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Bank of Montreal (BMO)Canada
Active
This profile is actively maintained
Last update: 2023-01-17 15:59:37
Bank of Montreal head offices. Photo: Jorge Castro via Flickr (CC BY-NC-SA 2.0)
Active
This profile is actively maintained
Last update: 2023-01-17 15:59:37
About
| Website | http://www.bmo.com/home |
| Headquarters |
1 First Canadian Place
ON M5X 1H3 Toronto
Canada
|
| CEO/chair |
Darryl White CEO |
| Supervisor | |
| Ownership |
listed on NYSE & Toronto Stock Exchange
BMO's shareholder structure can be accessed here. |
Established in 1817 as Bank of Montreal, BMO Financial Group is a diversified financial services provider based in North America. BMO provides retail banking, wealth management and investment banking products and services through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets. Next to its activities in Canada, BMO operates in the United States as Harris Bank and BMO Harris.
Sustainability
Commitments
Policies
Voluntary standards
Bank of Montreal's most important sustainability commitments can be found at the website sections listed below.
Links
Bank of Montreal (BMO) has committed itself to the following voluntary standards:
Dodgy Deals
Bank Of Montreal (BMO) is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Bank Of Montreal (BMO)'s link to these deals.
Campaigns
Banks and Climate
The 2022 Banking on Climate Chaos report showed that Bank of Montreal (BMO) provided US$ 117.09 in financing to the fossil fuel industry between 2016 and 2021. Find further details on Bank of Montreal (BMO) fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.
Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in the Coal Policy Tracker and Oil and Gas Policy Tool. Find further details on their assessment of Bank of Montreal (BMO) fossil fuel policy below.
Banks and Human Rights
BankTrack assessed BMO Financial Group in its 2022 Global Human Rights Benchmark, where it achieved 4.5 points out of 14 and was ranked as a follower. In addition, BMO Financial Group scored 0 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the "Accountability" section of this profile.
Global Human Rights Benchmark 2022
BankLast update
Country
Score
Ranking
Details
Bank of Montreal (BMO)
CAN
4.5
Follower
0
Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6.5 points
7 - 10 points
10.5 - 14 points
For more details see this page.
Tracking the Net Zero Banking Alliance
Bank of Montreal (BMO) is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.
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Accountability
Grievances
Response
tracking
BMO does not operate a complaints or grievances channel for individuals or communities that may be adversely affected by the bank's finance.
However, the bank's whistleblowing channel SpeakUp can be used by individuals and communities to bring up human rights issues. Furthemore, BMO can be contacted via several channels including sustainability@bmo.com and corporate.responsibility@bmo.com.
Individuals and communities may also submit questions to the Ethics and Conduct Office, Office of the Ombudsperson and the Office of the Chief Sustainability Officer.
Finally, stakeholders may raise complaints via the OECD National Contact Points (see OECD Watch guidance).
This page evaluates Bank of Montreal (BMO)'s responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".
Impacts reviewed
Responded?
Total score
Response
Action
Monitoring
Rio Tinto's Jadar mine, Serbia (Letter, Dec 2021)
0
0
0
n/a
Response
0
Out of 1
Rationale for score
The bank did not respond. Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action. Monitoring
n/a
Rationale for score
The impact was not raised over a year ago and therefore is not scored on monitoring progress. More info
Average
0%
0
0
0
0
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