In late 2020, Canada’s Public Sector Pension Investment Board (PSP), which invests $170 billion worth of pensions belonging to federal government employees like public service workers and employees, bought over 600,000 shares of US private prison companies GEO GEO -1% Group and CoreCivic. According to a February 12th 2021 report filed with the SEC, that totaled about $4.7 million to the companies who have been found to be key players in family separation and continued detainment of migrants suffering from Covid-19.
On March 15th, however, the public learned that PSP pledged to fully divest from the industry amidst public pressure — a financial blow to two companies who have already lost financial support and credibility from major bank financers over the past few years. This announcement by PSP adds them to the list of pension funds who have made an explicit commitment to no longer fund private prisons; joining New York City’s public pension system, The Philadelphia Board of Pensions Retirement, New Mexico Teachers’ Pension Fund, the California Public Employees’ Retirement System, The Canadian Pension Plan Investment Board, and many more who have also taken a stand against the industry.
Author(s): Morgan Simon
Publication Date: 29 March 2021
Publication Site: Forbes