National Bank of Canada | Formal employee representation in strategic decisionmaking at National Bank of Canada

Status
Withdrawn
AGM date
Previous AGM date
Proposal number
4
Resolution details
Company ticker
NA:CN
Resolution ask
Adopt or amend a policy
ESG theme
  • Governance
ESG sub-theme
  • Decent work
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
It is proposed that the Board of Directors examine ways to increase employee participation in Board decision-making. Conclusions arising from this reflection process should be reported at the annual meeting in 2023.  
Supporting statement
The health and economic crisis has reminded us of the importance of employee health and well-being within organizations. The advantages are clear: increased job satisfaction, a greater sense of belonging, higher engagement, greater productivity, reduced absenteeism, lower insurance costs, and lower risk of work-related injuries and illnesses. In the years ahead, boards of directors will face a number of issues in the area of talent management and development. In recent years, boards of directors have made deliberate efforts to raise the quality of their decision-making by drawing on a diverse range of experiences and skills and by involving, as much as possible, people of all genders, ages, backgrounds, and religions. While most boards are made up of independent directors, they lack employee viewpoints, which could provide a perspective beyond the organization’s operational and strategic issues, better oversight of senior management decisions, and an improved balance between short-term and long-term perspectives, as employees tend to focus on the long term. The UK Corporate Governance Code, in its most recent edition (2018), suggested the following initiatives to increase employee participation in the highly strategic decisions of organizations: creating a formal workforce advisory panel, designating a board member to serve as liaison with the workforce, or appointing at least one employee other than the CEO to the board. Convinced of the immense value of having direct and formal employee input into strategic decision-making, especially in decisions that greatly affect talent management and development matters, we are tabling this proposal, confident that, at the next annual meeting in 2023, the organization will be able to propose ways to include employee participation and insights. 

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