Today 8% of RBC shareholders – equivalent to over $15 billion – voted in favour of the shareholder proposal submitted by Investors for Paris Compliance (I4PC) regarding strengthening the bank’s criteria for “sustainable finance.” More background on the proposal can be found here and on RBC’s overall net zero plans here.
Statement by Matt Price, Director of Corporate Engagement with I4PC:
“We’re disappointed that more big institutional investors – including the banks – didn’t vote to tackle the greenwashing of sustainable finance, but we’re pleased we could draw some attention to this critical issue. Ultimately, the regulator needs to step in to ensure the integrity of these products if banks and investors won’t do it themselves.”
You can read the resulting I4PC letter to Peter Routledge, Superintendent of Financial Institutions here.