration, into a closer legal and working relationship with the United Nations as a related organization. We look forward to the implementation of this agreement, which will assist and protect migrants more comprehensively, help States to address migration issues and promote better coherence between migration and related policy domains.

56. We affirm that children should not be criminalized or subject to punitive measures because of their migration status or that of their parents.

77. We intend to expand the number and range of legal pathways available for refugees to be admitted to or resettled in third countries. In addition to easing the plight of refugees, this has benefits for countries that host large refugee populations and for third countries that receive refugees.

The UN Global Migration Compact (2018) was covered here, and again here. Sorry, but I don’t believe Michelle Rempel’s half-assed “rejection” of the Compact.

OBJECTIVE 5: Enhance availability and flexibility of pathways for regular migration
21. We commit to adapt options and pathways for regular migration in a manner that facilitates labour mobility and decent work reflecting demographic and labour market realities, optimizes education opportunities, upholds the right to family life, and responds to the needs of migrants in a situation of vulnerability, with a view to expanding and diversifying availability of pathways for safe, orderly and regular migration

OBJECTIVE 11: Manage borders in an integrated, secure and coordinated manner
27. We commit to manage our national borders in a coordinated manner, promoting bilateral and regional cooperation, ensuring security for States, communities and migrants, and facilitating safe and regular cross-border movements of people while preventing irregular migration. We further commit to implement border management policies that respect national sovereignty, the rule of law, obligations under international law, human rights of all migrants, regardless of their migration status, and are non-discriminatory, gender-responsive and child-sensitive.

OBJECTIVE 13: Use immigration detention only as a measure of last resort and work towards alternatives
29. We commit to ensure that any detention in the context of international migration follows due process, is non-arbitrary, based on law, necessity, proportionality and individual assessments, is carried out by authorized officials, and for the shortest possible period of time, irrespective of whether detention occurs at the moment of entry, in transit, or proceedings of return, and regardless of the type of place where the detention occurs. We further commit to prioritize noncustodial alternatives to detention that are in line with international law, and to take a human rights-based approach to any detention of migrants, using detention as a measure of last resort only.

OBJECTIVE 15: Provide access to basic services for migrants
31. We commit to ensure that all migrants, regardless of their migration status, can exercise their human rights through safe access to basic services. We further commit to strengthen migrant inclusive service delivery systems, notwithstanding that nationals and regular migrants may be entitled to more comprehensive service provision, while ensuring that any differential treatment must be based on law, proportionate, pursue a legitimate aim, in accordance with international human rights law.

OBJECTIVE 17(c) Promote independent, objective and quality reporting of media outlets, including internetbased information, including by sensitizing and educating media professionals on migration-related issues and terminology, investing in ethical reporting standards and advertising, and stopping allocation of public funding or material support to media outlets that systematically promote intolerance, xenophobia, racism and other forms of discrimination towards migrants, in full respect for the freedom of the media

The United Nations is fully on board with erasing borders with their mass migration policies. The 2016 and 2018 agreements leave no doubt of that.

Non-Government Organizations (NGOs), or Civil Societies, are involved in bringing large numbers of people from the third world over to the first. Some do it out of guilt or conscience, while others do it for money.

Obvious question: Do these NGOs and the UN work together?

Many NGOs (Civil Societies) Work With UN

(NGO Branch Department of Economic and Social Affairs of UN)

(The UN “directly” collaborates with NGOs/Civil Societies)

Faced with many complex challenges in recent years, UNHCR has redoubled its efforts to strengthen its partnerships with UN organizations and NGOs, both international and national, seeking to maximise complementarity and sustainability in its work for refugees and others of concern.

Today, UNHCR works with more than 900 funded, operational and advocacy partners to ensure that the rights and needs of populations of concern are met. UNHCR continues to give high priority to its relations with partners, and strives to strengthen strategic and operational collaboration at global, regional and country levels.

