Re-election of Jacynthe Côté as Chair…………… AGAINST
By removing its Policy Guidelines for Sensitive Sectors and Activities from the public domain, RBC has traded transparency for uncertainty. In high-risk areas like Arctic oil & gas and thermal coal, it was previously clear which
kinds of clients and activities the bank was willing support. Now, RBC’s risk appetite is unclear. In the meantime, any step up in the financing of previously restricted activities could lead to significant risks for the bank,
communities, and the environment. The overall result of the bank’s decision is to make an already weak position on fossil fuels even weaker. RBC may wish to argue that the removal of its policies from the public domain is a
response to new greenwashing provisions in the Competition Act; however, a number of the bank’s Canadian peers show it is possible to maintain clear positions. It is the responsibility of RBC’s Chair, Jacynthe Côté, to ensure the board is exercising oversight of the bank’s approach to managing climate risks and capturing opportunities from the energy transition. In ShareAction’s view, the disappearance of the bank’s policies suggests this oversight function is not being exercised with sufficient effect. On this basis, we believe a vote against the re-election of Ms Côté is justified.