Bank of Montreal

Montreal, Canada

Bank of Montreal (BMO) is one of Canada’s largest financial institutions and a leading North American financial services provider. It offers a broad range of banking, wealth management, and investment services to individuals and businesses.

CCI Score

-3.85

April 18

Latest Event

Lack of Transparency in BMO's Lobbying Disclosures

A shareholder proposal co-filed by Friends Fiduciary highlights concerns over BMO's failure to fully disclose its direct and indirect lobbying activities related to climate policy. This opacity in political influence practices may facilitate undue corporate influence on public policy and undermines democratic accountability.

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BYSTANDER

Bank of Montreal is currently rated as a Bystander.

-1 to -4 CCI Score

Companies scoring here do little to oppose authoritarianism. Their inaction results in a passive endorsement of the status quo, as they neither actively resist oppression nor contribute to overt support for it.

Latest Events

MAR

12

2025

Lack of Transparency in BMO's Lobbying Disclosures
-39.59

A shareholder proposal co-filed by Friends Fiduciary highlights concerns over BMO's failure to fully disclose its direct and indirect lobbying activities related to climate policy. This opacity in political influence practices may facilitate undue corporate influence on public policy and undermines democratic accountability.
-40

Political Contributions and Lobbying Efforts

March 27

The proposal draws attention to BMO's lack of comprehensive disclosure regarding its lobbying activities, raising concerns about potential misuse of corporate power to influence political policy in ways that are not in line with ethical standards. This non-transparency can contribute to enabling authoritarian practices by concealing the true extent of corporate influence over policy processes.

Friends Fiduciary Co-files Climate Lobbying Proposal At Bank of Montreal
FEB

06

2025

Bank of Montreal Political Contributions and Lobbying Profile
-58.83

An analysis of Bank of Montreal's political contributions and lobbying practices reveals a significant revolving door phenomenon, with a notable proportion of lobbyists having prior government experience. This raises concerns about potential regulatory capture and the bank's influence over public policy, suggesting complicity in reinforcing authoritarian-friendly practices.
-60

Political Contributions and Lobbying Efforts

March 27

OpenSecrets data indicates that a large share of Bank of Montreal's lobbyists (4 out of 5 in 2023 and 4 out of 6 in 2024) have prior government experience, a classic case of the revolving door that can undermine democratic accountability. When combined with political contributions of $549,377 in the 2024 cycle, these practices suggest strategies that facilitate regulatory capture and bolster policies favorable to entrenched power structures. This entanglement could indirectly support authoritarian practices and erode civil oversight.

Bank of Montreal Profile: Summary • OpenSecrets
JAN

14

2025

SEC Settlement Highlights Business Misconduct at BMO
-64.97

The SEC fined BMO Capital Markets over a $3 billion bond scandal for misleading bond risk metrics and inadequate oversight. This enforcement action not only reflects serious ethical lapses in business practices but also underscores broader issues related to regulatory complacency in a highly consolidated banking system.
-80

Business Practices and Ethical Responsibility

March 27

BMO Capital Markets failed to supervise its employees properly, leading to the sale of misleading mortgage-backed securities which jeopardized investor trust and demonstrated significant lapses in corporate governance and ethical responsibility.

US SEC Uncovers $3 Billion Bond Scandal In BMO, Issues $40M Fine
-50

Economic and Structural Influence

March 27

The case highlights how the consolidation of Canada’s banking industry can foster an environment of regulatory complacency, where dominant market players like BMO may engage in unethical practices without sufficient oversight, potentially undermining public trust and systemic accountability.

