Royal Bank of Canada | Circular economy at Royal Bank of Canada

Status
AGM passed
AGM date
Previous AGM date
Proposal number
7
Resolution details
Company ticker
RY:CN
Lead filer
Mouvement d'éducation et de défense des actionnaires (MÉDAC)
Resolution ask
Report on or disclose
ESG theme
  • Environment
ESG sub-theme
  • Waste and pollution
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
It is proposed that the Bank produce a report on the loans it granted over the past few years in support of a circular economy and the
steps the Bank intends to take to develop the expertise needed to properly enhance the value of these businesses.
Supporting statement
According to a study by the Canadian Climate Institute,1
the circular economy could lead to a 45% reduction in emissions worldwide. To
date, measures to reduce greenhouse gases have focused on the energy sector, whether by increasing clean energy production or
electrifying transport. This rather narrow perspective neglects the fact that emissions in one sector of the economy can be generated
elsewhere.
There is a need to explore new models that take into account the broader economy, such as the concept of a circular economy, and this
is what we are aiming for with this proposal. By disclosing the efforts made by Canada’s largest bank, we believe they could serve as a
model for other Canadian banking institutions. Let’s emphasize that this disclosure can take the form of loans granted as well as
directives issued to its commercial lending teams to uncover the best opportunities in this area.
Given that this proposal has received a high percentage (11.15%) of votes in favour in the past, we are tabling it again.

How other organisations have declared their voting intentions

Organisation nameDeclared voting intentionsRationale
VidaCaixaFor
AXA Investment ManagersForFor equity holdings managed on behalf of clients who have consented to the application of the manager's internal proxy voting policy, granted AXA IM the discretion to vote on their behalf, and where the application of this policy complies with applicable laws and regulations, AXA IM will vote in favor of this shareholder proposal. This decision is based on our concerns regarding the company's climate strategy.

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