Laurentian Bank of Canada | Corporate purpose at Laurentian Bank of Canada

Status
Voted
AGM date
Previous AGM date
Proposal number
11
Resolution details
Company ticker
LB:CN
Lead filer
Mouvement d'éducation et de défense des actionnaires (MÉDAC)
Resolution ask
Amend board structure
ESG theme
  • Governance
ESG sub-theme
  • Corporate purpose
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
It is proposed that the Bank's Board of Directors and Management clarify the purpose of the Laurentian Bank as an organization, and that one of the Baord's committee be mandated to monitor the implementation of the policies, commitments and initiatives developed to give effect to this new strategic orientation, particularly as it relates to health, environment, human resources, and relations with stakeholders.
Supporting statement
Since this proposal was supported by 11.95% of shareholders last year, we are submitting it again. As mentioned in your answer: '…the ultimate oversight and responsibility for the Bank's purpose and mission resides with the Board…" However, in order for such a notion of purpose to transition from marketing slogan to reality, it needs to be tangibly articulared in the governance practices of the institution. Hence the objective of this proposal is that the purpose be mentioned in the charter of each relevant committee to guide the execution of committee duties.

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