VanCity drops Enbridge from funds

VanCity Investment Management has dropped Enbridge from one of the funds they manage.

  • Aug. 28, 2012 7:00 p.m.

VanCity Investment Management has dropped Enbridge from one of the funds they manage.

The fund is a socially responsible investment fund and the VanCity credit union said the company no longer mets the requirements for the fund for being socially responsible after the release of the U.S. National Transportation Safety Board report into the spill in Kalamazoo, Michigan.

The company’s response to the spill was highly criticized in the report, and regulators said Enbridge control room workers behaved like “Keystone Kops” during the incident.

Many other ethical investment funds contain Enbridge stocks, including NEI Investments Ethical Funds.

In May, a motion was introduced at the Enbridge Annual General Meeting by Ethical Funds for Enbridge to address the risks associated with First Nations opposition to the proposed Northern Gateway pipeline.

The motion was defeated.