“Some of the world’s largest transnational corporations continue to control several of the largest Canadian fossil-fuel firms. Banks like RBC are also important financiers of the fossil fuel industry through their lending activities. The Royal Bank of Canada (RBC), which promotes itself as “Canada’s leading energy bank, for conventional, non-conventional and renewable resources,” matches many of its ownership stakes in fossil-fuel companies by sharing board/senior management members with those of the firms it partly owns. This places them in a position to exert control as a “constellation of interests." “Each institutional investor may own less than 10 per cent of any single company, but as a group they own far more. “Financial institutions, pension funds and asset managers together own substantial blocs of shares in many of these companies,” says Carroll. The study highlights the important role of banks and institutional investors despite the relatively small ownership stakes any given investor tends to hold in a single fossil fuel company. foreign governments accounted for three per cent of industry revenues, and Canadian federal and provincial governments together owned two per cent.wealthy families control approximately 8.5 per cent of revenues (such as the Desmarais family, the Southerns and Hong Kong’s richest person, Li Ka-Shing, majority owner of Husky Energy).banks and life insurers are the third-largest type of owner (approximately 12 per cent of revenues), with the big five Canadian banks (RBC, TD, Scotiabank, BMO and CIBC) consistently ranking among the top investors.asset managers and investment funds such as BlackRock and Capital Group followed closely with approximately 15 per cent of revenues. ![]()
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