Scotiabank climate plan and fossil fuel financing raised by shareholders at AGM

TORONTO — Scotiabank’s climate change commitments and zero-assessment approach was a recurring theme raised by shareholders and proxyholders at the bank’s 190th annual general meeting (AGM) this morning.

TORONTO — Scotiabank’s climate change commitments and zero-assessment approach was a recurring theme raised by shareholders and proxyholders at the bank’s 190th annual general meeting (AGM) this morning.

During the meeting, a Scotiabank shareholder praised the bank for recognizing climate change as a major risk, but said it was not acting with a greater sense of urgency, citing funding continuous fossil fuels by the bank.

Meanwhile, Greenpeace activists tried to disrupt the meeting, criticizing Scotiabank for its approach to fossil fuels and its membership in the Canadian Association of Petroleum Producers (CAPP), an oil lobby group.

In March, Scotiabank released its first Net-Zero Pathways report, which outlines its net-zero strategy for the bank specifically and the role it will play in the global transition to net-zero.

CEO Brian Porter was absent from the bank’s AGM after testing positive for COVID-19, said board chairman Andrew Regent, who led most of the meeting.

Scotiabank Chief Financial Officer Raj Viswanathan delivered a condensed version of Porter’s prepared remarks.

This report from The Canadian Press was first published on April 5, 2022.

Companies in this story: (TSX: BNS)

The Canadian Press

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