According to the latest Banking on Climate Chaos1 report, financing provided by the Big Five Canadian banks to the fossil fuel industry reached nearly US$132 billion in 2024. The breakdown is as follows: Royal Bank: US$34.3 billion, Scotia Bank: US$26.2 billion, Toronto Dominion Bank: US$29.0 billion, Bank of Montreal: US$19.9 billion, and CIBC: US$22.3 billion. The Bank continues to support the development of fossil energy. Shareholders play a key role in constructive dialogue between boards of directors and stakeholders. In this context, the advisory vote on environmental policy does not seek to impose specific targets, nor to compromise the competitiveness of the Canadian banking sector, but rather to: • strengthen corporate governance and transparency by ensuring regular shareholder review of the environmental strategy; • align the Bank’s practices with the growing expectations of international institutional investors, who consider climate and environmental challenges to be major financial risks; • reduce reputational risks by showing that the Bank is sensitive to environmental concerns without compromising its contribution to the Canadian economy; • promote a gradual transition tailored to the North American context, by avoiding radical or contentious approaches. It is important to remember that this vote: • is advisory, not binding, to respect the corporate governance of the Board of Directors; • offers an opportunity to express measured support, without calling into question the Board’s basic strategic decisions or its independence; • sends a signal of good corporate governance, that shows the Bank’s commitment to listening to its shareholders, without taking on a political or ideological position. Support for this proposal has grown in recent years, but remains below the threshold for significant influence. If it reaches a threshold of 30%, or even higher, shareholders will be: • sending a clear but reasonable signal in favour of a stronger environmental governance; • avoiding the alternative of more intrusive political or regulatory pressure down the road; • helping to maintain the Bank’s credibility and social acceptability, including on international markets. This proposal received 16.48% of the votes cast at the last AGM. 1 https://www.bankingonclimatechaos.org/?bank=JPMorgan%20Chase#fulldata-panel