Executive Compensation Program Overview
The Board Recommends a Vote AGAINST Each
Shareholder Proposal
See pages 111-112, 114, 115-
116, and 117-118 of our Proxy
for our statements in opposition
Shareholder
Proposal
Key Points
Climate
Transition Report
Fossil Fuel
Lending Policy
Annual Report on
Prevention of
Workplace
Harassment and
Discrimination
Policy on
Freedom of
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Association and
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Collective
Bargaining
We have taken meaningful steps since announcing our net-
zero goal.
We published interim emissions targets for 2030 for our Oil &
Gas and Power sectors and our methodology for aligning
financial portfolios to the Paris Agreement goals.
We intend to augment our targets with high-level transition
plans that outline categories of actions we expect to take to
meet these targets.
Achieving net-zero GHG emissions by 2050 requires
concerted action-we are focused on working with clients in a
broad range of sectors, including the Oil & Gas sector, to
provide the financial services needed to support an orderly
energy transition.
We intend to continue financing the energy needs of today
while appropriately managing associated environmental and
social risks and funding the development of cleaner energy
sources.
We have policies and programs that are comprehensive and
regularly reinforced.
The proposed annual report would not provide meaningful
information on our efforts to prevent workplace harassment
and discrimination.
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We are monitoring evolving regulatory requirements and
market practices on the public disclosure of transition plans.
Our independent work on transition plans is proceeding in
general alignment with Net-Zero Banking Alliance guidelines
and practical guidance from groups like the Glasgow Financial
Alliance for Net Zero.
We provide meaningful disclosures on this topic, as noted.
Our interim target was designed to capture substantially all
emissions in the value chain, including those associated with
the ultimate consumption of oil and gas produced by our
clients.
The requested policy runs counter to our efforts to partner
with Oil & Gas sector clients in the energy industry's
transformation.
We respect employees' rights under applicable local laws
related to freedom of association and collective bargaining.
Our policies do not prohibit employees from forming or
joining labor organizations or collectively bargaining, nor do
they prohibit employees from discussing wages, benefits, and
terms of employment.
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Since 2020, we do not require arbitration for sexual
harassment claims; and we do not include the types of
confidentiality clauses identified in the proposal in the
agreements employees sign when hired.
The annual report would require a level of disclosure that is
not common practice among our peers or the broader
market.
The proposed policy is unnecessary and not in the best
interests of our employees or shareholders.
Employees are encouraged to raise concerns and feedback
through various avenues.
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