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The British Columbia Investment Management Corp. is filing a shareholder proposal calling for Imperial Oil Ltd. to disclose more information about its climate risks.

The motion calls for the Canadian petroleum company to disclose its accounting assumptions related to climate change and the energy transition. According to a press release, the BCI’s aim is for the company to become more transparent about its liabilities.

Shareholders will vote on the measure at Imperial Oil’s annual general meeting on May 2. If adopted, it will oblige the company’s board of directors to provide an audited report estimating the impact of eliminating its carbon footprint by 2050.

Read: New report highlights BCI’s 2022 ESG achievements

“We require transparent accounting disclosure in financial statements to make informed investment decisions, including visibility over off-balance sheet liabilities, and Imperial Oil has not provided sufficient information,” said Jennifer Coulson, senior managing director and global head of environmental, social and governance at the BCI, in the release.

In addition to the shareholder proposal, the BCI will vote against several board directors. According to the release, the investment organization said it believes the company’s lack of risk oversight has led to major controversies related to the environmental impact of its petroleum extraction processes and its engagement with Indigenous peoples.

In 2021, the Bâtirente sponsored a shareholder motion requiring Imperial Oil to adopt targets to achieve net-zero carbon emissions by 2050. While it received the backing of 86 per cent of institutional investors, the motion was blocked by Exxon Mobil Corp., the company’s majority shareholder.

Read: Imperial Oil shareholders defeat Bâtirente’s net-zero emissions motion

In other news, the real estate arm of the Caisse de dépôt et placement du Québec is pre-leasing a mixed-use real estate development in Chile’s capital.

Ivanhoé Cambridge and Greystar Real Estate Partners are seeking to attract renters to a new tower in central Santiago. Constructed by the two companies as a joint venture announced in 2022, Somma Asturias is designed to serve as an apartment, office and retail shopping space.

With its construction nearing completion, the 17-storey building’s two lower floors are expected to be leased as retail facilities and office space. The joint venture is also accepting applications for 196 apartments located in the building’s 15 upper floors.

In a press release, Adriano Mantessa, managing director for Latin America at Ivanhoé Cambridge, said the investment organization views the project as an affirmation of its strategy in the region. “With pre-leasing now underway, Somma Asturias exemplifies how we prioritize the user experience by ensuring our projects are centrally located, well-connected and highly amenitized for the renter’s benefit.”

Read: Ivanhoé Cambridge redeveloping historic Melbourne building, OMERS selling stake in Chilean natural gas distributor