Citing
the company’s poor environmental performance, Sustainalytics has removed
Enbridge Inc. from the Jantzi
Social Index, a socially screened stock index consisting of
60 Canadian companies that pass a set of broadly based environmental, social,
and governance rating criteria.
“In the summer of 2012, the company experienced
a spill in Wisconsin and at a remote Alberta field, each of
which exceeded 1,000 barrels,” Sustainalytics said in a release. “This
coincides with the recent conclusion of an investigation by the National
Transportation and Safety Board into a 20,082 barrel leak at its Lakehead
pipeline system in Michigan
in 2010. “
Despite strong sustainability commitments and
recent capital investment in pipeline integrity management programs, the
company has failed to prevent significant releases and its spill record is
concerning to investors, Sustainalytics added.
It’s
another setback for Enbridge, which last
month was removed from the IA Clarington Inhance SRI funds by Vancity. That
decision was based on the U.S. National Transportation Safety Board report on
the Enbridge 2010 pipeline spill in Michigan.
Vancity
Investment Management is a sub-advisor on three SRI funds for IA Clarington and
determines which holdings are contained within the funds, based on ESG
criteria. Two of these funds previously contained Enbridge holdings.
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