National Bank of Canada | Environmental and climate adisory committee at National Bank of Canada

Status
Withdrawn
AGM date
Previous AGM date
Proposal number
7
Resolution details
Company ticker
NA:CN
Lead filer
Mouvement d'éducation et de défense des actionnaires (MÉDAC)
Resolution ask
Amend board structure
ESG theme
  • Environment
ESG sub-theme
  • Climate change
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 create an environmental and climate committee.
Supporting statement
In a recent interview, Mark Carney, former Governor of the Bank of Canada and the Bank of England, and now the UN Special Envoy on Climate Action and Finance, called on companies to create a board committee on climate change to better understand the risks associated with moving to a low-carbon economy. He added that boards would be wise to avail themselves of expertise in the field, given its complexity. A recent Bank of Canada report noted that the transition to a lower-carbon economy would be complicated and potentially costly for some. The transition will likely lead to complex structural adjustments for carbon-intensive sectors, such as oil and natural gas, and may expose insurance companies, banks, and asset managers to greater risk. The creation of such a committee would reassure shareholders and stakeholders of the Bank’s ability to properly manage the risks and opportunities that will arise as a result of climate change and its continued impact on the economy and the financial system.

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