Bank of Montreal | Report on Impact of Oil and Gas Divestment at Bank of Montreal

Status
0.67% votes in favour
AGM date
Previous AGM date
Proposal number
4
Resolution details
Company ticker
BMO:CN
Lead filer
InvestNow Inc.
Resolution ask
Report on or disclose
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
RESOLVED: That Bank of Montreal (“BMO”) commission and issue a
report disclosing the Bank’s exposure to oil and gas divestment and
to qualify and quantify the impacts of divestment from the
Canadian oil and gas sector on shareholder value and other
relevant economic analysis should BMO continue on the path
toward currently established Net Zero objectives.
Supporting statement
Supporting statement
Attacks on the oil and gas sector are coming from all fronts.
Celebrities, internet influencers, radical activist shareholders,
ideologically driven financial alliances and well-funded non-profit
organizations are all calling for “divestment” and promoting
elimination of the Canadian oil and gas sector in the next 25 years.
We are calling on BMO to commission a report that would provide
data and analysis on the impact on revenue projections, profit,
share price, and the impact on the Canadian economy overall, as
the bank adopts policies or guidelines aimed at suppressing
Canada’s oil and gas sector through a divestment policy.
The banking sector has a critical role to play in Canada’s economy
and prosperity. The oil and gas sector also has a critical role to play
in Canada’s economy and prosperity. The world will continue to use
fossil fuels throughout this century, including beyond 2050
notwithstanding current Net Zero aspirations. If the oil and gas the
world needs is not supplied by Canadian energy companies it will
be supplied by authoritarian regimes in poorly regulated,
undemocratic countries that are less responsible and less
environmentally friendly. The banks cannot permit themselves to
be part of a scheme designed to strangle a sector that is of vital
importance, not only to our own citizens, but to the democratic
world.
Financing the Canadian oil and gas sector is essential for the
functioning of the economy, for jobs, for innovation, and for global
emission reductions.

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