Canada pension fund invests in US immigration detention firms

Canadian politicians have expressed alarm that one of Canada’s biggest pension investment funds has increased holdings in two private US companies that run American prisons and incarcerate the majority of detained immigrants.

The Canada Pension Plan Investment Board (CPPIB), which manages $366.6bn in pension funds on behalf of some 20 million Canadian retirees, holds US$5.9m of stock in Geo Group and CoreCivic, according to its latest US Security and Exchange Commission filings.

The move to increase holdings comes despite criticisms from Canadian politicians about US detention policies and following international outcry over the US “zero-tolerance” crackdown this summer on the US-Mexico border that led to children being separated from families.

The Trump administration’s policies have created a positive outlook for both US private detention companies. Corporate executives for both companies told investors and analysts on conference calls that they are expecting federal contracts for housing immigrant detainees to continue to grow.

https://www.theguardian.com/world/2018/oct/12/canada-pension-fund-invests-in-us-immigration-detention-firms