On several occasions over the years, the bank received shareholder proposals from MÉDAC — and now from And yet, according to the Edelman Barometer(1) conducted in 2024 among the Canadian population, 59%
of respondents believe that chief executive officers purposely try to mislead people by saying things they
know are false or gross exaggerations. There is a clear distrust of traditional leaders and chief executive
officers.
For all these reasons, the bank must make public, on an annual basis, the non-confidential data contained in
its Country-by-Country Reporting.
Given it has received a high percentage (12.15%) of votes in its favor in the past, we are resubmitting this
proposal.
Vancity — requesting the calculation and disclosure of the compensation ratio. Despite the substantial
number of votes received in support of these proposals in 2023, the bank still does not disclose its overall
compensation ratio, as has been mandatory for some time now in the United States, and as many companies
here in Canada already do.
Despite the fact that the compensation ratio should be published for all employees in accordance with the
Global Reporting Initiative (GRI) standards, public disclosure of non-confidential data under the “Countryby-Country Reporting” — Action 13 of the OECD/G20 Inclusive Framework on BEPS (Base Erosion and Profit
Shifting), an international initiative to which the government is a signatory — would enable the calculation
of significant compensation ratios that would allow the overall compensation ratio to be better interpreted
by enriching the description of the context.
Moreover, the disclosure of such non-confidential data to the general public — as is otherwise the case in
several other countries, including Europe — would be an exercise of transparency, goodwill and good faith
that would directly fuel efforts to fight tax evasion, tax avoidance, “tax havens” and other “laws of
convenience”.