2022 AGM Season - Financial

RBC

We filed a shareholder proposal with RBC regarding its sustainable finance practices following a controversy in which RBC extended both a “sustainability-linked loan” and worked on a sustainability-linked bond with Enbridge, despite the latter dramatically increasing its Scope 3 emissions through projects like the Line 3 pipeline expansion, which also failed to achieve the Free, Prior, and Informed Consent of local Indigenous peoples.

Here is the investor memo we released on the proposal. (French version)

The vote received 8.3% support, with a further 7.3% abstaining. As a result RBC released a new Sustainable Finance Framework later in the year, although without establishing any guardrails that would prevent similar activity on behalf of RBC in the future.