Six religious institutional shareholders of TCPL press company to deal properly with Lubicon

Friends of the Lubicon
PO Box 444 Stn D,
Etobicoke ON M9A 4X4
Tel: (416) 763-7500
Email: fol (at) tao (dot) ca

April 2, 2008

Six religious institutions holding shares in TransCanada have issued a letter to TransCanada Board Chair S. Barry Jackson, expressing "deep concern over TransCanada Corporation’s failure to consult fully and properly with the Lubicon Lake Indian Nation before applying for regulatory approval of the North Central Corridor (NCC) Pipeline."

KAIROS, an ecumenical coalition of eleven Canadian churches and religious organizations, organized the letter on behalf of the investors. Mary Corkery, Executive Director of KAIROS, wrote: "As faith-based investors, we are committed to faithful stewardship of our financial resources and seek to invest in companies that share our values regarding economic justice, ecological sustainability and respect for the rights of marginalized peoples."

Drawing attention to TransCanada’s failure to deal with the Lubicon Lake Indian Nation regarding its concerns with TransCanada’s proposed jumbo pipeline in Lubicon Territory, Corkery writes "this situation constitutes an unacceptable response to a serious, internationally recognized human rights issue that pertains directly to the operations of the company. This is deeply troubling to us. We expect that this situation will be of concern to other shareholders as well. We hope that, by the time shareholders gather on April 25 in Calgary for this year’s AGM, management will be able to report a satisfactory resolution of this issue."

Hopefully if TransCanada shareholders -- more of whom are contacting us every week -- speak their minds on this issue, the company will deal fairly with the Lubicons prior to its Annual General Meeting. If not, the issue will have to be raised there.

A copy of the KAIROS letter is available here.

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