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Pension plans own millions of shares in Ontario long-term-care homes, where COVID-19 has killed thousands. Now, some are pulling their money out of the for-profit facilities
At least two of these pension funds, including the Canada Pension Plan, have divested millions from the companies since the pandemic began, selling at a loss. “LTC homes are a very good example of what happens when you put profits ahead of people,” Leblanc said. One investigation from last May showed that for-profit homes had four times more deaths per 100 beds than city-owned homes. While none of the pension funds commented in detail about individual investments in the three large, Ontario for-profit care providers, their money has done the talking. A Chartwell spokesperson said the company has not heard from the Norwegian Council on Ethics, which oversees the government pension funds, since the start of the pandemic.
Source: thestar January 27, 2021 10:02 UTC
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