As the momentum of shareholder engagement on climate-related
matters continues to grow across the globe, including in Canada,
these issues remain a key focus area for public companies. One of
the tools that has gained prominence is the so-called "Say on
Climate" vote, where shareholders vote on their company's
climate policies.
The initiative, launched by Christopher Hohn, a British fund
manager, in conjunction with his investment firm The Children's
Investment Fund Management ("TCI"), was
first implemented by Aena, a Spanish airports group, in 2020. Since
then, several other blue-chip firms like Unilever, Glencore, and CN have followed its lead.
While there are many positive aspects to Say-On-Climate, such as
enhanced climate disclosure, they also raise a number of practical
considerations for directors and executives that could affect
corporate strategy.
