BMO defends climate efforts as investors push for more disclosure

People make their way past the Bank of Montreal (BMO) building in the Financial District of Toronto, Monday, Aug. 14, 2023. THE CANADIAN PRESS/Spencer Colby

TORONTO — The head of BMO defended the bank’s climate efforts as it faced shareholder resolutions at its annual general meeting that called for more clarity on its plans.

Investors and activists had pushed the bank to disclose how it approaches climate lobbying and policy efforts, and how its renewable energy funding compared with its fossil fuel funding.

The meeting came the same week that BMO hosted the annual conference of the Canadian Association of Petroleum Producers in Toronto, which climate advocates said brought the bank’s commitment to climate action in doubt.

BMO chief executive Darryl White said the bank is committed to being the lead partner for companies in the energy transition, and part of that means meeting with energy advocates on both sides.

He says part of the bank’s role is to convene conversations representing a range of perspectives.

The policy advocacy shareholder resolution co-proposed by Investors for Paris Compliance got about 20 per cent of shareholder support, while the energy ratio resolution co-proposed by SHARE secured 32 per cent of votes.

This report by The Canadian Press was first published April 11, 2025.

The Canadian Press