Royal Bank of Canada (RBC)
The Royal Bank of Canada (RBC) is a Canadian bank that provides personal and commercial banking, wealth management, insurance, investor services and capital markets products and services around the globe. The bank serves more than 16 million personal, business, public sector and institutional clients in 38 countries. As of the third quarter, 2016, RBC held CAD $570 billion (€391 billion) assets under management.[i]
RBC does not provide financial services to companies manufacturing or trading in equipment or material for nuclear weapons.[ii] Companies involved in maintenance and modernisation are not excluded.[iii]
The policy applies to corporate credit granting and project finance.[iv] RBC also terminates existing loan contracts with nuclear weapon producers on a case-by-case basis.
RBC is currently reviewing its weapons policy and considering expanding the scope to its investment banking and asset management activities. RBC will also consider extending its policy to exclude companies involved in the maintenance of weapons of mass destruction.[v]
RBC does not make use of an exclusion list.[vi]
RBC was also found to have several investments in nuclear weapon producing companies identified by this report, more information can be found in the Hall of Shame.
We commend RBC for adopting a public policy on nuclear weapons. We recommend RBC apply its policy to all financial products including investment banking and asset management activities. Moreover, RBC should apply the policy to all nuclear weapons producing companies, including those involved in modernisation. We look forward to assessing RBC’s update of its nuclear weapons policy and to engaging with RBC, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
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Congratulations Royal Bank of Canada. I saw on www.dontbankonthebomb.com that you have a policy limiting investments in nuclear weapons. I think it’s really important that you share my concern about these weapons, and I appreciate that there is a public policy.
However, the policy does have some loopholes and the Don’t Bank on the Bomb report shows how you still might invest in nuclear weapons producers. I am concerned about this, because RBC also invests my money and I don’t want to be associated in any way with the production of these inhumane weapons.
It would be great if RBC made the following changes to make the policy airtight:
• Apply the policy to all financial products including investment banking and asset management activities;
• Apply the policy to all nuclear weapons producing companies, including those involved in maintenance and modernisation.
With kind regards,
[i] Royal Bank of Canada, “RBC at a Glance – Q3/2016”, website Royal Bank of Canada (http://www.rbc.com/investorrelations/pdf/rbcglance.pdf), viewed 30 October 2016.
[ii] Royal Bank of Canada, “Royal Bank Of Canada 2012 Corporate Responsibility Report And Public Accountability Statement”, 2012, Page 59, website Royal Bank of Canada (http://www.rbc.com/community-sustainability/_assets-custom/pdf/RBC-CRR-Report-e-2012.pdf), viewed 30 October 2016.
[iii] Royal Bank of Canada, written response to PAX dated 27 May 2015.
[iv] Royal Bank of Canada, “2012 Corporate Social Responsibility Report and Public Accountability Statement”, 2012, p.59, available at http://www.rbc.com/community-sustainability/_assets-custom/pdf/RBC-CRR-Report-e-2012.pdf, viewed 30 October 2016; Royal Bank of Canada, written response to Profundo dated 27 May 2014.
[v] Royal Bank of Canada, written response to Profundo dated 27 May 2014.
[vi] Royal Bank of Canada, written response to PAX dated 27 May 2015.