Shareholder proposals filed at CIBC, TD and BMO call for the banks to scrap net\u002Dzero targets or temporarily suspend them. Read more.
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Shareholder proposals filed at CIBC, TD and BMO — on which investors are voting at the banks’ shareholder meetings this month — urge each bank to “make clear its commitment to continue to invest in and finance the Canadian oil and gas sector.” The proposals also call for the banks to scrap net-zero targets or temporarily suspend them.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.
“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.
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