On April 16, 2024, TC Energy Corporation announced that it has received a shareholder proposal from British Columbia Investment Management Corporation request that the Board to commission an independent assurance statement from a recognized audit firm on its climate-related metrics. The statement should provide reasonable assurance on annual metrics for total Scope 1 and 2 emissions, absolute and intensities, including methane metrics for its natural gas business unit. Furthermore, the Company's methane emissions measurement and disclosure should be consistent with a widely recognized framework such as the Oil & Gas Methane Partnership 2.0 (OGMP), which would further anchor the Company's reporting methodology against which the reasonable assurance would be provided.

Shareholders request that the Corporation provide an independent reasonable assurance statement by August 2025. The Company added that following a series of meetings with British Columbia Investment at which it has listened to their concerns and explained the extent of its efforts to build a foundation toward increasingly rigorous levels of Scope 1 and 2 GHG assurance, focus on methane and differences between assurance over midstream industry operations versus the peers that British Columbia Investment listed, as well as the impact of their proposal to the Company near-term strategic priorities, British Columbia Investment has withdrawn their proposal. In response to their concerns, the Company has agreed that, by the end of July 2025, it will publish a Roadmap to Reasonable Assurance on GHG Reporting and reassess Oil & Gas Methane Partnership 2.0 membership and publish a summary of its reassessment.

Accordingly, shareholders are not being asked to vote on this proposal at its annual general meeting of shareholders scheduled to be held on June 4, 2024.