{"id":9192,"date":"2023-05-04T13:41:15","date_gmt":"2023-05-04T17:41:15","guid":{"rendered":"https:\/\/www.batirente.com\/?p=9192"},"modified":"2023-05-04T13:53:13","modified_gmt":"2023-05-04T17:53:13","slug":"batirente-and-ferique-fund-management-seek-absolute-ghg-emissions-reduction-target-from-imperial-oil","status":"publish","type":"post","link":"https:\/\/www.batirente.com\/en\/batirente-and-ferique-fund-management-seek-absolute-ghg-emissions-reduction-target-from-imperial-oil\/","title":{"rendered":"B\u00e2tirente and F\u00c9RIQUE Fund Management seek absolute GHG emissions reduction target from Imperial Oil"},"content":{"rendered":"<p><strong>Montr\u00e9al, May 4, 2023<\/strong> \u2013 B\u00e2tirente and F\u00c9RIQUE Fund Management, with support from \u00c6quo, Shareholder Engagement Services, have submitted a shareholder proposal to Imperial Oil Limited (\u201cImperial\u201d), requesting that it adopt an absolute greenhouse gas (GHG) emissions reduction target.<\/p>\n<p>By submitting such a proposal to Imperial, B\u00e2tirente and F\u00c9RIQUE Fund Management are asking the company to join forces with several other oil industry companies that have adopted absolute reduction targets, including Suncor, Canadian Natural Resources Limited and Cenovus. \u201cCompanies that commit to reducing their absolute emissions demonstrate sound management of business risks and opportunities in investors\u2019 eyes,\u201d said Fran\u00e7ois Meloche, Head of Corporate Engagement at \u00c6quo.<\/p>\n<p>The proposal garnered the support of nearly 16% of minority shareholders at the May 2nd meeting. \u201cThis is a bold proposal that was supported by a number of investors! The result sends a clear message to Imperial and other companies within their industry that they unquestionably must respond to the climate crisis by developing an absolute GHG emissions reduction target,\u201d stated B\u00e2tirente CEO \u00c9ric Filion. Note that 69.6% of Imperial\u2019s voting rights are held by ExxonMobil, which voted against the proposal.<\/p>\n<p>\u201cAll companies, especially those in the energy sector, must align their business activities and strategies with the Paris Agreement and thereby reduce their emissions by 2050,\u201d said Louis Lizotte, Chief, Investment Solutions at F\u00c9RIQUE Fund Management.<\/p>\n<p>According to \u00c9ric Filion, the proposal is part of the shared efforts aimed at encouraging oil companies to reduce their GHG emissions and diversify their activities toward low-carbon products and services. In line with several other companies, Imperial announced a net-zero emissions target by 2050. To achieve this, it adopted a 30% carbon intensity reduction objective for its activities by 2030, compared with 2016.<\/p>\n<p>\u201cWhile adopting a carbon intensity reduction target is commendable, this kind of objective must necessarily be accompanied by an absolute reduction target to ensure real reductions happen and, ultimately, a net-zero emissions level is reached,\u201d explained Fran\u00e7ois Meloche of \u00c6quo, which guided B\u00e2tirente and F\u00c9RIQUE Fund Management during this process. Mr. Meloche reiterated that a reduction in intensity could be accompanied by a total increase in absolute GHG emissions.<\/p>\n<p><strong>About B\u00e2tirente<\/strong><strong><br \/>\n<\/strong>B\u00e2tirente is a group retirement system created in 1987 at the initiative of the CSN. It allows 27,000 workers, grouped in 319 labour unions, to benefit from pension plans tailored to their needs by pooling their savings.<\/p>\n<p>A leader in responsible investing, B\u00e2tirente believes that actively managing its investee companies\u2019 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.