According to the latest Banking on Climate Chaos report(10), financing provided to the fossil fuel industry by the country’s five largest banks reached nearly US$132 billion in 2024. This financing can be broken down as follows: Royal Bank, US$34.3 billion; Bank of Nova Scotia, US$26.2 billion; The Toronto-Dominion Bank, US$29.0 billion; Bank of Montreal, US$19.9 billion; and CIBC Bank, US$22.3 billion. The Bank continues to support the development of this type of energy. Shareholders play a key role in the constructive dialogue between boards of directors and stakeholders. In this context, the advisory vote on environmental policy is not intended to impose specific objectives or compromise the competitiveness of the Canadian banking sector, but rather to: • Strengthen corporate governance and transparency, by ensuring that the environmental strategy is regularly submitted to shareholders for review; • Align the Bank’s practices with the growing expectations of international institutional investors, who consider environmental and climate issues to be major financial risks; • Reduce reputational risks, by demonstrating that the Bank is sensitive to environmental concerns without compromising its contribution to the Canadian economy; • Promote a gradual transition adapted to the North American context, avoiding radical or confrontational approaches. It is important to remember that this vote is: • Advisory, non-binding, and thus respects the corporate governance of the Board of Directors; • Provides an opportunity to express measured support, without calling into question fundamental strategic choices or the Board’s independence; • Sends a signal of good corporate governance, demonstrating the Bank’s commitment to listening to its shareholders, without adopting a political or ideological stance. Support for this proposal has grown in recent years but remains below the threshold of significant influence. By reaching a threshold of 30% or more, shareholders: • Send a clear but reasonable signal in favor of stronger environmental corporate governance; • Avoid the alternative of more intrusive regulatory or political pressure in the future; • Help preserve the Bank’s credibility and social acceptability, including in international markets. This proposal has received the support of 17.50% of votes cast at the last annual meeting. (10) https://www.bankingonclimatechaos.org/?bank=JPMorgan%20Chase#fulldata-panel