The main goal of the organization’s vast network of partnerships is to ensure better outcomes for persons of concern by combining and leveraging complementary resources and working together in a transparent, respectful and mutually beneficial way. These partnerships also underpin UNHCR’s engagement in inter-agency fora and processes, where mutual understanding and strong alliances help ensure that refugees, IDPs and stateless persons are adequately prioritised.

CLICK HERE, for UN Refugee Partners.

So, how exactly would switching Canada’s reliance on refugee selection be helped here? If NGOs (Civil Societies) directly work with the UN, then is there any real difference?

The UN cites over 900 fully funded partners. Other than possibly decentralizing the process, what is the point here? Is it a policy distinction without a difference?

UN Hypocrisy On Human Smuggling

From the UN’s own package on smuggling people:

(Page 8) Salt and Stein suggested treating international migration as a global business that has both legitimate and illegitimate sides. The migration business is conceived as a system of institutionalized networks with complex profit and loss accounts, including a set of institutions, agents and individuals each of which stands to make a commercial gain.

The model conceives trafficking and smuggling as an intermediary part of the global migration business facilitating movement of people between origin and destination countries. The model is divided into three stages: the mobilization and recruitment of migrants; their movement en route; and their insertion and integration into labour markets and host societies in destination countries. Salt and Stein conclude their theory by citing the need to look at immigration controls in a new way, placing sharper focus on the institutions and vested interests involved rather than on the migrants themselves.

Aranowitz puts forward a similar view and claims that smuggling could not have grown to such proportions if it were not supported by powerful market forces. Furthermore, Aranowitz argues that smugglers exhibit entrepreneur-like behaviour and circumvent legal requirements through corruption, deceit and threats. They specialize either in smuggling or in trafficking services, and the profit generated varies accordingly.

Interesting. The UN absolutely does recognize the “business” element of human trafficking, and likens it to any other type of business. It is driven by high demand.

However, the elephant in the room must be pointed out. The UN itself helps to drive such demand with its “one world” policies. By arranging accords (like New York or Global Migration Compact), the UN helps create these conditions. If it becomes mandatory that a host country MUST provide basic services, regardless of legal status, then people will flock to those countries. The UN also tries to facilitate housing and other social services at the expense of taxpayers.

To add insult to injury, these accords limit the ability of host Governments to jail illegals, and attempt to shut down legitimate criticism.

Canada’s Aud-G Uncovers Citizenship Fraud

(Rebel Media: Auditor General Michael Ferguson reports)

Citizenship being granted to people:

  • With prior, serious criminal records
  • Who commit crimes after arriving
  • Who are using fake addresses

About the fake addresses, the video talks about 50 people using the same address (as one example) to claim residency.

The Rebel video makes a great point: If this Ministry can’t be bothered to properly follow up on obvious cases of citizenship fraud, how can Canadians expect them to properly screen and select “refugees” for entry into Canada?

From this article.

The report shows that several people and possibly dozens managed to be accepted as Canadian citizens through fraud that went undetected, or through lax controls.

The report noted cases of people with serious criminal records who were accepted as citizens. It also found that between 2008 and 2015, 50 different applicants used the same single address on their citizenship applications during overlapping time periods during which time seven of the applicants became Canadian citizens. It took seven years before the scheme was found during an investigation.

The report also noted that in some 49 similar cases where an address anomaly had been detected, citizenship officials failed to follow-up on 18 of the cases to see if the applicants actually met residency requirements.

The report indicated that citizenship officers did not consistently apply their own standards to identify and deal with suspicious immigration documents including checking travel documents against the department’s database of lost, stolen and fraudulent documents.

What About Canada’s “Conservative” Parties?

CLICK HERE, for Conservative Party of Canada policies.
CLICK HERE, for People’s Party on refugees.

Disclaimer: political parties lie all the time, so take this with a grain of salt.

