Value Creation
We use our influence and governance rights to drive sustainable progress and long-term value creation at our portfolio companies.
Being a responsible steward of assets goes beyond providing capital. We believe in sharing our expertise to support our portfolio companies and promoting strong sustainability practices through direct engagement and proxy voting. We amplify our reach and voice through select partnerships, coalitions and policy engagement.
Engagement
Our engagement activities aim to encourage robust governance practices, promote transparency and support companies to build their internal ESG expertise. We focus on real-world outcomes that can increase the value of our investment and benefit society, such as greenhouse gas emissions, board governance, and health and safety.
Engagement takes time to yield results and we believe it is most successful when we establish a constructive relationship.
IMCO's Stewardship Guideline describes our approach for engaging with entities in which we invest on material governance and sustainability issues.
"We are not just investors, we are stewards of high-quality assets. We support our portfolio companies to develop their sustainability goals and create value across the portfolio using sustainability as a source of competitive advantage."
- John Di Re, Managing Director, Fundamental Equities
Case Studies
Ownership Works
In 2023, IMCO became the first Canadian institutional asset manager to join Ownership Works as a founding investor partner. Ownership Works is a non-profit organization working to implement broad-based employee ownership programs.
Rising inequality is a key theme in our World View. Through our research and networks, we recognize that broad-based employee ownership can create significant opportunities for employees to build wealth and improve business performance.
Through this partnership, IMCO has supported our portfolio companies in successfully implementing the program, including DataBank, which made all its full-time employees part owners of the company in 2025. Several of our investment partners have also committed to the model.
euNetworks
Alongside Stonepeak Infrastructure Partners, IMCO invested in euNetworks, a leading Western European bandwidth infrastructure company that owns and operates 18 fibre-based metropolitan city networks. We identified sustainability as a priority value lever and engaged with the management team and co-shareholders to elevate the ESG agenda at the company. In 2022, euNetworks joined the Climate Pledge, committing to being net zero by 2040 and setting science-based emission reduction targets across scopes 1, 2 and 3. In 2023, the company developed its inaugural sustainability policy. It also secured a €760 million sustainability-linked loan, through which meeting specific sustainability targets will lower the interest rate. In 2025, the company was awarded an ‘A’ grade – the highest score attainable - by the Carbon Disclosure Project for its supplier engagement assessment.
WPT Industrial REIT
As part of our regular dialogue with WPT Capital Advisors, a key U.S. partner, we shared our sustainability goals and need for more granular data collection and tenant engagement. Building owners in the industrial sector have historically faced barriers in collecting and tracking tenant utility data, since utility costs are the tenant’s responsibility. WPT invested in a service to obtain real-time electric, gas and water consumption data used to identify capital expenditure projects. This model provided insights into whole building performance. In addition, greater awareness of individual assets’ energy and water consumption allows building owners to establish benchmarks, develop strategies to reduce energy and emissions, optimize costs and increase the durability and resilience of our sites.
Proxy Voting
Proxy voting is an important tool for shareholders of public companies to exercise their rights, hold management accountable and express their views.
At IMCO, we vote according to our Proxy Voting Guideline to promote sound governance and sustainability practices. We aim to vote at the shareholder meetings of every public company in our portfolio. We also evaluate management resolutions and shareholder proposals on a case-by-case basis, recognizing jurisdictional differences.
We are transparent about our proxy voting activity. We make our voting intentions public ahead of annual meetings and maintain a public database of our voting activities.
Our Proxy Voting Record
Our searchable database provides an account of our voting, rationale for when we vote against management and all shareholder proposals.2025 Highlights
2025 Proxy Voting Season
The 2025 proxy voting season reflected regulatory changes, evolving market sentiment and updates to proxy advisor guidance. IMCO maintained a disciplined and pragmatic approach amid these changing dynamics.
Climate Change
IMCO supports climate-related proposals that strengthen transparency and accountability. In 2025, we voted in favour of shareholder proposals calling for major Canadian banks to disclose their Energy Supply Banking Ratio (ESBR) — a metric developed by Bloomberg New Energy Finance to compare low-carbon investment needs under Paris-aligned scenarios with potential fossil fuel financing. Enhanced disclosure on GHG reduction plans like the ESBR is essential for assessing climate risk.
Say-on-Pay
IMCO believes that establishing a sound executive compensation program that attracts and retains talent while aligning with long-term shareholder interests is a critical board responsibility. IMCO supports annual advisory votes on executive pay and will oppose proposals if problematic pay practices are identified. These include executive compensation plans with misaligned pay and performance, inadequate disclosure of targets, and outsized awards that lack strategic connection or a compelling rationale. For example, IMCO voted against Trade Desk’s executive pay because the company did not tie the vesting of long-term awards to the achievement of performance goals.
AI Governance
A notable development in 2025 was the rise of AI-related shareholder proposals, particularly on governance of the emerging risks associated with the rapidly advancing technology. IMCO supported 32% of AI-related shareholder proposals, particularly those pertaining to disclosure and enhanced oversight.
Collaborating with Industry Peers
Partnering with fellow investors to engage companies, policymakers and the broader financial industry on sustainability matters is a key component of stewardship. We recognize the value of collective action on behalf of our clients. It amplifies our voice and is an efficient use of our resources.
IMCO is part of several coalitions and initiatives seeking to advance sustainability goals.
Climate Engagement Canada (CEC)
Created in 2021, CEC is modelled on Climate Action 100+ with a goal of engaging Canadian high-emitting public companies on climate issues. There are 41 companies on its focus list.
IMCO was a founding participant and has engaged with companies like Enbridge Inc., Fortis Inc., and Waste Connections Inc.
Visit the CEC website30% Club
IMCO joined the 30% Club Canada Chapter in 2017. As a member, we call on and collaborate with companies to achieve and exceed the 30% gender diversity target, and to enhance the presence of other underrepresented groups on their boards and executive management teams.
