Friends Fiduciary Co-files Climate Lobbying Proposal At Bank of Montreal

Friends Fiduciary has co-filed a shareholder proposal filed by Investors for Paris Compliance asking Bank of Montreal (BMO) to complete its disclosures of lobbying and policy influence activities, both direct and indirect – through trade associations, coalitions, alliances, and other organizations – to fulfill its commitment to lobby “in a manner consistent with [its] support for the aims and objectives of the Paris Agreement.”

BMO has noted that supportive government policy is necessary for it to meet its own net zero targets and has a stated lobbying commitment to support the aims and objectives of the Paris Agreement. However, BMO does not disclose its climate-related lobbying, making it difficult for investors to ensure that the bank’s lobbying is aligned with its commitments on climate.

An explanation of investor concerns and the business case in support of the proposal can be found here. More information on the proposal can be found here.