The board of Laurentian Bank of Canada urged its shareholders to vote against four shareholder proposals put forward by Mouvement d'éducation et de défense des actionnaires.
One proposal called for two directors to be nominated by the public and elected by shareholders, provided candidates meet certain requirements. The proposal aims to include new sources for director nomination besides those identified by management or members of the board.
Other proposals called for the Montreal-based lender to publish a brief annual report on its exposure to climate risks and commitment towards low-carbon economy transition; the certification of sound commercial practices, requiring a written statement from Laurentian Bank's senior officers to uphold loyalty, integrity and honesty principles when dealing with customers; and the disclosure of the equity ratio used in setting the compensation of the bank's CEO and senior executives.
The board said that it was "neither advisable nor desirable" to adopt the proposals and recommended that shareholders vote against them.
Laurentian Bank's annual shareholders meeting is to be held April 10.
