Shareholder proposals filed at CIBC, TD and BMO call for the banks to scrap net\u002Dzero targets or temporarily suspend them. Read more.
“The world is going to need oil and gas for a long time to come,” said Pappano, who used to lead market intelligence at TMX GroupA swell of shareholder activism in recent years has pushed corporations to bolster their environmental, social and governance practices.
Every year, investors in publicly listed companies get to file non-binding resolutions and vote on changes they want to see at the firms in which they hold assets. The period of annual meetings at which the voting takes place is broadly known as proxy season. The number of ESG-related proposals, and in particular those specific to climate, has spiked in recent years. In the U.S. last year, shareholders filed a record 630 resolutions, 316 of which went to a vote and garnered average support of around 30 per cent.Article contentPappano said she felt compelled to express “an alternative message” to what she saw as an attack on the oil and gas sector. “The other side of the argument has never been voiced,” she said.
While proposals like the ones Pappano filed are unusual in Canada, they reflect a growing anti-ESG movement percolating in the U.S. among critics who say it’s an ideological movement that threatens economic freedom. Vocal antagonists to ESG investing, like Tesla founder Elon Musk and Social Capital founder Chamath Palihapitiya, have fuelled the backlash. The biotech entrepreneur Vivek Ramaswamy, who recently announced his
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