TORONTO, ON | MAY 6, 2022
At Constellation Software Inc.’s May 5, 2022 AGM, 63% of shareholders voted in favour of a proposal calling for a report on the company’s racial equity plans and commitments, specifically in the context of its workforce.
The proposal was filed by the Canadian responsible investing organization SHARE, the Shareholder Association for Research and Education, on behalf of The United Church of Canada Pension Plan. The proposal was one of four racial equity-aligned proposals filed by SHARE this year, and the vote at Constellation Software was the first to receive a majority and pass.
“We are pleased that a majority of shareholders of Constellation Software have voted to adopt our proposal, on behalf of the United Church of Canada Pension Fund to undertake thorough review of racial equity at the company and report publicly to investors on findings. This is a crucial step for the company, which has previously taken very limited steps to address DEI risks, and a signal to Canadian issuers about the expectations of institutional investors,” said Anthony Schein, Director of Shareholder Advocacy at SHARE.
This proposal is one of the first racial equity related proposals to pass in Canada. This is an important first step for Constellation Software, as the company has the responsibility to ensure that its employment practices are not discriminatory to any of its employees.
It is also shareholders’ prerogative to understand the company’s plans and progress on these issues so that we can make informed investment decisions.
This vote is a huge win for investors and it demonstrates the growing demand for accountability and transparency when it comes to racial equity.
SHARE is an award-winning non-profit organization dedicated to mobilizing investor leadership for a sustainable, inclusive and productive economy. We do this by supporting our investor network and amplifying their voices to improve corporate sustainability practices and implement better rules and regulations that govern capital markets.
For more information, contact:
Amanda Watkins, Communications Manager, SHARE
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