TCI Fund Management Limited Announces Submission of Climate Change Shareholder Proposal to Canadian Pacific Railway Limited

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Nov 19, 2020, 08:30 ET

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

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SOURCE TCI Fund Management Limited