iA Financial Group | Become a benefit company at iAFinancial Group

Status
2.99% votes in favour
AGM date
Previous AGM date
Proposal number
1
Resolution details
Resolution ask
Adopt or amend a policy
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 hereby proposed that the company analyze the possibility of becoming a benefit company and report on this analysis to the shareholders at the next Annual Meeting. 
Supporting statement
Since 2002, corporations have been required to report on their contribution to society in terms of not only economic, but also social and environmental performance. Twenty years later, corporations must take their commitment to inclusive, green and sustainable prosperity a step further by exploring the possibility of becoming a benefit company, as the Business Development Bank of Canada (BDC) is already doing, by adjusting its internal regulations. “Introduced in the State of Maryland in 2010 and now adopted in 36 U.S. states”, in British Columbia and provided for in Bill 797[7], the benefit company is characterized by, among other things: (1) The purpose of the Company must include, [... ], the creation of a positive impact on society and the environment, taken as a whole, from the business and operations of the Company[... ]. (2) The Directors shall, when deciding what is in the best interests of the corporation, consider the short-term and the longterm interests of the corporation and the interests of the corporation’s shareholders, employees, suppliers, creditors and consumers, as well as the government, the environment, and the community and society in which the corporation operates (the “Stakeholders”), to inform their decisions. (3) In discharging his or her duties, and in determining what is in the best interests of the corporation, each director shall consider all of the Stakeholders (defined above) but shall not be required to regard the interests of any particular Stakeholder as determinative. Professor Henry Mintzberg (McGill) says that “successful corporate social responsibility initiatives will never match or remedy the effects of corporate social irresponsibility’’. Corporate social responsibility allows a company to enshrine in its articles of incorporation its commitment to work in the general public interest and to account for the impact of its actions on all its stakeholders.

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