Royal Bank of Canada | Devote a percentage of profit to society to support ESG causes at the Royal Bank of Canada

Status
Withdrawn
AGM date
Previous AGM date
Resolution details
Company ticker
RY:CN
Resolution ask
Adopt or amend a policy
ESG theme
  • Environment
  • Social
ESG sub-theme
  • Corporate purpose
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
RESOLVED: that the Board of Directors consider thinking about making a contribution to society by devoting a certain percentage of the Bank’s earnings to the support of ESG causes, including inequality and the environment.
Supporting statement
SUPPORTING STATEMENT: To address the scale of the climate crisis and growing inequality, we propose creating a new type of dividend that extends the sharing of the value created by the organization to projects with strong social and environmental benefits. Drawing from the example of Crédit Mutuel (France) and the MAIF (Mutuelle d’assurance pour les instituteurs de France),1 the amounts thus generated could then be devoted to climate, social and ecological transitions. For instance, these amounts could be used to acquire interests in businesses that do not necessarily have an immediate profitability objective, but do have a positive impact on inclusion and the environment; for example, this might include investing in renewable energy or creating bicycle garages in cities, supporting existing and future clients who are most exposed to climate events and who are more economically vulnerable, granting interest-free energy retrofit loans to low-income clients, and so on.

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