Royal Bank of Canada (RBC)
Corprate Bias Ratings
Risk Level:
Summary:
Royal Bank of Canada (RBC) ran into political controversy due to denying a mortgage to Canadian right-wing news outlet Rebel News, though the bank denies a specific political motivation for the incident. A released phone call detailed that the decision was made not for financial reasons but to avoid working with controversial media. The company does not protect its employees against viewpoint discrimination and has pledged to vet vendors for LGBTQ policies. In addition, RBC has advocated for and funded LGBTQ causes and organizations. The company is committed to carbon neutrality by 2050. However, RBC does not use its PAC donations to support ideological agendas hostile to freedom of expression. For these reasons, Royal Bank of Canada earns a High Risk"rating.
Has denied service to customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.
Ezra Levant, the founder of right-wing Canadian news site Rebel News, has alleged that the Royal Bank of Canada denied the news site a mortgage loan for a new office due to the site’s political leanings (1)(2). In the released phone call, an RBC representative stated that the bank was trying to move away from lending to “strongly opinionated” and controversial media entities in a general sense (3). Royal Bank of Canada has received a score of 100 on the Corporate Equality Index from the Human Rights Campaign. Among other requirements, this means the company has a written policy pledging to vet vendors for LGBTQ policies (4)(5).
Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.
Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.
Royal Bank of Canada does not protect its employees from viewpoint discrimination (1).
Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.
Royal Bank of Canada partnered with the Human Rights Campaign to advocate for the Equality Act and oppose state-level bills intended to protect the integrity of women’s sports (1)(2)(3). Royal Bank of Canada has opposed the Florida Parental Rights in Education Act, which prohibits teaching gender identity and sexual orientation in schools to kids in K-3rd grade (4). Royal Bank of Canada has committed to public advocacy for or engagement with the LGBTQ movement (5). RBC is a PCAF member, committed to net zero carbon emissions by 2050 (6)(7).
Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.
Royal Bank of Canada allegedly donated to Planned Parenthood, but the bank has since clarified that it does not corporately donate to Planned Parenthood (1)(2). RBC pledged $1.5 million to Black Lives Matter and related causes (3)(4). City National Bank is a corporate partner of the National LGBT Chamber of Commerce (5).
Uses corporate political contributions for ideological, non-business purposes.
Royal Bank of Canada has not used its PAC donations for ideological purposes (1).
All links were last accessed and all information was updated on:
December 5, 2023
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