The CPC claims it will focus on “UN selected” refugee claimants, while the PPC claims that “Civil Society Groups” should be making the selections instead. However, this omits several important facts:

  • First, neither party will address the corruption and fraud that goes on both within the UN and with Civil Societies. Finding corruption within the process is a very quick and easy thing to do.
  • Neither will acknowledge that the vast majority of these “refugees” will likely be Islamic, an ideology which is completely incompatible with Western society. There is this MINOR problem of Muslims trying to take over the world.
  • This United Nations v.s. Civil Societies is a false distinction, as many Civil Societies work with the UN.
  • Canadians don’t want, nor were ever asked if they would support hordes of refugees being shipped into Canada.
  • Trudeau and the Liberals are an easy target for criticism for lack of proper screening. However, PPC and CPC fail to indicate how they would properly screen to protect Canadians.
  • Another question they won’t address: will these “refugees” be expected to work and contribute at some point, or will they be permanent welfare cases?

However, it would be fair to point out that Stephen Harper, in 2015, suggested focusing on Christians and Yazidis refugees. This would have been a considerable improvement over importing more Islam (and hence more Islamic violence), into Canada.

Little Difference In NGO v.s. UN Selection

Just an opinion, but there doesn’t seem to be much of a difference between the 2 ideas.

Considering how many Civil Societies (NGOs) work with the UN, it seems an exercise in futility to try to separate them.

And given the rampant corruption, and total lack of respect for national sovereignty, BOTH seem like very bad options.

(1) https://news.un.org/en/story/2018/11/1024882
(2) http://archive.is/kjMuB
(3) https://www.iom.int/news/iom-monitors-caravans-central-american-migrants-supports-voluntary-returns
(4) http://archive.is/9SCmV
(5) http://csonet.org/index.php?menu=77
(6) http://archive.is/6Oh4z
(7) https://www.unhcr.org/partnerships.html
(8) http://archive.is/dKxll
(9) https://www.un.org/en/ga/search/view_doc.asp?symbol=A/RES/71/1
(10) https://canucklaw.ca/new-york-declaration-september-2016-prelude-to-the-global-migration-compact/
(11) https://refugeesmigrants.un.org/sites/default/files/180713_agreed_outcome_global_compact_for_migration.pdf
(12) https://www.unodc.org/documents/human-trafficking/Migrant-Smuggling/Smuggling_of_Migrants_A_Global_Review.pdf
(13) https://www.interpol.int/en/Crimes/People-smuggling
(14) https://www.unodc.org/unodc/en/organized-crime/intro/UNTOC.html

Posted on

Who Is SNC-Lavalin Really Connected To?

1. Important Links

(1) https://www.snclavalin.com/en
(2) https://www.snclavalin.com/en/about/leadership-and-governance/board-of-directors
(3) http://www.trudeaufoundation.ca/en/community/jacques-bougie
(4) https://pressprogress.ca/more-than-half-of-the-canada-infrastructure-banks-board-of-directors-have-liberal-connections/
(5) https://buffalochronicle.com/2019/03/22/bmos-kevin-lynch-threatened-job-losses-in-call-to-wernick/

(6) https://canucklaw.ca/canadian-infrastructure-bank-and-cib-act/
(7) https://laws.justice.gc.ca/eng/acts/C-6.18/FullText.html
(8) https://canucklaw.ca/canadas-bill-c-74-deferred-prosecution-agreementand-oecd-anti-bribery-agreementand-oecd-anti-bribery-agreement/
(9) https://www.budget.gc.ca/fes-eea/2018/docs/statement-enonce/fes-eea-2018-eng.pdf (Pgs 37-42)
(10) https://canucklaw.ca/unifor-interview-denies-crawling-into-bed-with-government/
(11) https://www.canada.ca/en/employment-social-development/programs/social-innovation-social-finance/steering-group/member-biographies.html

