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Shareholder proposal at Bank of Nova Scotia fails to pass

A shareholder proposal at Bank of Nova Scotia calling for a withdrawal from tax havens failed to garner the required number of votes to pass.

Only 1.44% of the company's shares voted in favor of the motion, with 98.56% voting to reject the proposal. The proposal, submitted by Mouvement d'éducation et de défense des actionnaires, called the company's use of tax havens "immoral," and the shareholder has since submitted a similar proposal at Canadian Imperial Bank of Commerce.