‘New kind of frontier': Shareholder proposals on AI becoming increasingly widespread
The proposal from Quebec-based investor rights group le mouvement d'éducation et de défense des actionnaires centred on artificial intelligence. It asked 14 companies, including Canada's biggest banks, retailer Dollarama Inc. and telecom giant BCE Inc., to sign a voluntary code of conduct the federal government developed to govern the technology.
Experts say the proposal is likely just the start of what they expect to become an annual phenomenon targeting the country's biggest companies — and beyond.
'This is a new kind of frontier in Canada for shareholder proposals,' said Renée Loiselle, a Montreal-based partner at law firm Norton Rose Fulbright.
'Last year, this was not on the ballot. Companies were not getting shareholder proposals related to AI and this year, it absolutely is.'
Loiselle and other corporate governance watchers attribute the increase in AI-related shareholder proposals to the recent rise of the technology itself.
While AI has been around for decades, it's being adopted more because of big advances in the technology's capabilities and a race to innovate that emerged after the birth of OpenAI's ChatGPT chatbot in 2022.
The increased use has revealed many dangers. Some AI systems have fabricated information and thus, mislead users. Others have sparked concerns about job losses, cyber warfare and even, the end of humanity.
The opportunities and risks associated with AI haven't escaped shareholders, said Juana Lee, associate director of corporate engagement at the Shareholder Association for Research and Education (SHARE).
'In Canada, I think, in the last year or two, we're seeing more and more shareholders, investors being more interested in the topic of AI,' she said.
'At least for SHARE ourselves, many of our clients are making it a priority to think through what ethical AI means, but also what that means for investee companies.'
That thinking manifested itself in a proposal two funds at the B.C. General Employees' Union targeted Thomson Reuters Corp. with.
The proposal asked the tech firm to amend its AI framework to square with a set of business and human rights principles the United Nations has. It got 4.87 per cent support.
Meanwhile, MÉDAC centred its proposals around Canada's voluntary code of conduct on AI.
The code was launched by the federal government in September 2023 and so far, has 46 signatories, including BlackBerry, Cohere, IBM, Mastercard and Telus. Signatories promise to bake risk mitigation measures into AI tools, use adversarial testing to uncover vulnerabilities in such systems and keep track of any harms the technology causes.
MÉDAC framed its proposals around the code because there's a lack of domestic legislation for them to otherwise recommend firms heed and big companies have already supported the model, director general Willie Gagnon said.
Several companies it sent the proposal to already have AI policies but didn't want to sign the code.
'Some of them told us that the code is mainly designed for companies developing AI, but we disagree about that because we saw a bunch of companies that signed the code that are not developing any AI,' Gagnon said.
Many of the banks told MÉDAC they'll soon sign the code. Only CIBC has so far.
Conversations with at least five companies were fruitful enough that MÉDAC withdrew its proposals.
In the nine instances where the vote went forward, the proposal didn't succeed. It garnered as much as 17.4 per cent support at TD Bank but as little as 3.68 per cent at engineering firm AtkinsRéalis Group Inc.
Loiselle said you can't measure the success of a proposal based on whether it passes or not.
'The goal of these shareholder proposals is more for engagement,' she said.
Sometimes, even just by filing a proposal, companies reveal more about their AI use or understand it's an important topic for shareholders and then, discuss it more with them.
While proposals don't always succeed, Lee has seen shareholder engagement drive real change.
SHARE recently had discussions with a large Canadian software company. AI was central to its business but didn't crop up in its proxy statement — a document companies file governing their annual general meetings. The firm also had no board oversight of the technology.
SHARE was able to get the company, which Lee would not name, to amend its board charter to include oversight of AI and commit to more disclosure around its use of the technology in its annual sustainability report.
'This is a really positive development and it's leading to improvement related to further transparency,' she said.
Wednesdays
Columnist Jen Zoratti looks at what's next in arts, life and pop culture.
If the U.S. is anything to judge by, Lee and Loiselle agree Canadian shareholders will keep pushing companies to adhere to higher AI standards.
