Royal Bank of Canada | Report on transition plan an progress towards 2030 targets at the Royal Bank of Canada

Status
Withdrawn
AGM date
Previous AGM date
Resolution details
Company ticker
RY:CN
Lead filer
Æquo Shareholder Engagement Services inc.
Co-filers
Vancity Investment Management
Resolution ask
Report on or disclose
ESG theme
  • Environment
ESG sub-theme
  • Fossil fuel financing
  • Net Zero / Paris aligned
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
RESOLVED: RBC to report on 1) its expectations of what a credible transition plan is for clients in sectors most
exposed to climate-related risks and 2) procedures to ensure these transition plans will help RBC reach its 2030 interim
targets to reduce the financed emissions associated with its lending portfolios.
Supporting statement
SUPPORTING STATEMENT: Following discussions with RBC, the proponents agreed to withdraw this proposal further to RBC’s commitment to report in
its 2023 Climate Report portfolio-level results of the assessment of RBC Capital Markets’ energy sector clients using the
transition readiness framework (the Framework), as described in the RBC Capital Markets Client Engagement Approach on
Climate – Energy Sector (the Client Engagement Approach), including where such clients are located on the Framework’s
maturity scale. Starting in the 2024 Climate Report and annually thereafter, RBC will report portfolio results of the annual
assessment of RBC Capital Markets’ energy sector clients as well as their progress over time along the Framework’s maturity
scale. In addition, RBC will share key learnings and insights from its client engagement in line with the Client Engagement
Approach, including how RBC Capital Markets is supporting its clients reduce their emissions.

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