(12) https://www.worldbank.org/en/projects-operations/procurement/debarred-firms
(13) https://laws-lois.justice.gc.ca/eng/acts/d-2.5/page-1.html
(14) https://lobbycanada.gc.ca/eic/site/012.nsf/eng/h_00000.html
(15) https://lobbycanada.gc.ca/app/secure/ocl/lrs/do/clntSmmry?clientOrgCorpNumber=359826&sMdKy=1562758127214
(16) https://www.elections.ca/WPAPPS/WPF/EN/CCS/C
(17) https://lobbycanada.gc.ca/app/secure/ocl/lrs/do/vwRg?cno=359914&regId=890581
(18) https://business.financialpost.com/news/rcmp-charges-snc-lavalin-with-fraud-and-corruption-linked-to-libyan-projects

2. Who Are The Board Members Of SNC-Lavalin?

  • Ian L. Edwards is the interim President and CEO. Prior to joining Lavalin, he worked at Leighton Asia, which had its own corruption scandal.
  • Kevin Lynch is the Chairman of SNC-Lavalin, but he has also held other interesting roles:
    (1) former Clerk of Privy Council;
    (2) former Secretary to the Cabinet;
    (3) former Deputy Minister of Finance;
    (4) former Deputy Minister of Industry;
    (5) former Executive Director for Canada at the IMF;
    (6) current Vice-Chairman of BMO Financial Group
  • Jacques Bougie, O.C., is member of Governance & Ethics Committee, with some connections of his own:
    (1) Director of CSL Group Inc.;
    (2) Director at McCain Foods Limited;
    (3) former Board member at RBC;
    (4) former Board Member at Bell Canada;
    (5) former member of Trilateral Commission;
    (6) Member of Trudeau Foundation
  • Isabelle Courville, Chair of the Human Resources Committee
    (1) Chair of the board of directors of the Laurentian Bank of Canada;
    (2) President of Bell Canada’s Enterprise segment from 2003 to 2006;
    (3) Director of Canadian Pacific Railway Limited;
    (4) director of the Institute for Governance of Private and Public Organizations;
    (5) former member of APEC Business Advisory Council
  • Catherine J. Hughes, Member of the Audit Committee
  • Steven L. Newman, Chair of the Governance and Ethics Committee
    (1) non-executive director of Tidewater, Inc.;
    (2) Dril-Quip, Inc.;
    (3) Rubicon Oilfield International Holdings GP Ltd;
    (4) limited partner of Rubicon Oilfield International Holdings
  • Jean Raby, Member of the Audit Committee
    (1) former adviser to the CFO of Nokia;
    (2) member of the board of Fiera Capital Corporation;
    (3) Co-CEO of Goldman Sachs (France, then Russia);
    (4) Chief Financial and Legal Officer of Alcatel-Lucent S.A
  • Alain Rhéaume, Member of the Audit Committee
    (1) Ministry of Finance of the Québec Government, 1974 to 1996;
    (2) former public director of the Canadian Public Accountability Board;
    (3) former Executive Vice-President of Rogers Wireless
  • Eric D. Siegel, ICD.D, Member of the Audit Committee
    (1) former President and CEO of Export Development Canada (EDC);
    (2) Director of Citibank Canada
  • Zin Smati,, Chair of the Safety, Workplace and Project Risk Committee
  • Benita M. Warmbold, Chair of the Audit Committee, has been in finance for decades. Here are some of her connections.
    (1) Senior VP and COO of CPPIB from 2008 to 2013;
    (2) Senior Managing Director and CFO of CPPIB from 2013-2017;
    (3) Director at Bank of Nova Scotia;
    (4) former CFO for Northwater Capital Management Inc

Kevin Lynch is Vice-Chairman of BMO Financial Group.
Jacques Bougie is a former Board Member at RBC.
Benita M. Warmbold is a former Director at Scotia Bank.
Eric D. Siegel is Director at Citibank Canada.
Isabelle Courville is Chair of BOD at Laurentian Bank.
Jean Raby is former Co-CEO of Goldman Sachs.

