{"id":24834,"date":"2025-03-25T22:18:49","date_gmt":"2025-03-26T02:18:49","guid":{"rendered":"https:\/\/share.ca\/?p=24834"},"modified":"2025-03-26T16:16:59","modified_gmt":"2025-03-26T20:16:59","slug":"investors-urge-scotiabank-to-conduct-racial-equity-audit","status":"publish","type":"post","link":"https:\/\/share.ca\/blog\/investors-urge-scotiabank-to-conduct-racial-equity-audit\/","title":{"rendered":"Investors urge Scotiabank to conduct Racial Equity Audit\u00a0"},"content":{"rendered":"\n\n
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Bank of Nova Scotia an outlier among Canada\u2019s \u201cBig Six\u201d<\/span>\u00a0<\/span><\/h2>\n

TORONTO.<\/strong> March 26, 2025. Investors are urging the Bank of Nova Scotia (TSX:BNS) to catch up with its peers by agreeing to assess both the impacts of its business practices on racialized communities, and the risks to shareholder value those impacts represent.<\/span>\u00a0<\/span><\/p>\n

The request for Scotiabank to conduct a third-party racial equity audit (REA) is contained in a shareholder proposal submitted by <\/span>SHARE<\/span><\/a>, the Shareholder Association for Research and Education, on behalf of the <\/span>Hamilton Community Foundation<\/span><\/a>.<\/span>\u00a0<\/span><\/p>\n

Sarah Couturier-Tanoh<\/span><\/b>, Director of Shareholder Advocacy at SHARE, notes that Scotiabank is the lone outlier among Canada\u2019s \u201cBig Six\u201d banks in failing to commit to this crucial risk-management practice.<\/span>\u00a0<\/span><\/p>\n

\u201cOther major Canadian banks \u2014 namely BMO, RBC, NBC, and CIBC \u2014 have committed to conduct these audits as part of their broader efforts to improve financial inclusion,\u201d said Couturier-Tanoh.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cWe are concerned that Scotiabank may fall behind its peers in adapting to emerging regulatory trends and shifting customer demographics.\u201d<\/span>\u00a0<\/span><\/p>\n

The Scotiabank proposal comes at a time of increased pushback against corporate diversity, equity and inclusion (DEI) initiatives in the U.S. During a <\/span>\u201cmarket open\u201d event at the Toronto Stock Exchange last week to mark the United Nations International Day for the Elimination of Racial Discrimination<\/span><\/a>, investors noted the need for Canadian companies to reaffirm their commitment to combating racism and inequity.<\/span>\u00a0<\/span><\/p>\n

\u201cOpenness to diversity, equity and inclusion is a critical differentiator for Canadian businesses, Canadian capital markets, and Canadian investors \u2014 and a critical driver of value within those markets,\u201d <\/span>Yulena Wan<\/span><\/b>, Chief Operating Officer and Chief Financial Officer of the Hamilton Community Foundation, said during her introductory remarks at the event.<\/span>\u00a0<\/span><\/p>\n

Couturier-Tanoh said it\u2019s imperative for Scotiabank to \u201cstep up\u201d at this pivotal moment.<\/span>\u00a0<\/span><\/p>\n

\u201cThe current political circumstances demand leadership from banks \u2014 not cold feet,\u201d she said.<\/span>\u00a0<\/span><\/p>\n

The shareholder proposal will be voted on at Scotiabank\u2019s annual general meeting (AGM) on April 8.<\/span>\u00a0<\/span><\/p>\n

For media inquiries or interview requests, please contact SHARE Communications Manager Adam Burns at <\/span><\/i>aburns@share.ca<\/span><\/i><\/a>\u00a0<\/span><\/p>\n <\/div>\n\n <\/div>\n <\/div>\n