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Classified as initial_thesis for ESG engagement campaign (distinct from Pershing-era CP campaign).", "kpisCited": [ { "detail": "approximately 8% ownership", "metric": "TCI stake in Canadian Pacific" }, { "detail": "over $30 billion across asset classes", "metric": "TCI AUM" }, { "detail": "overall C grade (peers CN: A, UNP: A-)", "metric": "CP 2018 CDP climate score" }, { "detail": "29% GHG emissions intensity reduction by 2030", "metric": "CN science-based target" }, { "detail": "94%", "metric": "Share of CP direct emissions from rail ops" }, { "detail": "6-9% improvement to date", "metric": "GE trip optimiser fuel efficiency gain" }, { "detail": "around 15%", "metric": "Wabtec-GE battery locomotive efficiency gain" }, { "detail": "current 2% rising to potentially 10-15%", "metric": "Biofuel blending under Canada's Clean Fuel Standard" }, { "detail": "30% below 2005 levels by 2030", "metric": "Canada national GHG target" }, { "detail": "rail is 4x more fuel-efficient", "metric": "Rail vs. truck fuel efficiency" }, { "detail": "75% lower for rail", "metric": "Rail vs. truck GHG emissions per unit freight" } ], "closingAsk": "Canadian Pacific should move to A-grade CDP disclosure and adopt a credible, incentive-linked, science-based low-carbon transition plan, with TCI continuing an active engagement dialogue.", "extraction": { "at": "2026-04-22 17:49:07+00", "model": "unknown-legacy", "runId": null, "seconds": 88.469574, "promptVersion": null }, "scqaReward": "Achieving A-grade disclosure reinforces CP's competitive advantage over trucking, protects against carbon-regulation, financing and litigation risk, and supports long-term profitability, sustainability and investor returns.", "thesisTypes": [ "governance_board", "other" ], "top3Reasons": [ "CP's CDP C grade lags peers CN (A) and Union Pacific (A-), an unacceptable gap", "94% of CP's direct emissions come from rail ops, making fuel/fleet decarbonisation urgent and tractable", "Rail is 4x more fuel-efficient than trucking — CP can defend and expand modal share via ESG leadership" ], "scqaSituation": "Canadian Pacific is a Class I railroad where 94% of direct emissions come from rail operations, operating in a sector with a 4x fuel-efficiency advantage over trucking but rising climate-regulation exposure.", "thesisSummary": "TCI Fund Management, which owns around 8% of Canadian Pacific Railway, writes to CEO Keith Creel arguing that CP's climate disclosure and decarbonisation agenda materially lag peers and threaten long-term returns. In 2018 CP earned only an overall C grade from CDP, while Canadian National scored A and Union Pacific A-, and CP has no science-based GHG target, limited Scope 3 coverage, no management incentive linkage, and only nascent scenario analysis. TCI asks CP to publish a credible Paris-aligned transition plan anchored in SBTI methodology, tie executive compensation to emissions targets, fully disclose Scope 3 via CDP's Supply Chain Initiative, and accelerate advanced biofuel, battery-electric and hydrogen locomotive R&D. TCI signals it will vote against directors and auditors at companies that fail to disclose emissions or produce credible reduction plans.", "primaryDemands": [ "Make full annual public disclosure of GHG emissions to CDP", "Publish a credible low-carbon transition plan with science-based targets aligned with the Paris Agreement", "Adopt SBTI-based climate scenario analysis similar to Canadian National's 29% intensity reduction by 2030 target", "Tie a meaningful percentage of senior management and staff incentive compensation to emissions targets", "Expand Scope 3 emissions analysis to cover purchased and capital goods, fuel/energy, and use of products sold", "Engage value chain via CDP's Supply Chain Initiative", "Accelerate R&D into advanced biofuels, battery- and hydrogen-powered locomotives", "Achieve an A grade in CDP Climate Change Program (currently C, peers at A/A-)" ], "scqaResolution": "Adopt a credible SBTI/Paris-aligned transition plan, disclose fully to CDP, expand Scope 3 and supply-chain engagement, tie executive pay to emissions targets, and accelerate biofuel, battery and hydrogen locomotive R&D.", "thesisOneLiner": "TCI, owner of ~8% of Canadian Pacific, demands the railroad close its CDP climate-disclosure gap versus peers CN and UNP and adopt a credible science-based transition plan.", "precedentsCited": [ "Canadian National 29% GHG intensity reduction by 2030 (SBTI)", "Wabtec-GE lithium-ion battery locomotive consist", "Alstom Coradia iLint hydrogen fuel cell train (Germany)", "HydroFLEX hydrogen rail pilot (UK)" ], "scqaComplication": "CP's 2018 CDP climate score is an overall C — versus CN at A and Union Pacific at A- — with no science-based target, thin Scope 3 coverage, no compensation linkage, and only nascent scenario analysis.", "narrativeInterest": 3, "notableSlidePages": [ 1, 2, 4 ], "peerCompaniesCited": [ "Canadian National Railway", "Union Pacific" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "This is a shareholder activist letter sent to the CEO of Canadian Pacific Railway.", "function": "state_demand", "imagePath": "https://imgproxy.kitesheet.com/-xDwGTGFBW5mqEBQBHzXns04YxikEKh6SQKbQHY4uX0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82NGEyZjJiNzljMDAvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "state_demand", "functionCanon": { "name": "State demand", "slug": "state_demand", "status": "active", "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 4, "textChars": 601, "nDataPoints": 2, "notes": "This is a shareholder activist letter sent to the CEO of Canadian Pacific Railway.", "elementsJson": [ "paragraph", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:48.291+00", "seconds": 14.742, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-846389cd1a6c/1", "deck": "/decks/019dd923-622b-71dc-a6dc-846389cd1a6c", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-846389cd1a6c#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6dc-846389cd1a6c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We require companies in which we invest to make appropriate and timely public disclosure of carbon and other GHG emissions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:09:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b7a9-ec0784beb347", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.868, "x": 0.108, "y": 0.373 }, "kind": "paragraph", "text": "TCI Fund Management Limited manages over $30 billion across a range of asset classes. 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