Bank chief executives summoned to House of Commons environment committee

OTTAWA — A parliamentary committee has summoned Canada’s big five bank CEOs to talk about the environmental and climate impacts of the financial system.

The House of Commons environment committee has set a date of June 13 for the chief executives of RBC, TD Bank, CIBC, BMO and Scotiabank to appear, according to meeting minutes. 

A summons, similar to a subpoena, is generally used to compel attendance when invitations to appear are declined.

RBC, BMO, CIBC and Scotiabank all confirmed that their chief executives will attend the committee meeting, while TD did not immediately respond to a request for comment. 

The banks have faced scrutiny for their lending practices and environmental track record, including the hundreds of billions of dollars in funding they’ve provided to fossil fuel companies in recent years. 

Banks have made both short and long-term emission reduction targets, but face criticism for not moving fast enough. 

This report by The Canadian Press was first published May 17, 2024.

Companies in this story: (TSX:RBC; TSX:TD; TSX:CM: TSX:BNS; TSX:BMO)

The Canadian Press