National Bank of Canada | Advisory vote on environmental policies at National Bank of Canada

Status
19.77% votes in favour
AGM date
Previous AGM date
Proposal number
1
Resolution details
Company ticker
NA:CN
Lead filer
Mouvement d'éducation et de défense des actionnaires (MÉDAC)
Resolution ask
Adopt or amend a policy
ESG theme
  • Environment
ESG sub-theme
  • Fossil fuel financing
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
It is proposed that the Bank adopt an annual advisory voting policy with respect to its environmental and climate action plan and objectives.
Supporting statement
At the 2022 shareholder meetings, we tabled this proposal which garnered significant support at TD (25.4%), CIBC (22.7%), National Bank (22%), Royal (20.2%), Scotia (19.3%) and BMO (15%). Moreover, Laurentian Bank pledged to implement a non-binding advisory vote once it establishes a benchmark for its financed emissions. According to the latest report published by Rainforest (1), Canada’s Big Five banks provided more than $131 billion in financing to oil companies in 2021, up from 2020: Since the signing of the Paris Climate Agreement in December 2015, the big five banks have lent or committed close to $700 billion to fossil fuel companies. It is therefore justified to question the scope of the plans they are putting forward to honour their pledge to join the Net Zero Banking Alliance (NZBA) established in 2015 by former Bank of Canada Governor Mark Carney and to play a key role in financing the climate transition with the goal of achieving net zero emissions by 2050. We therefore reiterate our proposal to implement a non-binding advisory vote so that shareholders can express their satisfaction or dissatisfaction with the Bank’s environmental policy.”

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