Alimentation Couche-Tard urged to disclose a clear, competitive emissions-reduction strategy

TORONTO/VANCOUVER. July 31, 2025. University Pension Plan (UPP) has filed a shareholder proposal calling on Quebec-based retail giant Alimentation Couche-Tard Inc. (TSX: ATD) to disclose an emissions-reduction strategy that keeps pace with the company’s competitors. The filing was facilitated by the Shareholder Association for Research and Education (SHARE), UPP’s partner for engagement with public companies in its portfolio.

UPP’s proposal follows extensive engagement with Couche-Tard on climate risks and disclosures. It requests that the company disclose mid-term targets covering material Scope 1 and 2 greenhouse gas (GHG) emissions — defined as emissions the company directly controls, or that result from its energy consumption. In addition, the proposal asks Couche-Tard to articulate an approach to Scope 3 emissions, which come from its upstream and downstream value chain.

These efforts reflect UPP’s broader responsible investing approach, focused on managing financially material risks and opportunities across the portfolio, in alignment with UPP’s fiduciary duty to safeguard its members’ pensions.

“As a pension plan with a long-term investment horizon, UPP filed this proposal because unmanaged climate risk poses material financial implications for investors,” said Delaney Greig, Director of Investor Stewardship at UPP.

“While Couche-Tard has acknowledged climate-related risks, a clear and credible emissions reduction strategy is still missing. Setting and disclosing emissions-reduction targets using an internationally recognized methodology would demonstrate that Couche-Tard is serious about safeguarding long-term shareholder value.”

Sarah Couturier-Tanoh, Director of Shareholder Advocacy at SHARE, noted that Couche-Tard “lags significantly behind its self-identified peers,” including Costco, Empire, Metro, and Starbucks, which have already established comprehensive and unambiguous mid-term targets for reducing Scope 1 and 2 emissions.

“By aligning with internationally recognized standards and catching up with its competitors, the company will be better positioned to effectively minimize and manage risks, while providing investors with decision-useful information to assess its performance,” Couturier-Tanoh added.

UPP is the sole filer on the proposal, which will be presented and voted upon at Couche-Tard’s annual general meeting on Wednesday, Sept. 3, 2025. To learn more about UPP’s responsible investing approach, visit myupp.ca