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CPPIB takes aim at management missteps with vote-no proxy plan

by scceu0605

Directors who preside over ‘material ESG failures should be asked to resign promptly,’ the fund said

Bloomberg News

Layan Odeh

Bank buildings are photographed in Toronto's financial district on June 27, 2018. A new study says significant barriers continue to exist when it comes to hiring, retetaining and promoting Indigenous workers in Canada's banking and financial sector. qThe report from the Canadian Human Rights Commission is based on data from a 2018 survey of 36 employers including the country's six largest banks, Canada Pension Plan Investment Board and Export Development Canada.
Bank buildings are photographed in Toronto’s financial district on June 27, 2018. A new study says significant barriers continue to exist when it comes to hiring, retetaining and promoting Indigenous workers in Canada’s banking and financial sector. qThe report from the Canadian Human Rights Commission is based on data from a 2018 survey of 36 employers including the country’s six largest banks, Canada Pension Plan Investment Board and Export Development Canada. Photo by THE CANADIAN PRESS/Tijana Martin files

The Canada Pension Plan Investment Board is taking steps to ensure its portfolio companies stay out of trouble and address ESG standards.

CPPIB, with $550.4 billion in assets, also updated its proxy voting principles Thursday for classified boards, saying they “actively inhibit the rights of shareholders to hold specific directors to account annually.” Given that view, a vote against all directors will be considered where votes against one or more directors who are not up for re-election are warranted, the fund said.

On the ESG front, CPPIB said portfolio companies must identify, quantify and integrate into their strategy climate risks and opportunities. Directors who preside over “material ESG failures should be asked to resign promptly,” the fund said.

CPPIB also extended the 30 per cent threshold for board gender diversity to South Africa and New Zealand.

Bloomberg.com

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