TCI Fund Management Limited ( TCI ) recently successfully submitted a climate change-related shareholder proposal (the Proposal ) to Canadian Pacific Railway Limited ( CP ) to be voted on at CP's upcoming 2021 annual general meeting of shareholders. As stated in its circular for the meeting, CP supports TCI's Proposal and recommends shareholders vote in favour of it. Of particular note is that the Proposal, if passed, requires CP to hold a non-binding shareholder advisory vote on an annual basis regarding its climate action plan. Takeaway The Proposal, which is the latest in a growing trend of shareholder proposals related to ESG (environmental, social and governance) matters generally, and sustainability matters specifically, is a reminder of the increasing importance of climate-related considerations and disclosure for public issuers.