Enbridge managers were urged to examine the potential costs of opposition to the Northern Gateway pipeline at the corporation's annual shareholder meeting in Toronto today.
"The opposition appears to be significant, widespread and hardening daily," Jamie Bonham of mutual fund company NEI Investments, which owns 148,000 Enbridge shares in its ethical funds portfolio, told the meeting.
First Nations leaders who had traveled by train to send a message to investors, protested on King Street outside the hotel where the meeting was taking place.
NEI and two co-filers requested that Enbridge report within a year on the risks posed by opposition to Northern Gateway and how it intends to mitigate them. However, despite Bonham's concern that "it seems likely that this will result in extended litigation," investors voted the motion down.
Meanwhile, in Vancouver today, a group of environmentalists put pressure on Vancity Credit Union to remove Enbridge stocks from mutual funds it labels "socially responsible."
The Forest Action Network spokeswoman Zoe Blunt told the CBC that Vancity president Tamara Vrooman has since agreed to ask Enbridge to halt the pipeline.
"Tamara said in the event that the Northern Gateway Pipeline is going forward at the end of this year, they will take a look at their position, they will re-evaluate their mutual fund decisions, and they will likely divest," said Blunt.
Colleen Kimmett reports for The Tyee.




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Emmanuel Goldstein
1 year ago
Investment
Other investment firms are warning their clients that the tar sands are a bad investment due to the potential remediation costs will cancel out profits.
John MacLachlan Gray
1 year ago
Important to remember that
Important to remember that corporations have become like semi-democratic nations, subject to the wishes of their voters (shareholders), who vote with their money. Crude though this may seem, there is a kind of democracy happening, and it's encouraging to see the voters thinking twice. Enbridge employees and shareholders aren't monsters, they're people like you and me, bound by a structure whose internal logic calls the shots. Change the logic.
seth
1 year ago
The pipes are dead anyway
Former Alberta Premier Lougheed has often spoken as has the Bank of Canada's Mark Carney of the need to refine our own oil in Canada.
Canada imports almost as much oil back east as it exports out west.
As TransCanada pipe proposes instead of stupid Fascist proposals to ship the oil to China via BC we need to switch Canada's pipeline funding to a heavy oil upgrader, repurpose the Canada mainline gas pipe to oil, and replace the gas with as few as 15 new Ontario nuke plants or worst case gas imports from US shale fields. Tar sands oil would be the cleanest on the planet replacing gas steam with nukes. This would result in investment paybacks of 4 years at a 25% rate of return with thousands of lives saved by eliminating the deadly gas air pollution and risk to pristine waters here and back east from tankers. The freed gas would be exported generating $10's of billions for BCHydro's new LNG export plant.
Nuke power is the only way forward for the national's energy future. TransCanada's pipe plan is a responsible start.
seth
1 year ago
The pipes are dead anyway
Former Alberta Premier Lougheed has often spoken as has the Bank of Canada's Mark Carney of the need to refine our own oil in Canada.
Canada imports almost as much oil back east as it exports out west.
As TransCanada pipe proposes instead of stupid Fascist proposals to ship the oil to China via BC we need to switch Canada's pipeline funding to a heavy oil upgrader, repurpose the Canada mainline gas pipe to oil, and replace the gas with as few as 15 new Ontario nuke plants or worst case gas imports from US shale fields. Tar sands oil would be the cleanest on the planet replacing gas steam with nukes. This would result in investment paybacks of 4 years at a 25% rate of return with thousands of lives saved by eliminating the deadly gas air pollution and risk to pristine waters here and back east from tankers. The freed gas would be exported generating $10's of billions for BCHydro's new LNG export plant.
Nuke power is the only way forward for the national's energy future. TransCanada's pipe plan is a responsible start.
Steve Hetherington
1 year ago
Share holders of what?
We are strong,we are many.
There will be no pipeline.
Talon
1 year ago
Following the march of folly.....
The Fukushima disaster is still very much with us although it is not making headline news in the entrenched media. Not only is that disaster still with us and not improving, the march of folly continues with those who still proclaim for nuclear energy. They must be thinking with their investment mind and not with their sustainability mind. Get back on track. More nuclear power stations are as bad an idea as carbon capture and storage.
dave0ferg
1 year ago
Ponzi
Projects that are stopped for purely environmental concerns are so rare that I can’t think of one off hand. Our protests merely delay the project until the investors realize that it is not nearly as profitable as the proponents claim and pull out. Of course they blame it all on those radical environmentalists. If that be our role, so be it with honour.
