{"id":24870,"date":"2025-04-08T10:51:48","date_gmt":"2025-04-08T14:51:48","guid":{"rendered":"https:\/\/share.ca\/?p=24870"},"modified":"2025-04-08T13:51:15","modified_gmt":"2025-04-08T17:51:15","slug":"shareholder-proposal-on-equity-audit-at-scotiabank-gets-more-than-twice-the-usual-votes","status":"publish","type":"post","link":"https:\/\/share.ca\/blog\/shareholder-proposal-on-equity-audit-at-scotiabank-gets-more-than-twice-the-usual-votes\/","title":{"rendered":"Shareholder proposal on racial equity audit at Scotiabank gets more than twice the usual votes"},"content":{"rendered":"\n\n
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TORONTO. April 8, 2025<\/span><\/b>\u202f<\/span>\u2014 More than 37 per cent of shareholders voted in favour of a shareholder proposal today asking the Bank of Nova Scotia (TSX:BNS) to commission a third-party racial equity audit. That level of support is more than twice the average vote for a shareholder resolution at any Canadian company in 2024. Large institutional Scotiabank investors including CPPIB, BCI, IMCO, CalPERS, and CalSTRS backed the proposal.\u202f<\/span>\u00a0<\/span><\/p>\n

The proposal was filed by <\/span>SHARE<\/span><\/a>, the Shareholder Association for Research and Education, on behalf of the <\/span>Hamilton Community Foundation<\/span><\/a>.\u202f\u202f<\/span>\u00a0<\/span><\/p>\n

Since 2023, <\/span>all of the other \u201cBig Six\u201d Canadian banks have committed to conducting a third-party racial equity audit<\/span><\/b>, including Bank of Montreal, Royal Bank of Canada, Canadian Imperial Bank of Commerce, National Bank of Canada, and the Toronto-Dominion Bank.\u202f<\/span>\u00a0<\/span><\/p>\n

Scotiabank is an outlier among its peers.\u202f\u202f<\/span>\u00a0<\/span><\/p>\n

A racial equity audit consists of an independent examination of a company\u2019s employment and business practices intended to identify and remediate potential and actual disparate outcomes for Indigenous Peoples and racially marginalized communities.\u202f<\/span>\u00a0<\/span><\/p>\n

\u201cA racial equity audit will unify Scotiabank\u2019s presently fragmented reconciliation and equity initiatives, providing a co-ordinated, enterprise-wide assessment to drive meaningful progress,\u201d says Sarah Couturier-Tanoh, Director of Shareholder Advocacy at SHARE. \u201cIt will also measure and support the Bank\u2019s newly launched ScotiaBond values \u2014 values that affirm the Bank\u2019s commitment to promoting accountability and inclusivity as essential to its growth strategy.\u201d\u202f<\/span>\u00a0<\/span><\/p>\n

Scotiabank has not yet engaged in efforts to evaluate the potential negative impacts its products and services may have on Indigenous Peoples and racially marginalized communities. Despite the Bank\u2019s assertions that its current initiatives are sufficient, a large number of shareholders clearly disagreed.\u202f<\/span>\u00a0<\/span><\/p>\n

\u201cExpanding financial access, equal contract opportunities, and equal employment opportunity for Indigenous Peoples and racially marginalized communities will support Scotiabank\u2019s business resilience, competitiveness, and long-term sustainability,\u201d continues Couturier-Tanoh.\u202f<\/span>\u00a0<\/span><\/p>\n

\u201cAmid attacks on diversity and equity measures in the U.S., this strong support confirms that for shareholders, robust accountability on racial equity issues remains a material consideration for long-term value creation.\u201d<\/span>\u00a0<\/span><\/p>\n

For media inquiries, please contact <\/span>Adam Burns<\/span><\/b>, SHARE Communications Manager at<\/span>\u202f<\/span>aburns@share.ca<\/span><\/b><\/a>\u202f<\/span>or 1.604.695.2037 x8046.\u202f<\/span>\u00a0<\/span><\/p>\n <\/div>\n\n <\/div>\n <\/div>\n