Royal Bank of Canada | Diversity Target at Royal Bank of Canada

Status
4.58% votes in favour
AGM date
Previous AGM date
Proposal number
4
Resolution details
Company ticker
RY:CN
Lead filer
Mouvement d'éducation et de défense des actionnaires (MÉDAC)
Resolution ask
Set targets or plans
ESG theme
  • Social
ESG sub-theme
  • Diversity, equity & inclusion (DEI)
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
It is proposed that the Bank adopt a target higher than 40% for the composition of its board of directors for the next five years
Supporting statement
At the last annual meeting, this proposal was supported by 7% of voting shareholders. Currently, the Bank has set its target that each gender comprise 30%, while for the last two years, it has reached over 40%.
Banks are often seen as a reference for good governance for small and medium businesses, and failure to update the target may suggest that this target is the ideal to be sought. However, it is recognized that the number of competent women exceeds the number of positions to fill and that various stereotypes and biases have hindered their access to such roles. From this perspective, it is therefore proposed that the Bank review its diversity policy to bring the minimum representation of each gender on its board of directors to 40%.

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