Alain Rhéaume is former Executive VP of Rogers.
Jean Raby is former advisor to CFP of Nokia.
Jacques Bougie is a former Director at Bell.

3. Access To Privy Council Via Kevin Lynch

(Kevin Lynch, Chairman of SNC Lavalin, among other roles, was Clerk of the Privy Council. He clearly still has access to the Council. Taken from his BMO profile.)

From the Buffalo Chronicle article:

SNC Lavalin Chairman Kevin G. Lynch, who also serves as Bank of Montreal‘s Vice Chairman, placed a call on October 15th to Michael Wernick, during which he repeatedly threatened the Clerk of the Privy Council of a potential loss of 9,000 Canadian jobs — ominously suggesting that the decision was to be made at a looming board meeting. Lynch feared that his firm could be implicated in the widespread bribery of First Nations officials in British Columbia.

Wernick, who holds a bachelors degree in economics from the University of Toronto, did not apply scrutiny to that assertion, despite his training, before repeating the threat to Prime Minister Justin Trudeau and others in the PMO.

Although Lynch had left the Privy Council a decade ago, he clearly still has some clout. A single phone call was enough to get Michael Wernick to attempt to get SNC Lavalin off the hook via the DPA (deferred prosecution agreement). Wernick doesn’t seem to see problem with SNC-L having such easy access to the Privy Council. However, the majority of Canadians do.

4. Jacques Bougie Sits On Trudeau Foundation

(Jacques Bougie, Member of the Governance and Ethics Committee for SNC Lavalin, also is part of the Trudeau Foundation)

Yet another obvious conflict of interest case. A board member of Lavalin also sitting on the board of the Trudeau foundation. Not that these two roles would ever get Goudie to lean on Trudeau for favourable treatment towards Lavalin.

5. Jacques Bougie Also Sits On McCain’s B.O.D.

(Finance Minister Bill Morneau is married to Nancy McCain, heiress to McCain’s Food’s Ltd. Jacques Bougie from SNC-Lavalin “also” sits as a Director for McCain’s.)

6. Bruce Hartley: SNC Lobbyist & Liberal Donor

(Bruce Hartley is a regular Liberal donor, according to Elections Canada.)

(Hartley is also a registered lobbyist for SNC-Lavalin)

Bruce Hartley, now a lobbyist for SNC-Lavalin, has donated 124 times since 2005 to the Liberal Party and its members. But now that he acts as a lobbyist, he certainly won’t get the Liberals (whom he supports financially) to do anything nefarious, would he?

Actually, he did. Hartley, in his capacity as an SNC-Lavalin employee, lobbied the Federal Government to introduce the “Deferred Prosecution Agreement” (or DPA). This DPA would allow companies like Lavalin to avoid a 10 year ban on receiving government contracts if found guilty of criminal activity

That’s right. A long time Liberal supporter gets a job as a lobbyist. He then turns around and uses that position to get the law changed to allow his new employer to get off the hook for what would have been a 10 year ban on Canadian contracts.

And here is another lobbyist, William Pristanski, who also lobbied to get the deferred prosecution agreement (DPA) for Lavalin.

Reading through his profile with the Lobbying Commissioner of Canada, it seems Pristanski’s role was basically the same as Hartley’s.

7. SNC Lobbied Current Attorney General David Lametti

(then Parliamentary Secretary to Minister for ISED, David Lametti, met with SNC Lavalin President Neil Bruce)

(McGill University Law Professor, David Lametti, Who is on leave while he sits as the Attorney General of Canada)

(February 13, 2019, McGill University is “gifted” $200M)

(The people who “donated” $200M to McGill University were also caught “donating” almost $1M to Trudeau)

David Lametti is now the Attorney General of Canada, after Jody Wilson-Raybould resigned. Interesting to note that Wilson-Raybould thought that SNC-Lavalin “didn’t” deserve the deferred prosecution. Her successor, Lametti did. Could it be because of Lavalin lobbying him?

