In 2023, Terence Corcoran described RBC's annual general meeting (AGM) as a "radical horror show" and an "activist-driven political storm." Having attended numerous AGMs over the years, I can confirm that his experience was typical. In recent years, these meetings have largely been hyper-ideological affairs, demonizing Canada's oil and gas industry.
However, the 2026 AGM season was markedly different. This year's bank AGMs were quite tame, with few political storms. The agendas were primarily all-business, and the tone was more sober, serious, and attuned to the country's economic challenges. CEOs' remarks consistently referenced affordability, the rising cost of living for families, resiliency, investment in energy projects and infrastructure, and unleashing Canada's prosperity potential. The prevailing mood combined realism about the economic struggles of everyday Canadians with optimism that Canada can thrive if the right policies and decisions are made.
A Shift Away from Ideological Priorities
Over the past decade, maximizing financial returns to shareholders has taken a back seat to pursuing environmental, social, and ideological goals. Along with other fiduciaries, such as corporations, public pension plans, and university endowment funds, Canadian banks have prioritized ideological objectives like decarbonization, electrification, and net zero over returns.
Since 2022, my organization, InvestNow, has submitted shareholder proposals to the Big Five Canadian banks, urging them to resist campaigns that harm Canada's oil and gas sector. We have asked them to commit to the Canadian oil and gas industry, reconsider the "Net Zero by 2050" target, study and report on the costs of net zero, and withdraw from the Glasgow Financial Alliance for Net Zero (GFANZ).
Viewpoint Neutrality and Fiduciary Duty
Our consistent goal has been to prevent banks from becoming complicit in schemes that undermine Canada's energy sector and, by extension, the broader Canadian economy. This year, our efforts culminated in a formal request for banks to return to viewpoint neutrality in their business practices and place fiduciary duty to shareholders first. For banks, viewpoint neutrality means providing services like lending and account management in a non-partisan, non-ideological manner.
Our work is beginning to yield results. Beyond the banks' newfound reticence on ideological questions, both RBC and Scotiabank announced after their AGMs that they were abandoning their net-zero pledges for financed emissions. In 2022, each had committed to reducing financed emissions in key sectors—including electricity generation, autos, and oil and gas—by 2030, aiming to align their entire portfolios with net-zero financed emissions by 2050. To meet these targets, they had committed to restricting financing for companies in oil and gas and other industries.
This shift marks a significant turning point. If banks are truly committed to unleashing prosperity for Canadians, they must remove all ideological constraints and embrace the serious business of banking. The 2026 AGM season suggests that this may indeed be the beginning of the end for net-zero banking.
