Canadian Pacific Railway Ltd. | Advisory Vote on Climate Change at Canadian Pacific Railway

Status
86.88% votes in favour
AGM date
Previous AGM date
Resolution details
Submitted by
-
Resolution ask
Set targets or plans
ESG theme
  • Environment
ESG sub-theme
  • Climate change
Type of vote
Other management proposal or proxy item
Filer type
Management
Company sector
Industrials
Company HQ country
Canada
Resolved clause
We are asking shareholders to vote on an advisory “say on climate” resolution approving the Company’s approach to climate change. The Board agreed to hold an advisory “say on climate” vote at the Company’s 2021 Annual and Special Meeting of Shareholders.
Supporting statement
The Company recognizes that climate change presents both risks and opportunities to its business. The Company released its first Climate Strategy in July 2021(1), outlining CP’s approach to managing climate-related impacts across the business and establishing ambitious science-based greenhouse gas (GHG) emissions reduction targets. An update on the Company’s progress and actions in 2021 on climate change is included in Part V of this proxy circular. The Climate Strategy outlines our current science-based targets and strategy for reducing our GHG emissions: • Reduce Scope 1, 2 and 3 GHG emissions intensity of its locomotives in excess of 38 percent by 2030 against a 2019 baseline. Locomotive operations represent CP’s largest source of emissions. This target has been validated by the Science Based Targets initiative (“SBTi”). • CP seeks to support decarbonization across all its operations. Accordingly, CP also seeks to reduce absolute Scope 1 and Scope 2 GHG emissions from non-locomotive operations in excess of 27 percent by 2030 against a 2019 baseline. The Board is asking shareholders to vote at the Meeting on the following advisory “say on climate” resolution.

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