LONDON, Nov. 19, 2020 /PRNewswire/ -- TCI Fund
Management Limited ("TCI") today announced it has submitted a
shareholder proposal to Canadian Pacific Railway Limited (TSX: CP)
(NYSE: CP) ("CP" or the "Corporation") requesting the Corporation
present at its upcoming 2021 annual general meeting of shareholders
("2021 AGM") a climate action plan detailing the Corporation's
greenhouse gas emission levels as well as the Corporation's
strategy to reduce emissions in the future. TCI's proposal also
seeks to provide shareholders with an advisory vote at the 2021 AGM
to approve CP's plan, and subsequently, at each annual general
meeting on an ongoing basis.
"TCI remains committed to driving the reduction of carbon
emissions at the corporate level, and establishing a climate action
plan that can be voted on by shareholders is a key step forward in
accomplishing that goal," said Chris
Hohn, TCI Founder and Portfolio Manager. "We look
forward to maintaining an active dialogue with Canadian Pacific on
this matter, as well as engaging with other Corporations, Boards of
Directors, Investors and Asset Owners more broadly to bring about
meaningful change that will help accelerate a transition to net
zero."
TCI engaged in discussions with CP earlier this year pursuant to
which CP agreed to work with TCI on a climate-related resolution
that could be put to shareholders at the 2021 AGM. TCI, as a
significant shareholder, looks forward to the publication of CP's
climate action plan and working together in an effort to give
shareholders an opportunity to have their say on these critical
issues.
About TCI Fund Management
Founded in 2003 by Sir Christopher
Hohn, TCI is a value orientated, fundamental investor which
invests globally in strong businesses with sustainable competitive
advantages. Using a private equity approach, TCI conducts deep
fundamental research, constructively engages with management and
adopts a long-term investment horizon. For more information on TCI
and its ESG policy, visit www.tcifund.com/ESG
View original
content:http://www.prnewswire.com/news-releases/tci-fund-management-limited-announces-submission-of-climate-change-shareholder-proposal-to-canadian-pacific-railway-limited-301177108.html
SOURCE TCI Fund Management Limited