The board of Bank of Nova Scotia urged its shareholders to reject a proposal calling for the revision of the bank's human and indigenous peoples' rights policy.
In its proposal, institutional shareholder Harrington Investments Inc. said that Scotiabank, when financing projects, needs to consider the potential impact of its finance recipients on human and indigenous peoples' rights. The proposal demanded "respect for the free, prior and informed consent of indigenous communities affected by all Scotiabank's financing."
In response, Scotiabank said it is confident in the current scope and formulation of its human rights strategy, and finds the proposal "not necessary."