South of the border, AI-related proposals first cropped up around two years ago. They've targeted Apple, The Walt Disney Co. and even Netflix, where a vote on disclosing AI use and adhering to ethical guidelines amassed 43.3 per cent support.
The frequency and spectrum of AI-related requests shareholders have has only grown since and is likely to be mirrored in Canada, Loiselle said.
'The landscape for shareholder proposals is changing and I think that change is here to stay,' she said.
This report by The Canadian Press was first published July 21, 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
North Carolina Senate race sets up as a fight over who would be a champion for the middle class
RALEIGH, N.C. (AP) — Democrats still in the dumps over last year's elections have found cause for optimism in North Carolina, where former Gov. Roy Cooper jumped into the race for that state's newly open seat with a vow to address voters' persistent concerns about the challenges of making ends meet. Even Republicans quietly note that Cooper's candidacy makes their job of holding the seat more difficult and expensive. Cooper had raised $2.6 million for his campaign between his Monday launch and Tuesday, and more than $900,000 toward allied groups. Republicans, meanwhile, are hardly ceding the economic populist ground. In announcing his candidacy for the Senate on Thursday, Republican National Committee Chair Michael Whatley credited President Donald Trump with fulfilling campaign promises to working Americans and painted Cooper as a puppet of the left. Still, Cooper's opening message that he hears the worries of working families has given Democrats in North Carolina and beyond a sense that they can reclaim their place as the party that champions the middle class. They think it's a message that could help them pick up a Senate seat, and possibly more, in next year's midterm elections, which in recent years have typically favored the party out of power. 'I'm Roy Cooper. And I know that today, for too many Americans, the middle class feels like a distant dream,' the former governor said in a video announcing his candidacy. 'Meanwhile, the biggest corporations and the richest Americans have grabbed unimaginable wealth at your expense. It's time for that to change.' Cooper's plainspoken appeal may represent just the latest effort by Democrats to find their way back to power, but it has some thinking they've finally found their footing after last year's resounding losses. 'I think it would do us all a lot of good to take a close look at his example,' said Larry Grisolano, a Chicago-based Democratic media strategist and former adviser to President Barack Obama. Whatley, a former North Carolina GOP chairman and close Trump ally, used his Thursday announcement that he was entering the race to hail the president as the true champion of the middle class. He said Trump had already fulfilled promises to end taxes on tips and overtime and said Cooper was out of step with North Carolinians. 'Six months in, it's pretty clear to see, America is back,' Whatley said. 'A healthy, robust economy, safe kids and communities and a strong America. These are the North Carolina values that I will champion if elected.' Still, the decision by Cooper, who held statewide office for 24 years and has never lost an election, makes North Carolina a potential bright spot in a midterm election cycle when Democrats must net four seats to retake the majority — and when most of the 2026 Senate contests are in states Trump won comfortably last November. State Rep. Cynthia Ball threw up a hand in excitement when asked Monday at the North Carolina Legislative Building about Cooper's announcement. 'Everyone I've spoken to was really hoping that he was going to run,' said the Raleigh Democrat. Democratic legislators hope having Cooper's name at the top of the ballot will encourage higher turnout and help them in downballot races. While Republicans have controlled both General Assembly chambers since 2011, Democrats managed last fall to end the GOP's veto-proof majority, if only by a single seat. Republican strategists familiar with the national Senate landscape have said privately that Cooper poses a formidable threat. The Senate Leadership Fund, a GOP super PAC affiliated with Senate Majority Leader John Thune, wasted no time in challenging Cooper's portrayal of a common-sense advocate for working people. 'Roy Cooper masquerades as a moderate,' the narrator in the 30-second spot says. 'But he's just another radical, D.C. liberal in disguise.' Cooper, a former state legislator who served four terms as attorney general before he became governor, has never held an office in Washington. Still, Whatley was quick to link Cooper to national progressive figures such as New York Rep. Alexandria Ocasio-Cortez, former Vice President Kamala Harris and Vermont Sen. Bernie Sanders. Whatley accused Cooper of failing to address illegal immigration and of supporting liberal gender ideology. He echoed the themes raised in the Senate Leadership Fund ad, which noted Cooper's vetoes in the Republican-led legislature of measures popular with conservatives, such as banning gender-affirming health care for minors and requiring county sheriffs to cooperate with federal immigration officials. 