
Active
This profile is actively maintained
Active
This profile is actively maintainedWebsite | http://www.scotiabank.com |
Headquarters |
44 King St. W.
M5H 1H1 Toronto
Canada
|
CEO/chair |
Brian J. Porter CEO |
Supervisor | |
Ownership |
listed on NYSE, Toronto Stock Exchange & Trinidad and Tobago Stock Exchange
Scotiabank's shareholder structure can be accessed here. |
The Bank of Nova Scotia (commonly called Scotiabank in English and Banque Scotia in French) is the third largest bank in Canada by deposits and market capitalisation. The bank was founded in 1832 in Halifax, Nova Scotia. Its primary corporate offices are located in Toronto, Ontario. The Bank's activities include personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
Scotiabank's most important sustainability commitments can be found at the website sections listed below.
Scotiabank 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 Scotiabank's link to these deals.
Banks and Climate
The 2022 Banking on Climate Chaos report showed that Scotiabank provided US$ 149.34 Billion in financing to the fossil fuel industry between 2016 and 2021. Find further details on Scotiabank 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.
Banks and Human Rights
BankTrack assessed Bank of Nova Scotia in its 2022 Global Human Rights Benchmark, where it achieved 4.5 points out of 14 and was ranked as a follower. In addition, Bank of Nova Scotia 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
Banks and Nature
Scotiabank’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 0.5 out of 10 and ranking it as a laggard. Scotiabank achieved a score of 0 out of 10 specifically for its policies related to the beef sector and 0.5 out of 10 for its policies related to the palm oil sector. In addition, BankTrack and the Environmental Paper Network have assessed Scotiabank’s policies related to the pulp and paper sector.
Between 2016 and 2022, Scotiabank provided USD 3,101 million in credit to companies operating in these forest-risk sectors and held investments amounting to USD 25 million as of 2022. For more information, see the links below.
Forest & Finance Policy Assessment 2022: Overall scores
A bank can obtain a total of 10 points for the quality of its policies. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Forest & Finance Policy Assessment 2022: Beef
A bank can obtain a total of 10 points for the quality of its beef policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Forest & Finance Policy Assessment 2022: Palm Oil
A bank can obtain a total of 10 points for the quality of its palm oil policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Tracking the Net Zero Banking Alliance
Scotiabank 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.