On several occasions over the years, the Bank received from MÉDAC – and today from Vancity – shareholder proposals
requesting the calculation and disclosure of the compensation ratio. Despite the substantial number of votes supporting these
proposals in 2023, the bank still refuses to disclose its overall compensation ratio, as has been mandatory for some time now in
the United States and as many companies already do here in Canada.
Despite the fact that the compensation ratio should be published for all employees in accordance with Global Reporting Initiative
(GRI) standards(1), public disclosure of non-confidential data in the “Country by Country Reporting” – Action 13(2) of the
OECD/G20 Inclusive Framework(3) on BEPS(4) (base erosion and profit shifting), an international initiative to which Canada is a
signatory – would enable the calculation of significant compensation ratios so as to allow a better interpretation of the overall
compensation ratio by broadening the description of the context.
Moreover, disclosing these non-confidential data to the general public – as is the case in several other countries, notably in
Europe – would be an exercise in transparency, goodwill and good faith that would directly contribute to efforts to combat tax
evasion, tax avoidance, tax havens and other “complacent laws”.
However, according to the Edelman Barometer23 conducted in 2024 among the Canadian population, 59% of respondents
believe that business leaders are deliberately trying to deceive people by disseminating information that they know to be wrong
or widely exaggerated. There is a marked distrust of traditional leaders and business leaders.
For all these reasons, the Bank must publicly announce the nonconfidential data of its Country by Country Reporting each year.
This proposal has garnered significant support in the past, receiving 9.89% of votes in favor, and as such, we are retabling it for
consideration.