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Disclosing support through three voting intentions

20 April 2018

Norges Bank Investment Management will at the Annual General Meetings vote in favour of board re-elections in Boliden AB, the shareholder proposal related to disclosure of water-related risks in Imperial Oil Limited and the shareholder proposal on climate change reporting in TransCanada Corporation. The Annual General Meetings will take place on 27 April 2018.

We publish voting intentions ahead of general meetings for a selected number of companies, and for certain fundamental issues that we emphasise in particular, often expressed in our public expectation documents or position papers.

Boliden AB

For the first time, the Board of Directors of Boliden AB will undertake board elections as separate agenda items for each board seat. In our view, individual vote count provides for enhanced board accountability by allowing shareholders to express support for each board candidate.

We will vote in favour of board re-elections, and all other resolutions put forth to shareholder approval at the Annual General Meeting of Boliden AB. This is in line with the recommendations of the management in Boliden AB.

Imperial Oil Limited

We believe that companies should disclose their water management strategy, risks, and opportunities. Public disclosure would enhance transparency and accountability on water management. 

We will vote in favour of the shareholder proposal related to disclosure of water-related risks at the Annual General Meeting of Imperial Oil Limited.

TransCanada Corporation

We encourage companies to consider the sensitivity of their long-term business strategy and profitability to different future regulatory and physical climate scenarios. One such scenario should consider the successful implementation of policies to limit the likelihood of temperatures rising above 2 degrees Celsius. We support the integration of relevant climate change challenges and opportunities in a company’s business management, such as investment planning, risk management, and reporting.

We will vote in favour of the shareholder proposal on climate change reporting, and all other resolutions put forth to shareholder approval at the Annual General Meeting of TransCanada Corporation. We also commend the board’s willingness to support this shareholder proposal and commitment to improving climate change disclosure.

Voting intentions