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

Status
13.39% votes in favour
AGM date
Previous AGM date
Proposal number
2
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
  • Climate change
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 (say on climate)."
Supporting statement
"According to the most recent Banking on Climate Chaos(1) report, the fossil fuel industry received
almost US $104 billion in financing from the country’s five largest banks in 2023. This financing
is broken down as follows: Royal Bank US $28.2 billion; Bank of Nova Scotia US $29.3 billion;
Toronto-Dominion Bank US $20.3 billion; Bank of Montreal US $15.8 billion; and Canadian Imperial
Bank of Commerce US $15.5 billion.
According to Alex Walker of Environmental Defense, by continuing to “pump billions into fossil fuels,
Canadian banks are exposing themselves to stranded asset risks.” A “stranded asset” is an investment
that loses its value before the end of its useful life due to the impact of changes in the company(2).
Add to this dismal record that according to a December 2023 Bloomberg NEF report, Canada’s banks
rank among the worst of the 100 worst banks in terms of their share of low-carbon energy funding(3).
In addition to the reputational risk to Canadian banks, they also expose their shareholders to the
possibility of massive stranded assets and a significant decline in the value of their shares.
It is therefore appropriate for shareholders to express their views on the Bank’s environmental policies.
Given that this proposal has received a high percentage (17.48%) of votes in favour in the past,
we are reintroducing it.”"

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