'Roy Cooper may pretend to be different than the radical extremists,' Whatley said. 'But he is all-in on their agenda.' Cooper first won the governorship in 2016, while Trump was carrying the state in his first White House bid. Four years later, they both carried the state again. Cooper, who grew up in a small town 60 miles (96.6 kilometers) east of Raleigh, has long declined requests that he seek federal office. He 'understands rural North Carolina,' veteran North Carolina strategist Thomas Mills said. 'And while he's not going to win it, he knows how to talk to those folks.' As with most Democrats, Cooper's winning coalition includes the state's largest cities and suburbs. But he has long made enough inroads in other areas to win. 'He actually listens to what voters are trying to tell us, instead of us trying to explain to them how they should think and feel,' said state Sen. Michael Garrett, a Greensboro Democrat. In his video announcement, Cooper tried to turn the populist appeal Trump made to voters on checkbook issues against the party in power, casting himself as the Washington outsider. Senior Cooper strategist Morgan Jackson said the message represents a shift and will take work to drive home with voters. 'Part of the challenge Democrats had in 2024 is we were not addressing directly the issues people were concerned about today,' Jackson said. 'We have to acknowledge what people are going through right now and what they are feeling, that he hears you and understands what you feel.' Pat Dennis, president of American Bridge 21st Century, a group that conducts research for an initiative called the Working Class Project, said Cooper struck a tone that other Democrats should try to match. 'His focus on affordability and his outsider status really hits a lot of the notes these folks are interested in,' Dennis said. 'I do think it's a model, especially his focus on affordability.' 'We can attack Republicans all day long, but unless we have candidates who can really embody that message, we're not going to be able to take back power.' ___ Beaumont reported from Des Moines, Iowa.
Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
More American couples are turning to Italy's ‘dolce vita' in a quest for memorable weddings
FLORENCE, Italy (AP) — James Atkinson and Samantha Fortino toured a Tuscan vineyard and learned to make pasta and a Bolognese sauce alongside their family and friends in Florence. Atkinson discovered a penchant for chianti, while Fortino fell for Italy's hugo spritz — a cocktail that posed no risk of staining her wedding dress on July 24. Italy has hosted a number of star-studded weddings in the past decade, most recently Jeff Bezos and Lauren Sánchez 's extravaganza in Venice. Away from the spotlight, tens of thousands of ordinary Americans have set their sights on the country for their special day in recent years. 'Weddings in America can be a little too grand and a little bit too big and it ends up not really being about the couple,' said Fortino, 28, a neonatal nurse from Skaneateles, New York. 'We both just really wanted something intimate and meaningful.' Over 15,000 foreign couples wed in Italy last year, up 64% from 2019, the year before the pandemic, according to market research from the Center of Tourist Studies of Florence. Growth was led by U.S couples, who account for almost one-third of that total. Italy was the top international destination for American couples after Mexico, according to Maryland-based wedding planning website The Knot. For many Americans, Italy embodies the simple, beautiful romance of a bygone era. Weather is balmy and its varied landscapes, from the sea to the mountains, stunning. The food is familiar and crowd-pleasing. But perhaps the biggest driver of the recent uptick is ample opportunity for a range of outings, which together with the wedding event are alluring for those on a quest for unique, memorable moments — part of a consumer trend termed 'the experience economy.' 'In the United States, everything is just more expensive for one night and we wanted to make an experience, so we did two nights here,' said Atkinson, 31, who owns a concrete company. 'It just seemed like way more worth it to us to do that and make a trip out of it with our family, our loved ones.' 'Nobody cancels' One guest who had never visited Italy was ecstatic about the invite, and took advantage to tack on side trips, first to Venice and then with the wedding crew to Cinque Terre. Another, Gary Prochna, nearly didn't attend because of work piling up at his paving company. He eventually came around and was floored by the venue — a 15th-century villa with a sweeping view over Florence and its famous Duomo. 