THE BANK OF NOVA SCOTIA | Combating forced labour and child labour in the loan portfolios at The Bank of Nova Scotia

Status
Filed
AGM date
Previous AGM date
Proposal number
2
Resolution details
Company ticker
BNS
Lead filer
Mouvement d'éducation et de défense des actionnaires (MÉDAC)
Resolution ask
Report on or disclose
ESG theme
  • Social
ESG sub-theme
  • Decent work
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
Be it proposed that the Bank, beginning in 2026, report to its shareholders and to interested parties (stakeholders)
informing them of the measures taken in the previous fiscal year to prevent and reduce the risk of loans being granted to
companies using forced labour and child labour in the production of goods produced, purchased or distributed by its
customers whose activities are financed by the Bank.
Supporting statement
On May 11, 2023, the Fighting Against Forced Labour and Child Labour in Supply Chains Act came into effect13. This Act requires
that certain companies report on their efforts to fight against forced labour and child labour, with the first of these reports due by
May 31, 2024.
While the purpose of this Act is to protect children from exploitation and human rights violations in supply chains, we propose
that the Bank takes a proactive stance on this issue by publicly committing, as a responsible corporate entity, to prevent and
reduce the risk that its loan portfolio involves any form of support for companies that use forced labour or child labour in their
commercial activities.
According to a report by the International Labour Organization (ILO) and UNICEF, the UN child welfare agency14, the number of
children in child labour has risen to 160 million in 2020, an increase of 8.4 million children in the last four years. Even more
concerning is the rise in the number of children aged 5 to 17 engaged in hazardous work, which is defined as work that is likely to
harm their development, education or health. A category that includes hazardous sectors such as mining or fishing or working more than 43 hours a week, which makes schooling almost impossible. Other sectors also deserve to be mentioned such as:
textiles and clothing, electronics, forestry, etc.
This report should provide all the necessary information to enable shareholders and stakeholders to be reassured that the Bank is
committed to reducing its financial support for these companies that force children to work.

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