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A pro-Palestinian group that pushed to meet with the Caisse de dépôt et placement du Québec this week says it is disappointed with the outcome but will continue fighting for the cause.
The group, called the Coalition du Québec Urgence Palestine, met with the provincial pension fund manager on Wednesday to discuss its demand the CDPQ divest from companies with ties to Israel.
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The group described the meeting as civil but said the Caisse refused to engage in dialogue or discuss the crux of their demands, opting instead to only listen in silence.
“They refused to answer any and all questions we put to them,” lawyer and coalition member Paul Fauteux said during a news conference outside the CDPQ’s headquarters in downtown Montreal.
“It’s not like they don’t know (the issue), it’s that they don’t want to admit. And, mostly, they don’t want to change,” Fauteux added. “They are very attached to continuing to make money on the backs of Palestinians.”
The group says the CDPQ has invested $14.2 billion in 87 companies linked to the Israeli state, including some $731 million in companies arming the Israeli military.
The collective had sent the Caisse a letter signed by 60 groups in early July requesting the meeting.
A pro-Palestinian encampment was also set up in Victoria Square, near the Caisse’s headquarters, for two weeks in late June and early July. The city of Montreal had it dismantled on July 5.
“What’s further aggravating is that (the meeting) is the last in a line of several interventions in the last two years with the CDPQ,” said coalition member Raymond Legault, mentioning letter campaigns and the encampment, among other efforts.
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“Faced with all of this … we only get empty sentences,” Legault added.
The CDPQ, for its part, says less than 0.1 per cent of its portfolio is directly invested in Israel.
In an email response on Thursday, a spokesperson said the Caisse remains open to discussing the matter, which is why it agreed to the meeting in the first place.
“The situation is complex and sensitive, and we take these issues very seriously,” wrote media relations director Kate Monfette. “Our views, which are based on those of credible legal experts, do not align with those of the coalition.”
Monfette stressed the Caisse is committed to not making any new investments in the region until further notice.
“As an institutional investor managing over $400 billion in the interests of our depositors, we believe it is inevitable to be invested in multinationals operating around the world,” she added. “And we expect them to meet the highest standards wherever they operate.”
The coalition, however, gave examples of other large pension fund managers across the globe divesting from companies since the outbreak of the Israel-Hamas war, including the largest one in Norway.
It sees no reason why the CDPQ couldn’t do the same.
“Every time Israel massacres Palestinians, (weapons manufacturer) Lockheed Martin profits, the CDPQ profits, and through the CDPQ, it’s all Quebecers who have blood on their hands,” said Fauteux.
The coalition said it remains open to discussing with the Caisse and has asked for a follow-up meeting with its board of directors. Until then, they said they will continue to mobilize through letters, petitions and protests.
“It’s important to raise public awareness in Quebec,” said member Diane Lamoureux. “To let people know they have a role in this. And let them know the Caisse is involved in dirty business.”
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