'I got married in the United States and our venue was very nice. I thought — until this moment — we had the best wedding,' said Prochna, 68, adding that he now hopes his daughters will get hitched abroad. Marcy Blum, a prominent luxury event planner based in Manhattan, said almost 90% of the weddings she plans are in Italy. 'The reason Italy is so popular is because that's where your guests want to go,' she said. 'You send an invitation that you're getting married in Capri or Positano and everybody comes. Everybody. They want to come. Nobody cancels.' Jack Ezon, CEO of Embark Beyond, a luxury travel and destination event service also based in Manhattan, said 60% of his company's events were outside the U.S. before the pandemic. Today it's almost 90%, nearly all split evenly between Italy and France. The threat of tariffs under President Donald Trump has given destination weddings a boost. Ezon has moved six events from the U.S. to Europe this year, because people were afraid tariffs on alcohol would cause their bar bill to explode. Cost comparison The shift to destinations has benefited planners with networks across Italy and local vendors. According to Wedding Italy, the husband-and-wife team who put on the Atkinson wedding, American clients spend three times as much as Italians, due to more elaborate wedding decor and other events in their multi-day lineup. Average spend on hometown weddings in the U.S. was $32,000 last year, according to The Knot. By comparison, foreigners' weddings in Italy cost an average 61,500 euros ($70,600) and typically have dozens fewer guests, the Center of Tourist Studies of Florence's data showed. In the garden where the Atkinsons held their service, cypress trees swayed in the wind as the bride emerged from the chapel, beaming in her lace mermaid-silhouette gown. She walked down the aisle as speakers played the theme song to Star Wars. It was her sneaky trick to make the groom cry, and it worked like a charm. Before the exchange of rings, before the lovebirds threw their arms around one another, their officiant said: 'Traditionally I would ask: Is there any reason why this couple shouldn't be married? But for goodness' sake – we all flew to Italy and can't get our points back! So instead I'll ask: Who here approves of this union?' Cheers all around.
CTV News
4 hours ago
- CTV News
Osheaga nearly sold out as trade tensions linger
The biggest bands are in town this weekend for The Osheaga Music & Arts Festival, but some are wondering if the trade war with the U.S. is impacting the event. The Killers, Olivia Rodrigo and Tyler, The Creator. The biggest bands are in town this weekend for The Osheaga Music & Arts Festival, but some are wondering if the trade war with the U.S. is impacting the event. Osheaga brings in 150-thousand music fans from all over the world for three days, plus an army of staff working the event. The forecast for the 18th edition is sunny, but the political climate has thrown some shade. Professor Julian Karaguesian from McGill University's economics department said, 'The uncertainty about tariffs and the uncertainty about the border have a larger impact than the tariffs themselves. They do. And uncertainty generally, when it passes a certain threshold, is really toxic for investment. It's toxic for business.' Nick Farkas, Evenko's senior vice president for booking and concerts, is also the man who founded Osheaga. He said uncertainty stunts business expectations. 'How it impacts the Canadian dollar and how it impacts, whether people can get comfortable going back and forth over the border.' Karaguesian said trade and tariff talks also affect tourism. 'Year over year, June 24 to June 25, the latest data shows that visits by Americans by car show over the land borders down by 11 per cent and by air, I think it was down by almost 1 per cent.' Yet, Farkas says this weekend is almost sold out. 'Our American sales are pretty much on par with last year, versus Quebec, Ontario, America and the outside international sales. So far, it's looking pretty similar to last year and the year before. So we're encouraged to see that the Americans are still coming.' Americans are still coming, except for some sponsors, says Osheaga site and operations director Eric Fortin-Lambert. 'Because of what happened with the USA, some sponsorships were not able to be here.' He added that Canadian sponsors stepped into those opportunities. The economic ups and downs of putting on the biggest festival of its kind in Canada are matched only by the high notes onstage. Montreal Artist Emi Jeen has the dream come true experience of playing her favourite music festival and said to expect a rollercoaster ride. 'I start very like high energy and I go a little bit down and then up. There's tons of things. We clap hands, we go down together, we jump. Yeah, we it's a it's a nice ride.' Osheaga will take place on Aug. 1, 2, and 3.
