Sustainability: who walks the talk?

We examine the proxy voting patterns of 16 Canadian asset managers and find that some are much more likely to support climate-related shareholder initiatives than others

Jackie Cook 22 April, 2019 | 2:00PM Ruth Saldanha
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For Earth Day, we examined how 16 Canadian asset managers voted in the 2018 proxy season on climate-related shareholder resolutions. We found that for the period spanning July 2017 to June 2018, BMO Global Asset Management, Desjardins Global Asset Management, HSBC Global Asset Management Canada and TD Asset Management consistently voted in favour of transparency on issues like greenhouse gas emissions reduction targets, environmental impact and board oversight of climate risk. We found that Dynamic Funds, Franklin Templeton Investments and Invesco were least supportive.

It is important to point out that this research is based on Canadian funds voting mostly on U.S.-companies in the 2018 proxy voting season. Canadian funds’ proxy voting records can be found on asset managers’ websites.

As a starting point, we found that during 2018, 14 shareholder resolutions addressing climate change earned more than 40% shareholder support. These resolutions are listed in the table below.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Bank of Montreal128.46 CAD0.07Rating
Cenovus Energy Inc12.12 CAD-0.08
HSBC Holdings PLC ADR25.76 USD-0.31Rating
The Toronto-Dominion Bank83.26 CAD0.08Rating

About Author

Jackie Cook

Jackie Cook  is director of sustainability stewardship research for Morningstar.

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