<\/p>\n<p><strong>About Gestion F\u00c9RIQUE<\/strong><br \/>\n<a href=\"https:\/\/www.ferique.com\/en\/\" target=\"_blank\" rel=\"noopener\">F\u00c9RIQUE Fund Management<\/a>\u00a0is a Canadian mutual fund manager founded in 1999. The firm offers 18 funds, including five portfolios diversified across the asset classes required for sound diversification. Management of the Funds is entrusted to renowned external firms mandated by F\u00c9RIQUE Fund Management according to their area of specialization. The F\u00c9RIQUE Funds had more than $3,5 billion in assets under management and more than 23,850 clients as at December 31, 2022.<\/p>\n<p>F\u00c9RIQUE Fund Management and F\u00c9RIQUE Investment Services, which are both headquartered in Montreal, are non-profit organizations \u2013 a business model rarely found in the investment and wealth management field \u2013 whose objective is to offer investment solutions aligned with the needs of their exclusive clientele of engineers, engineering graduates and their family members. To consult the\u00a0<a href=\"https:\/\/www.ferique.com\/en\/legal-notes\/note-legale-7\/\" target=\"_blank\" rel=\"noopener\">legal notice<\/a>.<\/p>\n<p><strong>About \u00c6quo, Shareholder Engagement Services<\/strong><br \/>\n<a href=\"https:\/\/aequo.ca\/en\/\" target=\"_blank\" rel=\"noopener\">\u00c6quo, Shareholder Engagement Services<\/a> 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. \u00c6quo offers services related to shareholder engagement, sustainable finance consulting, voting rights and impact assessment. \u00c6quo\u2019s partners mobilize more than $100\u00a0billion in shares and bonds in its engagement pools to promote better ESG performance for Canadian and American listed companies.<\/p>\n<p><strong>For more information<br \/>\n<\/strong>Katya Vanbeselaere<br \/>\nCommunications and Marketing Manager<br \/>\n514-525-5740, ext.\u00a02425<br \/>\n<a href=\"mailto:kv@batirente.com\">kv@batirente.com<\/a><\/p>\n<p>Fran\u00e7ois Fr\u00e9chette, CFA<br \/>\nSenior Director of Investments<br \/>\n514-840-9206, ext. 610<br \/>\n<a href=\"mailto:francois.frechette@ferique.com\">francois.frechette@ferique.com<\/a><\/p>\n<p>Fran\u00e7ois Meloche<br \/>\nPartner, Head of Corporate Engagement<br \/>\n514-679-6889<br \/>\n<a href=\"mailto:fmeloche@aequo.ca\">fmeloche@aequo.ca<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>B\u00e2tirente and F\u00c9RIQUE Fund Management, with support from \u00c6quo, Shareholder Engagement Services, have submitted a shareholder proposal to Imperial Oil Limited (\u201cImperial\u201d), requesting that it adopt an absolute greenhouse gas (GHG) emissions reduction target. By submitting such a proposal to Imperial, B\u00e2tirente and F\u00c9RIQUE Fund Management are asking the company to join forces with several other oil industry companies that have adopted absolute reduction targets, including Suncor, Canadian Natural Resources Limited and Cenovus.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[61],"tags":[],"class_list":["post-9192","post","type-post","status-publish","format-standard","hentry","category-press-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>B\u00e2tirente and F\u00c9RIQUE Fund Management seek absolute GHG emissions reduction target from Imperial Oil - B\u00e2tirente<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.batirente.com\/en\/batirente-and-ferique-fund-management-seek-absolute-ghg-emissions-reduction-target-from-imperial-oil\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"B\u00e2tirente and F\u00c9RIQUE Fund Management seek absolute GHG emissions reduction target from Imperial Oil - B\u00e2tirente\" \/>\n<meta property=\"og:description\" content=\"B\u00e2tirente and F\u00c9RIQUE Fund Management, with support from \u00c6quo, Shareholder Engagement Services, have submitted a shareholder proposal to Imperial Oil Limited (\u201cImperial\u201d), requesting that it adopt an absolute greenhouse gas (GHG) emissions reduction target. 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