{"id":24880,"date":"2025-04-15T10:14:20","date_gmt":"2025-04-15T14:14:20","guid":{"rendered":"https:\/\/share.ca\/?p=24880"},"modified":"2025-04-15T10:14:22","modified_gmt":"2025-04-15T14:14:22","slug":"investors-at-canadian-banks-support-climate-proposals-at-historic-highs","status":"publish","type":"post","link":"https:\/\/share.ca\/blog\/investors-at-canadian-banks-support-climate-proposals-at-historic-highs\/","title":{"rendered":"Investors at Canadian banks support climate proposals at historic highs"},"content":{"rendered":"\n\n
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TORONTO. April 15, 2025. Investors at three of Canada\u2019s biggest banks have set new records for supporting climate-related shareholder proposals at Canadian financial institutions.<\/span><\/p>\n

The proposals \u2014 put forward by SHARE, the Shareholder Association for Research and Education \u2014 were voted on at the recent annual general meetings (AGMs) for Bank of Montreal (TSX:BMO), Canadian Imperial Bank of Commerce (TSX:CIBC) and Toronto-Dominion (TSX:TD).<\/span><\/p>\n

With their historic support, investors have sent a clear request to each of these banks to disclose its energy finance ratio \u2013 a dollar-for-dollar comparison of how a financial institution funds renewable vs. non-renewable energy.<\/span><\/p>\n

The proposal at Toronto-Dominion received 38.3 per cent support from shareholders<\/span><\/a> \u2013 the highest amount ever recorded for a climate-related proposal at a Canadian bank. The same proposal received <\/span>37.1 per cent support from shareholders at CIBC<\/span><\/a> and <\/span>32.4 per cent support at BMO<\/span><\/a>, representing the second- and third-highest historical support for a climate resolution at a Canadian bank.<\/span><\/p>\n

\u201cWhen more than a third of your investors take action and vote yes, it is a clear signal that shareholders are hungry for concrete financial data on how you are prepared to take advantage of the global transition to clean energy,\u201d said Amanda Carr, Associate Director of Climate Advocacy at SHARE.<\/span><\/p>\n

\u201cMany of these banks\u2019 competitors are already reporting their energy finance ratios, or have committed to doing so. Financial institutions that fail to heed this signal from shareholders risk being left even further behind.\u201d<\/span><\/p>\n

Royal Bank of Canada (TSX:RBC) is expected to report its energy finance ratio in the coming weeks, based on comments by the bank\u2019s CEO at its AGM on April 10. In the U.S., JPMorgan has begun reporting its ratio and Citibank has also committed to doing so.<\/span><\/p>\n

It\u2019s not just climate-related measures that investors at Canadian banks are backing; a proposal on racial equity also received strong support at a recent bank AGM.<\/span><\/p>\n

That proposal, which urges the Bank of Nova Scotia (TXS:BNS) to conduct a racial equity audit, received <\/span>37.7 per cent of shareholder votes<\/span><\/a>.<\/span><\/p>\n

\u201cTaken together, these results are a clear indication that investors expect Canadian companies to continue to take action and report evidence on environmental, social and governance (ESG) metrics,\u201d said Carr.<\/span><\/p>\n

\u201cInvestors aren\u2019t making these requests for purely social or environmental reasons. These proposals request the adoption of evidence-backed tools, add value in terms of risk mitigation and enable banks to identify new business opportunities \u2013 which is why shareholders have supported them in historic numbers.\u201d<\/span><\/p>\n

For more information or to arrange an interview, contact SHARE Communications Manager Adam Burns at aburns@share.ca<\/a>.<\/span><\/p>\n <\/div>\n\n <\/div>\n <\/div>\n