Within days of Lametti deciding that SNC-Lavalin was not worth prosecuting, McGill University (where Lametti teaches law), received a $200M “gift” from European Climate Founder McCall MacBain.

Note: Trudeau had also received 2 donations from them.

  • $500,000 in 2015 as a candidate
  • $428,000 IN 2016 as sitting Prime Minister

8. Lavalin & Libya Connections

The case against SNC and two of its subsidiaries stems from the company’s dealings in Libya between 2001 and 2011, when a senior executive established close ties with Saadi Gaddafi, son of dictator Muammar Gaddafi.

Court documents allege the company offered bribes worth $47.7 million “to one or several public officials of the ‘Great Socialist People’s Libyan Arab Jamahiriya,’” as Gaddafi called the nation he ruled until he was overthrown and killed in 2011.

SNC and its subsidiaries SNC-Lavalin Construction Inc. and SNC-Lavalin International Inc. are also alleged to have defrauded various Libyan public agencies of approximately $129.8 million.

“Corruption of foreign officials undermines good governance and sustainable economic development,” RCMP Assistant Commissioner Gilles Michaud said Thursday. “The charges laid today demonstrate how the RCMP continues to support Canada’s international commitments and safeguard its integrity and reputation.”

(See source.)

Lavalin denies all the allegations, but interesting to see just how deep this runs. There are also allegations that Canadian taxpayers are on the hook for $30,000 for prostitution services for Saadi Gaddafi. He is the son of former dictator Mummar Gaddafi.

9. Fall 2018 Economic Update Social Finance Fund, A Potential Slush Fund?

While the $595 million media bailout received much attention in the media, far less was paid to the slush fund that was also announced to the Social Finance Program that was also launched.

In June 2017, the Government created a Social Innovation and Social Finance Strategy Co-Creation Steering Group, primarily comprised of experts from the charitable and non-profit sector, to provide recommendations on the development of a social innovation and social finance strategy. The Steering Group delivered its final report, Inclusive innovation: New Ideas and New Partnerships for Stronger Communities, in August 2018. One of the report’s key recommendations was to create a Social Finance Fund to help close the capital financing gap faced by organizations that deliver positive social outcomes, and to help accelerate the growth of the existing social finance market in Canada.

To help charitable, non-profit and other social purpose organizations access new financing, and to help connect them with private investors looking to invest in projects that will drive positive social change, the Government proposes to make available up to $755 million on a cash basis over the next 10 years to establish a Social Finance Fund. Additionally, the Government proposes to invest $50 million over two years in an Investment and Readiness stream, for social purpose organizations to improve their ability to successfully participate in the social finance market. It is expected that a Social Finance Fund like the one the Government is proposing could generate up to $2 billion in economic activity, and help create and maintain as many as 100,000 jobs over the next decade.

The Steering Committee consists of 16 members, who will doll out the cash.

10. Last thoughts on Lavalin

Will SNC Lavalin be getting any of this cash? Hard to say, but there are two things to point out:

(1) Lavalin is know to be corrupt and is losing business. One such example is getting debarred from the World Bank for corrupt business practices.

(2) The other item is that the connections between Lavalin and the Government are immense.

  • Director of Lavalin also a former Privy Council Clerk
  • Director of Lavalin also Director of Trudeau Foundation on
  • Director of Lavalin also a Director or McCain Foods
  • Lobbyist for Lavalin also frequent Liberal donor
  • President of Lavalin lobbied current Attorney General

Yes, this is entirely speculative. However, I wouldn’t be at all surprised if grants flowed to Lavalin from this social fund.

After all, if you are connected enough to have laws written to excuse your criminal conduct, this should be no problem.

By no means is this a complete listing of the tentacles that SNC Lavalin has. Rather, it should show some of the obvious connections to Government officials.

*Disclaimers, Ethics* Proudly powered by WordPress