As a result of productive dialogues, Bâtirente is highlighting the commitment of the CIBC Bank to publish a climate-focused report in March 2023 that will more fully describe:
- indicators used in its carbon scoring methodology to identify and understand the climate-related risks and transition activities of its clients, and which include, but are not limited to transition indicators
- performance categories included in its carbon scoring legend, and summary of the performance of its oil and gas and power generation clients
- existing processes established to review results and determine next steps.
The progress in this bank’s commitments was achieved as part of a shareholder dialogue led by Æquo, Shareholder Engagement Services, on behalf of Bâtirente. We recognize that CIBC Bank’s efforts support its 2050 net-zero ambition and 2030 interim goals. Æquo will continue its dialogue with the CIBC Bank regarding its approach to reducing financed emissions.
“Bâtirente’s climate commitment aims for a global approach to responsible investment. It’s important that the companies we invest in play an active role in the solution to the climate emergency,” emphasized Éric Filion, Bâtirente’s Chief Executive Officer. “This progress with the CIBC Bank shows that, through dialogues with companies, it’s possible to develop successful collaborations between shareholders and the companies in which they’ve invested.”
“The CIBC Bank will demonstrate its climate leadership by clarifying how it guides its clients, particularly those in the energy sector, to reduce their carbon footprint,” stated Isabelle Gagnon, CEO of Æquo. “The disclosure of criteria used in evaluating clients’ transition plans will be a useful contribution to the Canadian banking industry.”
Bâtirente is a group retirement system created in 1987 at the initiative of the CSN. It allows 26,000 workers, grouped in 318 labour unions, to benefit from pension plans tailored to their needs by pooling their savings.
A leader in responsible investing, Bâtirente believes that actively managing its investee companies’ environmental, social and governance (ESG) risks helps ensure sound capitalization of the pension plan as well as long-term economic and social development, which are both required for sustainable financial performance.
About Æquo, Shareholder Engagement Services
Æquo, Shareholder Engagement Services is an institutional investor services firm specializing in responsible investment, whose mission is to ensure the impact of strategies determined by its partners and clients. Æquo offers services related to shareholder engagement, sustainable finance consulting, voting rights and impact assessment. Æquo’s partners mobilize more than $100 billion in shares and bonds in its engagement pools to promote better ESG performance for Canadian and American listed companies.
For more information
Director of Corporate Engagement
Communications and Marketing Manager
514 525-5740 ext. 2425