|
CPP Investment Board to support proposals on ethical disclosure
|
|
As part of a set of recently released Proxy Voting Principles and Guidelines, the Canada Pension Plan Investment Board has committed itself to supporting shareholder proposals that request disclosure of information on ethical issues and corporate ethical policies. The guidelines include a wide ranging proxy voting policy on a number of governance issues, as well as socially responsible investing and ethics. In terms of disclosure on social issues, the new policy, adopted by the Board Feb. 4, states: “We use our voting power to encourage companies to disclose information about non-investment and ethical issues in response to reasonable shareholder requests.” The guidelines commit CPPIB to support resolutions that “request the reasonable disclosure of information with respect to corporate behaviour.” The guidelines also “support changes in corporate practices that are likely to enhance long-term shareholder value.” In terms of ethical standards, the CPPIB commits itself to supporting the “adoption and disclosure of governance guidelines and ethical policies, standards and procedures for the corporation and its directors, executives and employees.” The policy states that Fairvest Corp. will cast CPPIB’s votes in compliance with its policy. CPPIB will intervene if management disagrees with the position Fairvest has taken in voting its shares. For more information, www.cppib.ca.
|
