The Globe and Mail reports in its Wednesday edition that Suncor continues to be the target of activist investors, who made their voices known at Tuesday's annual meeting. The Globe's Emma Graney writes that two shareholder proposals were put to the vote. The first, submitted by Invest-Now on behalf of shareholder Gina Pappano, called on the company to end its commitment to bring its greenhouse emissions to net zero by 2050. Ms. Pappano told the meeting that Suncor's net-zero pledge is a "costly and economically ruinous crusade" that is "based on dogma and ideology." It is not legally mandated nor will it increase shareholder value, she argued, so Suncor has an economic and moral obligation to drop the target. The board and management responded that the company is committed to decarbonization and being part of the energy transition. The proposal was almost unanimously rejected, with close to 99 per cent of shareholders voting against it. The second proposal urged Suncor to be clear in its disclosures of how climate change will affect its bottom line. It was submitted by the Salal Foundation represented by Investors for Paris Compliance. That resolution also failed, with 88 per cent of shareholders voting against.
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