Enbridge and Suncor Energy are the latest targets of climate\u002Dfocused investors looking to pressure boards with shareholder votes. Read on.
A signpost marks the presence of Enbridge’s Line 5 in Sarnia, Ont.shareholders will vote on the proposal calling on the company to disclose all of its scope 3 emissions — which include indirect emissions both upstream and downstream of Enbridge activities — using internationally accepted definitions.
B.C.-based I4PC targeted Enbridge once before with a 2022 proposal calling on the pipeline company to strengthen its net-zero commitments that received 21.84 per cent support — but which ultimately failed to get a response from management. The group also targeted the Royal Bank of Canada with a shareholder proposal last year requesting the bank change its criteria for sustainable finance to preclude fossil fuel activity and projects.
While this type of ESG-focused shareholder activism is on the rise, small investors hoping to push for change within companies will have their work cut out for them in convincing larger institutional investors, including banks and big hedge funds, to get on side, “Our role is to ask hard questions,” Kenyon said. “We’re trying to raise something that we didn’t see being raised very publicly with these companies because there are investors who are talking to them about this, but they’re very quiet about it.”Article content
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