National Bank of Canada | Disclose non-confidential information on Country-by-Country Reporting at National Bank of Canada

Status
9.38% 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)
Co-filers
Vancity Investment Management
Resolution ask
Report on or disclose
ESG theme
  • Governance
ESG sub-theme
  • Remuneration or pay
  • Tax
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
"It is proposed that the Bank annually disclose to the general public the non-confidential
information related to its Country-by-Country Reporting for the purposes of a detailed
and meaningful calculation of compensation ratios broken down by territory, and for the
purposes of contributing to the fight against tax havens, particularly in terms of
transparency."
Supporting statement
"Over the years, the Bank has received from MÉDAC—and now from Vancity—several shareholder
proposals asking for the calculation and disclosure of the compensation ratio. Despite the significant
quantity of votes for these proposals in 2023, the Bank still does not disclose its total compensation
ratio. The disclosure of such information has been compulsory in the United States for some time
now and it is already provided by many companies in Canada.
Despite the fact that the compensation ratio should be published for all employed according to the
standards (1) of the Global Reporting Initiative (GRI), disclosure public non-confidential data from
the “Country-by-Country Report” — Action 13 (2) of the OECD/G20 Inclusive Framework (3) on BEPS
(English acronym of Base Erosion and Profit Shifting (4)), international initiative to which the State
has joined — would allow the calculation of compensation ratios significant to enable better
interpretation of the overall compensation ratio by enriching the description of the context.
Furthermore, the disclosure of such non-confidential data to the general public, which is done in
many other countries including in Europe, would be an exercise in transparency, goodwill and good
faith that would directly support the fight against tax evasion, tax havens and other legislation of
convenience.
According to the Canadian data for the 2024 Edelman Barometer(1), 59% of respondents believe that
business leaders deliberately try to mislead people by disseminating information they know is false
or widely exaggerated. There is a marked mistrust of traditional leaders and business leaders.
For all these reasons, the Bank should make public annually the non-confidential data from its
Country-by-Country Reporting.
Given that this proposal has received a high percentage (11.90%) of votes in favour in the past, we are
reintroducing it.”"

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