Looks like investors are beginning to see the whole bitumen sands as the greatest Ponzi scam yet perpetrated on Canada.
freebear
1 year ago
Enbridge employees and shareholders aren't monsters, they're peo
"Enbridge employees and shareholders aren't monsters, they're people like you and me,"
Hey Buddy!
Excuse me; I have no shares in anything other than a common future.
freebear
1 year ago
They are worried about share price, not environent!
Same as many in that OK to go after oil, except when it is, or runs thru, their backyard - example of oil workers living in Calgary burb!
Name
1 year ago
Risky investment
Many investors have already voted by switching to safer bets, of which there are many that offer higher rewards for less risk.
xiaotao22
1 year ago
Informative and interesting
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KarlaBabe
1 year ago
Dear Shareholders, take your money and run..
i may be a poor & disabled person but i will fight with every breath alongside all others opposed to the northern gateway project for as long as it takes..
this pretty much sums it up for Burrard Inlet.. the costs for a remote area cleanup (Northern Gateway) would probably come in around the same.. and the taxpayers would be the ones paying the bill!
http://thecanadian.org/item/1479-cost-of-oil-spill-burrard-inlet-$40-billion-kinder-morgan-rex-weyler
pwlg
1 year ago
Too little too late VanCity
I brought this issue up with my Vancity investment counselor more than a month ago and received such a bewildered look that I demanded to see where my hard earned pension savings was being invested. I was shocked to not only see Enbridge but other corporations who have been very aggressive lobbying for tax breaks, refusing to pay their municipal taxes and heavy moral supporters of the Harper agenda.
I divested of my Enbridge shares and am now reviewing my portfolio with another investment firm, not Vancity, with the goal to move all my pension investments to another firm.
Enough is enough.
NEI's strategy of engagement is kind of like the US and Canada's engagement with China over its human rights abuses. Unless you're CPP Investment Corp or one of the large union pension funds you will not get Enbridge or other corporations to change their direction.
Now if workers can only get their union pensions to walk the talk we would see rapid change and a more socially responsible and equitable world.
steelchef
1 year ago
Some alternative ideas?
The oil companies seem to have ‘pipeline vision’ with regard to the Gateway project. So; why does it HAVE to be a pipeline? The Americans ship oil from their mid-west/northern fields to Texas and Louisiana via railway. http://www.reuters.com/article/2011/08/23/us-oil-rail-analysis-idUSTRE77M4MJ20110823
OK, we don’t want tankers to pollute our oceans and shores, (NIMBY.)
So build enough rail tankers to load onto sea-going super-barges. Properly constructed and sealed, the rail cars would present far less of a problem in the event of an accident. In the case of a capsizing, the cars could be salvaged, intact. In the unlikely event of ramming or grounding, only a few tanker cars would be damaged, reducing the “Valdez” effect. The barges could be designed to carry cargo in their hulls, adding value to the energy required in hauling the crude to China. (Think grain, logs, ore, lumber etc.) The return, (empty oil tank) trip could take advantage of imported goods, (in the hulls) paying for the fuel, at least.
The construction of new tracks, new rail cars, more locomotives etc would provide an economic bonus to Canada and ongoing employment in maintenance for rolling stock and tracks. It would also provide infrastructure for the future.
Another alternative, (if pipelining is a must,) is Valdez, Alaska. Despite their experience with the Exxon disaster, there is willingness, indeed eagerness for us to use this established port.
Yes, it would add considerably to the cost of a pipeline but would threaten far less ‘inhabited’ land and assure no pollution in our oceans. A major advantage is that 90% of the line would be outside of earthquake territory. Any ‘quake’ activity, (should it occur) would be within Alaska.
To be clear, I feel no ill-will toward our Alaskan neighbours and they certainly don’t need another ‘Exxon’ incident; but, if the tables were turned ……………!
Others must have suggestions on this subject, let’s hear them.
steelchef
1 year ago
Share holders of what?
Steve Hetherington has it right. The Northern Gateway pipeline will never be built or successfully operated. The opposition is largely muted but Titanic.
Family and associates who live near the proposed right-of-way are adamant that they will do, “whatever it takes” to stop it. Many of our native brothers are of the same mind. Enbridge had better step back and smell the crude. The shareholders have a lot more to lose than the cost of fighting the opposition. The spirit of Wiebo Ludwig is alive and well in Central BC.