In deciding whether or not to support a shareholder proposal calling for full disclosure of Enbridge’s scope 3 emissions on May 8th, Canada’s largest pension funds need look no further than their own policies, reports or membership in Climate Engagement Canada.

On May 8th, Enbridge is holding its Annual General Meeting (AGM), where the shareholders and executives of Canada’s largest fossil fuel pipeline company will gather to make key decisions about the coming year. Shareholders will be voting on a proposal asking the company to “annually disclose all of its scope 3 emissions using accepted definitions and in absolute terms.”

For Canada’s pension sector, voting for the scope 3 emissions proposal at Enbridge’s AGM should be a no-brainer.

Today, the Investment Management Corporation of Ontario (IMCO) took a big step towards a credible plan that can put it on track to meet its “net-zero by 2050 or earlier” commitment. IMCO’s new Climate Action Plan underscores growing acknowledgement from Canadian pension managers that investments in fossil fuels must be phased out to protect the global climate and beneficiaries’ retirement security.

IMCO is taking the first steps towards building a credible climate plan. It has committed to net-zero emissions across its portfolio by 2050 or sooner, but still needs to set interim targets to reduce the emissions of its portfolio and scale up investments in climate solutions.

Shift welcomes the release of the Climate Engagement Canada Focus List. Company engagement is an essential part of any credible finance institution’s zero-emissions transition strategy. There are however, some important caveats to engagement which must be considered, especially when it comes to oil and gas companies.