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VanCity Enbridge Investments Draw Members' Ire, Protest

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Created on Monday, 07 May 2012 18:58
Written by Zoe Blunt
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Vancity, Enbridge under pressure from enviros at annual meetings this week: "Socially-responsible" credit union holds stock in tarsands companies
by Zoe Blunt l WildCoast.ca
VICTORIA - A Vancouver Island environmental group is giving Vancity credit union a deadline to divest from Enbridge, the energy corporation responsible for planning the Northern Gateway pipeline from the Alberta tarsands to the BC coast.
 
WildCoast.ca, based in Victoria, is delivering a letter to the Vancity board of directors at tomorrow's annual general meeting.
 
WildCoast director Zoe Blunt says if the Northern Gateway pipeline proposal is still going forward by year's end, Vancity and the companies it controls must dump their Enbridge stocks or face a backlash from their own shareholders.

Blunt notes that according to a Vancity representative, the "socially-responsible" credit union is calling on Enbridge to withdraw its Northern Gateway pipeline proposal at the energy company's annual meeting on Wednesday, May 9 in Toronto. That meeting also will hear from indigenous people who have traveled across the country to denounce pipeline plans.

"If Vancity can't convince Enbridge to stop the pipeline," Blunt says, "Vancity should ditch its stock in Enbridge."
 

Vancity is not the enemy, Blunt adds. Enbridge is.

"Our non-profit group opened accounts with Vancity because we believed they were socially responsible," Blunt says. "But for us, and for our allies, Enbridge is a deal-breaker. Northern Gateway, the pipelines and the tankers are our enemies. We won't put our money where it will benefit them." 

"These investments are doing more harm than good for Vancity," Blunt says. "From a 'social responsibility' point of view, it's in Vancity's best interest to put pressure on Enbridge, and if that doesn't work, then it should no longer associate with this unethical corporation."

Vancity's AGM takes place in Vancouver (3075 Slocan) with a tele-conference in Victoria (3020 Blanshard) where the WildCoast.ca team will take part. Both places will have the chance to ask questions to the chair and the board.

Anyone who holds a Vancity account can come to the meeting and show their account info to be admitted. Sandwiches and beverages will be served. 

Contact: Zoe Blunt 250-813-3569 This email address is being protected from spambots. You need JavaScript enabled to view it.

Tuesday May 8, 7 pm – Vancity AGM

Victoria: Comfort Inn Conference Center, 3020 Blanshard

Vancouver: Italian Cultural Centre, 3075 Slocan

Wednesday May 9, 1 pm – Enbridge AGM: Toronto (Enbridge) Meridian King Edward Hotel