British Columbia Investment Management Corp. is voting against two Imperial directors for re-election, including chief executive Brad Corson
handling of its environmental problems at its Kearl oil sands site by voting against two directors for re-election, including chief executive Brad Corson.
At an investor conference on April 19, Mr. Corson said he’s “profoundly apologetic” for the two incidents. Imperial Oil “should have been providing regular updates” to Indigenous communities, the CEO said, and the company is “providing all the resources that are necessary” to address the operational failures that led to the incidents and make sure they don’t happen again. Imperial Oil spokeswoman Lisa Schmidt declined to comment for this story.
BCI has also placed a shareholder proposal on Tuesday’s ballot asking for an audited report estimating the cost for the company to ultimately shut down all of its fossil-fuel assets under a Net Zero by 2050 scenario created by the International Energy Agency. Glass Lewis & Co., the other major service, recommended shareholders vote for it, saying “we believe the additional transparency would provide shareholders with decision-useful information concerning the company’s potential liabilities.”
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