Imperial Oil logo as seen at the company’s annual meeting in Calgary, Friday, April 29, 2016. Shareholders in Imperial Oil Ltd. are being asked to support motions to force it to be more transparent about its water-related risks from pollution and climate change and its lobbying activities and expenditures.THE CANADIAN PRESS/Jeff McIntosh

Shareholder motions demand Imperial Oil transparency on water risk, lobbying

CALGARY — Imperial Oil Ltd. shareholders are seeking to force the company to be more transparent about its water-related risks from pollution and climate change, as well as its lobbying activities and expenditures.

A motion sponsored by Fonds de Solidarite des Travailleurs du Quebec, a $13.7-billion socially responsible investment firm, regarding water-related risks will be voted on at Imperial’s annual meeting on April 27.

OceanRock Investments Inc., a $1.5-billion fund associated with Desjardins Group, has sponsored the lobbying motion.

Imperial is recommending shareholders vote against both because it says it already provides enough transparency.

Laura Gosset, engagement analyst for the Shareholder Association for Research and Education or SHARE, says her organization was turned down when it asked Imperial to voluntarily adopt more transparent policies on water risk.

“As one of the largest oil producing and refining companies in Canada, Imperial’s heavy reliance on water for its production processes means the company and its investors are exposed to potential physical, regulatory and reputational water-related risks, both in terms of water consumption and wastewater disposal,” she said.

Gosset is hoping strong shareholder support for the motion will encourage the company to reconsider and accept reporting practices that are being followed by many of its peers, including Cenovus Energy Inc. and Husky Energy Inc.

In a regulatory filing, Imperial said its disclosures about water risk provide the “necessary transparency,” and its compliance with lobbying laws means its activities are already reported in associated lobbying registries.

Meanwhile, pipeline company TransCanada Corp. is recommending investors vote in favour of a shareholder motion being considered at its annual meeting also on April 27 in Calgary.

The motion calls for TransCanada to report on how it is assessing long-term risks in relation to climate change and the transition to a low-carbon economy.

In a filing, it said it welcomes the opportunity to improve its disclosure.

Oilsands giant Suncor Energy brought forward shareholder motions at its annual meeting in 2016 calling for it to provide more detail on its plans to thrive under tougher climate policy and on its political lobbying.

Shareholders followed management’s recommendations in the votes, approving the former motion and defeating the latter.

Just Posted

Like father like son: Red Deer area Dreeshen family dedicates life to public service

There are three jobs that could be considered the Dreeshen family business:… Continue reading

Restaurant owner concerned about Gasoline Alley road changes

Nearly 20 trucks were lined up on the service road in front… Continue reading

Eight dogs found in Innisfail hotel room were kept in cages

Eight dogs, kept in cages in a small hotel room in Innisfail… Continue reading

Boot Scootin BBQ at Red Deer airport draws big crowd

Aspire Special Needs Resource Centre to benefit from donations

Severe thunderstorm watch for Central Alberta

Thunderstorm watch covers large area including Sylvan Lake to Stettler

WATCH: Cirque ZUMA ZUMA puts on a show at Westerner Days

ZUMA ZUMA performs three times a day during Westerner Days

Red Deer residents can’t get enough mini-doughnuts

Mini-doughnuts were the biggest draw to Westerner Days according to a Red… Continue reading

Four-car crash, including RCMP vehicle, on Highway 2

Two sheriff vehicles were also involved in the collision

Divers hunt for 4 after Missouri duck boat sinks, killing 13

BRANSON, Mo. — Divers are searching Friday for four people still missing… Continue reading

WATCH: Red Deer’s noxious weeds are a goat’s dietary delight

Piper Creek Community Garden gets chemical-free weed control

‘Amazing Race Canada’ competitors face B.C. challenge

They drove Corvettes, mastered falconry basics, and ate blueberry pie in the Cowichan Valley

From hot to not? The Baloney Meter weighs in on Scheer’s economy claims

OTTAWA — “Justin Trudeau inherited a booming economy, but he’s squandering it.… Continue reading

Scathing suicide inquiry finds gaps, shortcomings at Royal Military College

OTTAWA — Members of a board of inquiry into three suicides at… Continue reading

Premiers strike deal to allow increased flow of beer, alcohol across borders

ST. ANDREWS, N.B. — Canada’s premiers are set to wrap up their… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month