CDPQ supports the Say on Climate initiative – a proposal on managing climate issues and risks

We continuously work to engage our portfolio companies on the fight against climate change. As such, in 2020 we revised our Policy Governing the Exercise of Voting Rights of Public Companies to add new elements to strengthen our position on climate issues.

These revisions include:

  • Setting our intention to support shareholder proposals on climate issues, such as adopting greenhouse gas (GHG) emission reduction targets, implementing scenario analyses and improving the quality of disclosure. 
  • The option to abstain or vote against directors responsible for these issues if no progress is made.

As a shareholder, engagement to companies and our voting right are preferred instruments to promote our positions as a long-term investor. These key levers allow us to share our expectations and convictions on a variety of topics at our portfolio companies’ annual meetings.

Support for the Say on Climate initiative follows this strategy and is an additional tool we use, when necessary, to foster the transition toward a sustainable economy. 

This approach encourages the submission of proposals on climate issues management by companies so that shareholders can use their vote at annual general meetings to provide clear feedback on the strategy and measures taken to address climate change.

This initiative is also complementary to our commitments to Climate Action 100+, a group of 575 investors that targets and mobilizes companies with the highest GHG emissions.

The Say on Climate initiative has three objectives: 

  1. Increase the number of companies that publish an action plan to fight against climate change and issue annual disclosures.
  2. Encourage companies to disclose their position on the energy transition, their GHG emissions and the details of their action plan for a low-carbon economy.
  3. Support investors in using their shareholder votes to advance the first two objectives.