Canadian banks face another round of shareholder proposals focused on environmental, social and governance issues at their annual meetings this year, but few new resolutions on climate. TD Bank and Bank of Montreal signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj
TORONTO – Canadian banks face another round of shareholder proposals focused on environmental, social and governance issues at their annual meetings this year, but few new resolutions on climate.
Banks have in recent years seen a significant rise in climate-related resolutions aimed at getting them to measure their contributions to emissions and to set targets to reduce them, which banks have started to do.
Proposals are now concentrated on getting more details on how well they’re doing, and how they plan to achieve their targets.
The one notably new resolution this year is from the New York City pension fund system, which is pushing RBC to report how its low-carbon energy funding compares to its fossil fuel funding.
TD faces a re-filed proposal from last year that it provide more details on its transition plans, and all the banks face a re-filed resolution that they adopt a shareholder advisory vote on their environmental and climate change targets and plans.
Other proposals range from banks disclosing their executive to employee pay ratio, to holding meetings in person, while proposals to conduct racial equity audits were dropped after RBC and BMO committed to doing them.
This report by The Canadian Press was first published March 13, 2024.
Companies in this story: (TSX:RY, TSX:TD, TSX:BMO)
