Laurentian Bank of Canada | Withheld Votes Against the Reappointment of Certain Directors at Laurentian Bank of Canada

Status
1.96% votes in favour
AGM date
Previous AGM date
Proposal number
10
Resolution details
Company ticker
LB:CN
Lead filer
Mouvement d'éducation et de défense des actionnaires (MÉDAC)
Resolution ask
Report on or disclose
ESG theme
  • Governance
ESG sub-theme
  • Other
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
It is proposed that the Bank disclose the measures it adopted to restore shareholder confidence in its capacity to increase performance.
Supporting statement
During the last annual meeting, over 11% of votes were withheld against five directors out of eleven. This is a cause of concern. While the compensation policy might eslpain to a certain extent the shareholder dissatisfaction with these directors, another plausible explanation is that shareholders are expressing serious concern about the transformation plan initiated by the former CEO, which led to brank closures and mergers, the transition from over-the-counter services to advisory services and digital offerings, and difficult labour relations. It is therefore important that the Bnk, at the 2021 annual meeting, submit a plan that will restore shareholder confidence in the possibility of better results in the coming years.

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