Indigenous Peoples' Rights and Participation in 2024 AGM Proposals – Report
This article was originally published November 25, 2024.
Photo: Indigenous leaders outside the Royal Bank of Canada during the 2024 AGM; photo via Indigenous Climate Action.
The Indigenous Peoples' Rights and Participation in 2024 AGM Proposals report examines Indigenous Peoples’ attendance and engagement at the annual general meeting (AGM) of shareholders of large companies. The report covers nine major shareholder proposals submitted to eight companies in the United States and Canada, with seven to banks, one to an insurance company, and one to an energy company.
Following First Peoples Worldwide's inaugural AGM report in 2023, three main topics emerged from 2024 proposals:
Indigenous Peoples’ right to free, prior and informed consent (FPIC), as outlined in the United Nations Declaration on the Rights of Indigenous Peoples;
independent racial equity audits that assess a number of bank policies, including a company’s impact on Indigenous Peoples; and
human rights risk assessments that include an analysis of due diligence processes impacting the rights of Indigenous Peoples.
In the United States, five shareholder proposals came to a vote at AGMs of the financial institutions Citigroup (NYSE: C), JP Morgan Chase (NYSE: JPM), PNC (NYSE: PNC), Travelers (NYSE: TRV), and Wells Fargo (NYSE: WFC).
In Canada, three shareholder resolutions impacting the rights of Indigenous People in the banking sector were withdrawn after negotiations between impacted Indigenous Peoples, shareholders, and the banks Royal Bank of Canada (TSX: RY) and Bank of Montreal (TSX: BMO). The only Canadian proposal to go to a vote was a proposal regarding FPIC filed at the pipeline and energy company TC Energy (TSX: TRP).
Among banking sector trends: while many of the largest banks in the U.S. and Canada have met with impacted Indigenous Peoples shareholders, “American banks have shown a reluctance to adopt new policy regarding Indigenous Peoples’ rights.” In Canada, all proposals were withdrawn after negotiations between banks, shared holders and Indigenous Peoples, continuing a trend from 2023.
The report also raised concern about virtual-only AGMs, which can inhibit shareholders and Indigenous Peoples from discussing their rights and concerns directly with company leaders. “The format of an AGM should not be used to suppress the voice of shareholders and Indigenous Peoples,” said the report.
Indigenous Peoples and shareholders will continue to engage with companies to advance the rights of Indigenous Peoples and continue to monitor the policy commitments made by major banks in the past few years. As Grand Chief Stewart Phillip, President of the Union of BC Indian Chiefs remarked following the RBC AGM, “Policies are one thing, but what matters is action.”
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Bringing a proposal to an AGM is one part of a broad spectrum of company engagement for Indigenous Peoples and shareholders. Those interested in learning more about shareholder advocacy strategies and sharing lessons learned can explore our suite of shareholder training resources and learn more about the Investors & Indigenous Peoples Working Group.