Royal Bank of Canada | Report on the impact of oil and gas divestment at the Royal Bank of Canada

Status
Withdrawn
AGM date
Previous AGM date
Proposal number
2
Resolution details
Company ticker
RY:CN
Lead filer
InvestNow Inc.
Resolution ask
Report on or disclose
ESG theme
  • Environment
ESG sub-theme
  • Fossil fuel financing
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
RESOLVED: That Royal Bank of Canada (“RBC”) commission and issue a report disclosing the Bank’s exposure to oil and gas divestment and to qualify and quantify the impacts of divestment from the Canadian oil and gas sector on shareholder value and other relevant economic analysis should RBC continue on the path toward currently established Net Zero objectives.
Supporting statement
SUPPORTING STATEMENT: Attacks on the oil and gas sector are coming from all fronts. Celebrities, internet influencers, radical activist shareholders, ideologically
driven financial alliances and well-funded non-profit organizations are all calling for “divestment” and promoting elimination of the
Canadian oil and gas sector in the next 25 years.
We are calling on RBC to commission a report that would provide data and analysis on the impact on revenue projections, profit, share
price, and the impact on the Canadian economy overall, as the bank adopts policies or guidelines aimed at suppressing Canada’s oil
and gas sector through a divestment policy.
The banking sector has a critical role to play in Canada’s economy and prosperity. The oil and gas sector also has a critical role to play
in Canada’s economy and prosperity. The world will continue to use fossil fuels throughout this century, including beyond 2050
notwithstanding current Net Zero aspirations. If the oil and gas the world needs is not supplied by Canadian energy companies it will be
supplied by authoritarian regimes in poorly regulated, undemocratic countries that are less responsible and less environmentally
friendly. The banks cannot permit themselves to be part of a scheme designed to strangle a sector that is of vital importance, not only to
our own citizens, but to the democratic world.
Financing the Canadian oil and gas sector is essential for the functioning of the economy, for jobs, for innovation, and for global
emission reductions.

DISCLAIMER: By including a shareholder resolution or management proposal in this database, neither the PRI nor the sponsor of the resolution or proposal is seeking authority to act as proxy for any shareholder; shareholders should vote their proxies in accordance with their own policies and requirements.

Any voting recommendations set forth in the descriptions of the resolutions and management proposals included in this database are made by the sponsors of those resolutions and proposals, and do not represent the views of the PRI.

Information on the shareholder resolutions, management proposals and votes in this database have been obtained from sources that are believed to be reliable, but the PRI does not represent that it is accurate, complete, or up-to-date, including information relating to resolutions and management proposals, other signatories’ vote pre-declarations (including voting rationales), or the current status of a resolution or proposal. You should consult companies’ proxy statements for complete information on all matters to be voted on at a meeting.