Opinion: Suncor’s safety records overshadow the oil company’s ESG efforts

, install five new directors and possibly oust Mr. Little himself.

A top criticism, though, involves the “S” – social – part, and specifically Suncor’s recurring trouble preventing employees from getting hurt in operational mishaps. “At a high level, the issues that Elliott are raising, whether it’s safety or whether it’s the operational side of things, are real. Those are material issues, and from an ESG perspective they’re material,” said Jamie Bonham, director of corporate engagement for NEI Investments, a fund-management firm focused on responsible investing. “What they’ve identified really could have come from, in many ways, an ESG investor. So I think what they’ve brought to the table is probably going to be valuable.

Workplace health and safety is not an issue that Elliott has cherry-picked just to emphasize negatives for its campaign, said Bonnie-Lyn de Bartok, founder of the S Factor Co., a Toronto-based provider of social impact data. It has material impact on the financial performance of companies in the form of lost-time employee hours, the need to shut production down after incidents, risk to corporate reputation and the potential for legal action.

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