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Power Corporation investors to vote on emissions disclosure

Third largest Canadian investor in fossil fuels faces transition risk

Toronto, April 8, 2024 – Today the Canadian shareholder advocacy group Investors for Paris Compliance (I4PC) announced a shareholder proposal at the Quebec-based holding company, Power Corporation of Canada. The resolution calls on the company to “annually disclose its full scope 1-3 financed emissions using accepted standards and in absolute terms.” Power Corporation has responded to the proposal in its proxy circular, out today.

The global database Investing in Climate Chaos ranks Power Corporation as the third largest investor in fossil fuels in Canada, yet its shareholders are in the dark about the transition risk this represents because the company does not practice comprehensive financed emissions disclosure, unlike a growing number of its peers in the financial sector.

“Holding companies like Power Corporation have a unique opportunity to drive climate progress in their subsidiaries should they choose to,” said Michael Sambasivam, Senior Analyst at I4PC. “But, the company unfortunately chooses instead to hide behind its holding company status to dodge responsibility, even though climate transition risk does not recognize corporate boundaries.”

A recent I4PC investor memo showed that only 16.4% of Power Corporation’s AUM is covered by current disclosures, and that while some subsidiaries have made progress on climate, major gaps remain. The shareholder proposal notes that other holding companies, such as Natwest and Industrivärden, measure and disclose their emissions on a central basis. 

While the proxy circular claims that Power Corporation reports on its subsidiary IGM’s emissions, its disclosure notes that IGM’s financed emissions “[have] not yet been consolidated and reported by Power Corporation”. The response in the circular also disavows responsibility for the emissions of the company’s holdings. 

“This is the first time that Power Corporation has faced a shareholder proposal on climate change,” said Renaud Gignac, Senior Advisor at I4PC. “It’s an opportunity for the company to position itself as a sustainability leader among its peers, like other Quebec-based companies have already done.” 


For more information contact Michael Sambasivam at (647) 785-7725 or or Renaud Gignac at (514) 260-5616 or

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