The boards of directors of Canada’s big banks are stacked with people with linkages to polluting industries – more so than any other country – according to a new analysis by De Smog.
Investigators studied past and current directors of banks around the world with a focus on connections with carbon-intensive industries such as past employment or other directorships.
Canada stands out in the analysis as the region with most ‘climate-conflicted’ bank directors who currently have ties to these high-emitting sectors, compared to international peers. The research found that 62% of Canada’s bank directors have current connections to the high-carbon companies, compared to 44% for the US banks, 34% for Europe, and 31% for the UK.
When you include past and present connections, more than 82% of board members across Canada’s banks held positions in environmentally damaging companies.
An example of a climate-conflicted bank director is Bank of Montreal board member Lorraine Mitchelmore, who served as president for Shell Canada, worked for Petro-Canada, Chevron, BHP Billiton and is currently director of oil sands company Suncor Energy. CIBC board member Patrick D Daniel was president and CEO of Climate Action 100+ target company Enbridge, as well as previously sitting on the board of Cenovus Energy and Capital Power Corp.
For more on the study visit here.