“Pensions are some of the most hard-fought gains that working people have ever won,” said James Sullivan, the AUPE’s environmental committee chair, in the release. “It’s up to us to make sure that those pensions are stable. Quantifying climate risk would help achieve that.”
In an emailed statement to Benefits Canada, the AIMCo said it acknowledges that climate change is an urgent and compelling matter requiring immediate action from all players. “As Alberta’s investment manager, we recognize the business imperative of integrating climate change into our investment processes, to both enhance and protect our clients’ risk-adjusted investment returns over an extended time horizon.
“We believe that large-scale, long-term investors like AIMCo have an essential role to play in the coming energy transition. AIMCo has been measuring its carbon footprint since 2016, a process that has since advanced to include a portion of all major asset classes and is committed to engaging with our clients to determine a climate action plan and go-forward strategy that most closely aligns with their objectives.”
The statement also pointed to the AIMCo’s recent responsible investing report, in which the government-owned pension investment manager outlined plans to address a range of environmental, social and governance issues, from integrating climate risk to building a more diverse workforce to advancing its risk governance. “We strive to adopt best-in-class ESG-integration strategies across asset classes and investment processes to better identify our ongoing assessment of risk and value,” read the statement.
Additionally, the AIMCo said it’s consulting with its pension fund clients, including the Alberta Public Service Pension Plan and the Local Authorities Pension Plan to arrive at a climate action plan and go-forward strategy. Plan members of the Alberta PSPP and the LAPP are members of the AUPE.
“LAPP Corporation has an ongoing, almost daily dialogue with AIMCo on responsible investing, with climate change and environmental risk factors high on the list of investment considerations,” said Chris Brown, president and chief executive officer of the LAPP Corp., in an emailed statement to Benefits Canada. “While AIMCo works continuously to update and integrate its oversight of ESG factors, our corporation and our sponsor board are refining our policies and processes as well, to ensure we are providing direction to AIMCo that reflects the expectations of our sponsors.”
The AUPE has a seat on the LAPP’s sponsor board, which has identified climate change as a “primary risk” in the plan’s long-term funding policy, said Brown. For its part, the LAPP Corp.’s board of directors is currently working to develop the terms of an updated responsible investment policy for the LAPP’s funds, which will review best practices around climate risk measures and carbon capture metrics.
“AIMCo has announced it will consider viable options to decrease the portfolio’s emissions trajectory over time,” said Brown. “After consulting with its clients, it expects to update its plan regarding implementation of climate-related targets early next year.”
Other resolutions adopted by the union include a just transition toward net zero for workers and a proposal for a green, new deal that includes providing union jobs through an expanded public sector; modernizing public infrastructure to adapt to climate change; recognizing Indigenous rights and treaties; and building a society that is ecologically sustainable and socially fair.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
