RBC Capital Markets

City National Bank, Royal Bank of Canada
Canada, New York

Corporate Bias Rating

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Risk Level:

Rating - Danger
High Risk


RBC Capital Markets (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. RBC scored a 95 on the 2023 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. By complying with Human Rights Campaign’s controversial demands, RBC increases the risk of dividing employees, alienating customers and harming shareholders. The company covers transgender-related medical costs for its employees and their children and provides specific sexual orientation and gender identity-based benefits. It also uses sex and gender ideology criteria in employee recruitment, vendor selection, marketing, and philanthropic support. RBC forces employees to undergo multiple ideological trainings and uses its reputation, corporate funds, and political influence to support controversial sex and gender ideologies, organizations, and legislation. RBC has advocated for and funded LGBTQ causes and organizations. The company is committed to carbon neutrality by 2050. For these reasons, RBC earns a High Risk rating.

Shareholder Proposals

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ESG Category
Summary of ResolutionMgmt RecTotal Vote % in Favor
4/5/23SocialRacial Equity AuditAgainst42.24%
4/5/23Socialindigenous peoples rightsAgainst26.67%
4/5/23Environmentalthe circular economyAgainst10.81%
4/5/23EnvironmentalFossil Fuel Financing PolicyAgainst6.76%
4/5/23Environmentaladvisory vote on environmental policiesAgainst18.76%
4/5/23Environmentalabsolute greenhouse gas reduction goalsAgainst17.17%
4/5/23EnvironmentalTCFD Reporting for M&A and Direct LendingAgainst7.15%
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