Scott Thomson made the comments at the bank’s annual general meeting on Tuesday, saying he believes a renegotiation of the North American trade pact remains the most likely outcome despite the three countries’ complicated ties. He cautioned, however, that “the path to get there may not be linear.” (The Logic)

Talking point: Thomson said the current conflict in the Middle East is a reminder of how resources can be wielded as geopolitical tools and underscored the value of secure and dependable partners. In that context, he said Canada is uniquely positioned as a reliable alternative source. Thomson also argued that private investment will be essential to advancing Canada’s infrastructure ambitions and supporting long-term economic growth. All shareholder proposals were ultimately voted down, including one to adopt an annual non-binding advisory vote on environmental policy. Despite that, Thomson said Scotiabank will begin disclosing its energy supply financing ratio later this month, in line with its previous commitments. The metric compares how much a bank lends to clean energy firms versus fossil fuels. With the move, Scotiabank joins RBC and National Bank in adopting the disclosure initiative championed by shareholder groups.