MRO Magazine

University of Toronto Asset Management Corporation announces being part of CEC


Environment

October 18, 2021
By Maryam Farag


Industries

Photo: University of Toronto Asset Management Corporation (UTAM).

University of Toronto Asset Management Corporation announced that it is a founding participant of Climate Engagement Canada (CEC), a finance-led initiative that aims to drive dialogue between the financial community and Canadian corporations to promote a just transition to a net zero economy.

The CEC initiative launched with 27 founding participants that collectively manage over $3 trillion in assets.

The CEC initiative is coordinated by four investor networks: Responsible Investment Association (RIA), Shareholder Association for Research and Education (SHARE), Ceres and the Principles for Responsible Investment (PRI).

In 2019, Canada’s Expert Panel on Sustainable Finance made recommendations to align Canada’s financial system with a low-carbon future.

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The recommendations included establishing a national engagement program to drive a broader and more consistent dialogue with Canadian corporate issuers around climate risks and opportunities, similar to the global Climate Action 100+ initiative (of which UTAM is also a founding participant). CEC investor participants will identify about 40 of Canada’s highest greenhouse gas-emitting corporations and work collaboratively to engage with them and encourage leading practices with respect to climate change risks and opportunities.

“Collaborative shareholder engagement is the pinnacle of responsible investment, so we are thrilled to see this program come to life in the Canadian market,” said Dustyn Lanz, CEO, RIA. “Canada’s financial community has set a new bar for climate engagement on a national scale, and we encourage our peers in other regions to build similar programs to help drive the transition to net zero globally.”