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Bank of Montreal (94DW)

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Thursday 14 April, 2022

Bank of Montreal

Result of Bank of Montreal 2022 AGM

RNS Number : 3444I
Bank of Montreal
13 April 2022
 

 

 

REPORT UNDER

NATIONAL INSTRUMENT 51-102

REPORT OF VOTING RESULTS

 

 

 

To:  Canadian Securities Administrators

 

In accordance with section 11.3 of National Instrument 51-102 - Continuous Disclosure Obligations, the following sets out the matters voted on at the Annual Meeting of Shareholders of Bank of Montreal (the "Bank") held on April 13, 2022 and, as such votes were conducted by ballot, the number and percentage of votes cast FOR, AGAINST/WITHHELD from each vote.  Each of the matters set out below is described in greater detail in the Notice of Annual Meeting of Shareholders and Management Proxy Circular which is available at www.bmo.com/investorrelations .

 

The Board of Directors and management of the Bank recommended that shareholders vote FOR the election of each of the 13 director nominees listed in the Management Proxy Circular, FOR the appointment of KPMG LLP as Auditors of the Bank, FOR the advisory vote on the Bank's approach to executive compensation, and AGAINST Shareholder Proposals No. 1, 2, 3 and 4. 

 

 

1.  Election of Directors

 

A ballot was conducted to vote on each resolution to appoint each of the following 13 nominees as a Director of the Bank to serve until the next Annual Meeting of Shareholders of the Bank or until their resignation or their successor is elected or appointed, and the outcome was as follows:

 

Nominee

Votes For

Votes Withheld

Janice M. Babiak

287,848,007

96.98%

8,952,422

3.02%

Sophie Brochu

292,174,782

98.44%

4,625,647

1.56%

Craig W. Broderick

293,034,095

98.73%

3,766,335

1.27%

George A. Cope

283,611,797

95.56%

13,188,633

4.44%

Stephen Dent

295,875,020

99.69%

925,410

0.31%

Christine A. Edwards

292,082,450

98.41%

4,717,979

1.59%

Martin S. Eichenbaum

294,524,215

99.23%

2,276,216

0.77%

David Harquail

294,774,151

99.32%

2,026,278

0.68%

Linda S. Huber

294,689,679

99.29%

2,110,749

0.71%

Eric R. La Flèche

294,221,493

99.13%

2,578,938

0.87%

Lorraine Mitchelmore

292,356,778

98.50%

4,443,651

1.50%

Madhu Ranganathan

292,056,462

98.40%

4,743,967

1.60%

Darryl White

294,781,159

99.32%

2,019,272

0.68%

 

 

 

 

 

 

 

 

2.  Appointment of Shareholders' Auditors

 

A ballot was conducted to vote on the resolution to appoint the firm of KPMG LLP as the auditors of the Bank for the 2022 fiscal year and the outcome was as follows:

 

Votes For

Votes Withheld

288,357,055

93.67%

19,478,689

6.33%

 

 

3.  Advisory Vote on the Bank's approach to Executive Compensation

 

A ballot was conducted to vote for the Advisory Resolution on the Bank's approach to Executive Compensation and the outcome was as follows:

 

Votes For

Votes Against

280,539,675

94.52%

16,259,852

5.48%

 

 

4.  Becoming a "Benefit" Company

 

A ballot was conducted to vote for a shareholder proposal requesting that the Bank explore the possibility of becoming a benefit company and report thereon to the shareholders at the next annual meeting:

 

Votes For

Votes Against

Votes Abstain

11,482,026

3.87%

283,735,082

95.61%

1,548,341

0.52%

 

 

5.  Advisory Vote on Environmental Policy

 

A ballot was conducted to vote for a shareholder proposal requesting that the Bank establish an annual advisory vote policy regarding its environmental and climate targets and action plan:

 

Votes For

Votes Against

Votes Abstain

44,384,195

14.95%

247,606,027

83.43%

4,807,879

1.62%

 

 

6.  French as Official Language

 

A ballot was conducted to vote for a shareholder proposal requesting that the language of the Bank be French, more particularly the language of work in Quebec, including the language spoken at annual meetings:

 

Votes For

Votes Against

Votes Abstain

2,350,598

0.79%

292,713,688

98.63%

1,733,539

0.58%

 

 

 

 

7.  Decarbonization Financing

 

A ballot was conducted to vote for a shareholder proposal requesting BMO adopt a policy by the end of 2022 in which the company takes available actions to help ensure that its financing does not contribute to new fossil fuel supplies that would be inconsistent with the IEA's Net Zero Emissions by 2050 Scenario:

 

Votes For

Votes Against

Votes Abstain

22,288,241

7.51%

273,028,386

91.99%

1,481,467

0.50%

 

 

 

Dated this 13th day of April, 2022.

 

 

    Bank of Montreal

 

 

    By:  /s/ Barbara M. Muir

    Barbara M. Muir

    Corporate Secretary

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