Cogeco Inc. | Report on the physical risks associated with climate change at Cogeco Inc.

Status
Voted
AGM date
Previous AGM date
Resolution details
Lead filer
Mouvement d'éducation et de défense des actionnaires (MÉDAC)
Resolution ask
Report on or disclose
ESG theme
  • Environment
ESG sub-theme
  • Climate change
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Telecom
Company HQ country
Canada
Resolved clause
It is proposed that the board of directors report to shareholders, in a detailed manner and by any means it deems appropriate, on the physical risks relating to climate change facing the Corporation.
Supporting statement
This report should include:

• A map of critical facilities which could potentially be impacted by extreme climate events (floods, fires, storms, extreme heat, etc.)

• An assessment of their vulnerability and operational significance

• An associated resilience plan, including any investments set aside to mitigate such risks

The physical resilience of infrastructures is an issue that can no longer be ignored in the telecommunications industry, where assets (data centres, cellular towers, network equipment) are spread across vast territories and exposed to the increasing risks relating to extreme climate events. Even though Cogeco publishes a sustainability report partially aligned on the TCFD recommendations and has demonstrated the serious of its approach to ESG factors, the level of information provided on specific physical risks remains limited. Simply acknowledging the exposure to such risks is not sufficient: today, shareholders, ESG rating agencies, regulatory bodies and interested parties expect local and measurable data amenable to concrete steps.

More specifically:

• the 2023 wildfires in Eastern Canada have shown how fragile the communications network are;

• floods and landslides can cause severe disruption in the operation of critical facilities;

• extreme heat waves increase the vulnerability of data processing centres and electrical equipment.

It is in the interest of Cogeco to be proactive and transparent in facing these systemic issues and also to be perceived as such.

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