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Vancouver councillor divests after oil stocks questioned

Jeremy Nuttall

By Jeremy Nuttall, 24 hours Vancouver

A City of Vancouver councillor made a quick financial move Wednesday after a political opponent took issue with the oil and mining stocks in his portfolio.

The Coalition of Progressive Electors issued a statement calling out Vision Vancouver Coun. Raymond Louie for owning stock in Crescent Point Energy, an oil company, and Rainmaker Mining.

“The press release basically is an implicit request that Vision Vancouver councillors stop pretending,” said COPE spokesman Tim Louis. “They’re not a green version of the NPA, what they essential are is a gluten-free NPA with the same values with regard to the oil and gas industry.”

But Louie said he has a diverse portfolio that his broker manages, and he hadn’t really paid attention to it, pointing out Crescent Energy is held in the Canada Pension Plan. Louie said he is going to divest from both stocks.

Louie also produced the last financial disclosure that Louis filed for the 2011 election, showing the former COPE councillor had investments in Sherritt International, a coal mining company involved in a 2013 wastewater spill.

“This is the ‘silly bugger’ that Tim Louis is known for,” Louie said. “It concerns me that suddenly these statements are coming out when he himself, as part of his 2011 disclosure, shows that he owned Sherritt.”

The City of Vancouver had recently applied for intervener status for the Trans Mountain pipeline expansion and Louie said he still holds his position of concern over the project.




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