US SEC Uncovers $3 Billion Bond Scandal In BMO, Issues $40M Fine
FEB

01

2023

BMO Statement on Political Contributions and Lobbying
56.11

BMO has issued a detailed statement outlining its commitment to ethical political engagement by not using corporate funds for political contributions and by maintaining transparency in its lobbying activities. The statement emphasizes adherence to legal standards, a comprehensive internal Code of Conduct, and proactive disclosure practices, which together support a commitment to preventing undue corporate influence in political processes.
+70

Political Contributions and Lobbying Efforts

March 27

The statement clearly articulates that BMO does not use corporate funds for political contributions and follows robust internal policies and legal guidelines regarding lobbying and political engagement. This transparency and adherence to ethical standards in their political contributions and lobbying practices are viewed positively in reducing corporate complicity in authoritarian influences.

PDF BMO Statement on Political Contributions and Lobbying - Our Impact
JUL

11

2022

BMO Raises Minimum Pay for US Workers to $20 in Fight for Labor
53.05

Bank of Montreal has raised the minimum wage for its US branch and contact-center employees to $20 an hour, signaling a commitment to improving labor conditions and worker rights amidst a tight labor market.
+70

Labor Relations and Human Rights Practices

March 27

BMO’s decision to raise the minimum wage for its US workers demonstrates a strong commitment to labor rights and fair treatment of employees. This move is a positive step towards improving economic conditions for frontline workers and supports broader ethical business practices. It reflects a proactive approach to addressing labor market challenges and worker exploitation, aligning with anti-fascist values of promoting equitable and humane labor policies.

BMO Raises Minimum Pay for US Workers to $20 in Fight for Labor
MAR

30

2021

Security deficiencies at BMO lead to large-scale breach
-46.66

A breach in BMO's online banking software exposed sensitive personal data of over 113,000 customers due to critical security vulnerabilities and inadequate cybersecurity practices.
-70

Business Practices and Ethical Responsibility

March 27

Bank of Montreal's failure to secure its online banking application—evidenced by inadequate vulnerability management, insufficient penetration testing, and delayed detection of a critical flaw—led to a massive data breach compromising over 113,000 customers' personal information. Although remedial actions were later taken, this incident highlights a significant lapse in ethical responsibility and business practices regarding consumer data protection.

PIPEDA Findings #2021-003: Security deficiencies at BMO lead to large-scale breach
JUL

01

2020

BMO Human Rights Commitment and Ethical Supply Chain Practices
49.49

BMO's detailed statement on human rights outlines robust policies to protect labor rights, ensure diversity and inclusion, and enforce strict supplier codes of conduct. The document emphasizes their comprehensive approach to mitigating human rights risks across both internal labor practices and external supply chain ethics.
+85

Labor Relations and Human Rights Practices

March 27

BMO’s human rights statement clearly outlines rigorous policies, extensive training programs, and a commitment to upholding labor rights and diversity. This comprehensive approach in managing human rights risks within its operations demonstrates strong ethical responsibility in labor relations.

BMO Statement on Human Rights - Our Impact (May 2021)
+75

Supply Chain Ethics

March 27

The document details BMO’s proactive measures regarding supply chain ethics, including a stringent Supplier Code of Conduct and ongoing due diligence to ensure suppliers adhere to ethical practices. These measures help mitigate risks related to forced labor and other human rights abuses, reinforcing their ethical commitment.

BMO Statement on Human Rights - Our Impact (May 2021)
OCT

01

2011

BMO Statement on Freedom of Association and Collective Bargaining
20.62

BMO reaffirms its commitment to worker rights by upholding freedom of association and collective bargaining. The statement emphasizes that the bank respects the right of employees to join or not join trade unions, adhering to international labor standards and human rights as delineated in the Canadian Charter of Rights and Freedoms and related frameworks.
+80

Labor Relations and Human Rights Practices

March 27

The statement by BMO demonstrates a robust commitment to labor rights, emphasizing respect for freedom of association and collective bargaining. By clearly stating non-discrimination based on union membership and aligning with international labor standards, BMO’s policies support worker rights and help counteract authoritarian practices that undermine labor organization. From an anti-fascist perspective, such actions are positive and contribute to a healthier balance of power between labor and management.

PDF BMO Statement on Freedom of Association and Collective Bargaining