The Globe and Mail reports in its Friday edition that TD Bank shareholders on Thursday voted against proposals asking the bank to publicize its chief executive officer compensation-to-median-employee pay ratio, disclose the effects of divestment from the Canadian oil and gas sector, link employee compensation to environmental, social and governance initiatives, and combat tax havens.
The Globe's Stefanie Marotta writes that while a proposal failed calling on the bank to disclose its transition activities and how they align with emissions-reduction targets, it received more than a quarter of support from shareholders voting in favour -- a slight uptick from last year's results on the same motion.
"This growing show of support from shareholders signals to management that they remain concerned about how the bank will manage its growing climate transition risk," said Kyra Bell-Pasht, director of research and policy at Investors for Paris Compliance, in a statement." Investor pressure will only grow for accountability at the bank as the climate crisis accelerates." TD's shares closed at $78.85, up 57 cents on the Toronto Stock Exchange.
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