Mr. Frank has over 10 years of experience in pension law and has sat on two pension investment boards in Canada prior to joining NLPIB. Mr. Frank is concerned that by divesting away from oil & gas may significantly reduce the overall return profile of the fund, amounting to significant underperformance over time. He is worried that the fund may not be able to pay out its liabilities and face legal repercussions from pensioners.
Mr. Butler has led the Trade Union for Seafood Producers since 2012 and has witnessed the adverse impact of the Cod fishing ban on the workforce in NL. While most fear that over-extraction of oil and gas could lead to a recession, Mr. Butler is more concerned with the impact of divestment on workers in the sector and their dependents. He argues that it would be nearly impossible to replace all the lost jobs by creating new ones, and further, believes that the increased cost of unemployment insurance will outweigh the benefits to the province.
As a CFA charterholder and Chief Risk Officer of a Canadian bank, Mr. Rogers brings financial expertise to the Board. He believes that divesting from fossil fuel and O&G stocks would significantly lower the portfolio’s overall return and that there is no existing combination of assets that could replicate this return at the same level of risk. Subsequently, Mr. Rogers asserts that divestment is not consistent with the board’s fiduciary duty to pensioners.
Ms. Ross was appointed by the active beneficiaries of the NLPIB for a 3-year term which began in May 2017. This seat was created in 2005 for Inuit communities in conjunction with the provincial and federal governments to give them a voice in the investment decision process. Ms. Ross has a wealth of experience with the Labrador Inuit Association, and has held the position of President since 2015. As a representative of the Indigenous community with a deep spiritual and ancestral connection to the surrounding lands, she favors divestment to prevent natural heritage in NL from being further exploited.
Mr. Hutchinson has served as Canadian Coast Guard (“CCG”) Commissioner since 2010. Under his leadership, CCG was tasked with marine search and rescue, communication, navigation and transportation issues in Canadian waters, and was also responsible for managing marine pollution issues. Mr. Hutchison has always been in favor of divestment, and since the recent oil spill, he has become concerned that oil & gas companies have become negligent to the environmental impact of their actions.
Mr. Anders is responsible for developing NL’s human capital. He oversees provincial educational activities at all levels. Through his pro-divestment stance, Mr. Anders hopes to publicly display his commitment to sustainable development and ecological protection – particularly to student voters. Mr. Anders intends to run for the position again in the upcoming provincial elections and is trying to garner as much support as possible.
Ms. Michael has over a decade of experience as the Associate Dean of Memorial University’s School of Business. As current Chairwoman of NLPIB, Ms. Michael has been appealed to numerous times by proponents of both sides of the divestment movement. She wants to ensure that all sides of the issue, and the people they affect, are considered ahead of the vote in November. She remains undecided about what should be the optimal investment strategy.