Better Health for All
10
RBC's core business as a financial institution means its principal goods and services are generally health-neutral, resulting in a score of 0 for KPIs like health_impact_core, harmful_revenue_share, safety_record, price_accessibility, risk_transparency, health_externalities, preventative_health_measures, healthcare_data_responsibility, global_health_crisis_response, pharma_patent_flexibility, nutrition_and_food_safety, and clinical_trial_ethics. RBC demonstrates strong efforts in reaching vulnerable populations through its impact investing strategies and accessibility plan. In its combined impact investing strategies, 100% of borrowers are low-to-moderate income, and 65% of average borrower income is relative to the Area Median Income.
1
For the BlueBay U.S. Impact Bond strategy, 92% of households are BIPOC.
2
Additionally, 89% of tenants in the NorthHaven Apartments are considered 'extremely low income' (30% or less than AMI), and 67% of tenants in combined affordable housing strategies are BIPOC.
3
The company's Accessibility Plan for 2023-2026 also focuses on removing barriers for Persons with Disabilities, including quarterly reviews of representation, hires, promotions, and departures for this group.
4
While RBC GAM's impact investing includes a 25.74% allocation to 'Health & wellness' within its BlueBay U.S. Impact Bond strategy, and examples like funding a Christian drug treatment center and a dental practice are mentioned, there is no evidence of the company's overall R&D or capital allocation percentage for health improvement.
5
Similarly, while the company's impact investing strategy and accessibility plan are geared towards health equity, specific funding as a percentage of revenue for these health equity programs is not provided. The company's mental health initiatives are primarily focused on internal employee benefits
6
and external donations from other banks to mental health facilities, rather than direct RBC programs or investments.
7
Research on burnout in healthcare workers is mentioned, but specific support initiatives for the healthcare workforce are not detailed.
8
Healthcare education is focused on internal training for employees on disability awareness and inclusion, not broader public health education.
9
Addiction mitigation is addressed through the Christian drug treatment center example, but the scale of this effort is not quantified.
10
Fair Money & Economic Opportunity
0
No evidence available to assess Royal Bank of Canada on Fair Money & Economic Opportunity.
Fair Pay & Worker Respect
20
In 2024, the company's voluntary employee turnover rate was 9.5%.
1
The employee wellbeing composite score was 77 in 2024.
2
In Canada, the median remuneration for women was 95% of men's, and the median remuneration for BIPOC employees was 99% of white employees' (adjusted).
3
Fair Trade & Ethical Sourcing
-40
RBC, as a financial institution, does not procure or trade physical commodities, making fair trade certification and material risk indices not applicable to its operations. In 2024, no evidence of modern slavery, including forced or child labor, or human trafficking incidents, was identified.
1
RBC has a Supplier Code of Conduct that requires suppliers and subcontractors to abide by applicable employment standards, labor, non-discrimination, and human rights legislation.
2
However, there is no evidence that any supplier contracts include enforceable ethical-sourcing clauses.
3
Furthermore, less than 1% of RBC's procurement budget is directed to local, indigenous, or minority suppliers.
Honest & Fair Business
-10
Royal Bank of Canada (RY.TSX) faced an internal investigation triggered by a whistleblower complaint in March, leading to the termination of CFO Nadine Ahn on April 5, 2024, due to an undisclosed romantic relationship and alleged conflict of interest.
1
The bank is attempting to claw back C$3.3 million from Ahn and C$1.1 million from Ken Mason.
2
RBC Global Asset Management (RBC GAM), a subsidiary, voted against the election of approximately 15% of directors due to governance concerns and against about 9% of proposals on executive compensation plans.
3
RBC GAM generally votes against directors on nominating or corporate governance committees if a company's board has less than 30% women directors.
4
RBC GAM has policies and procedures to prevent and manage conflicts of interest, which are regularly reviewed.
5
RBC GAM's investment teams will not knowingly invest in companies associated with anti-personnel land mines, cluster munitions, biological weapons, or chemical weapons.
6
RBC GAM's 2023 UN PRI Assessment Report showed that each of its assessed modules received scores of three or more stars, with five of seven modules receiving five stars.
7
Kind to Animals
-20
Royal Bank of Canada (RBC) is a service-oriented financial institution, therefore KPIs related to cruelty-free products, animal testing, humane operations, ethical input substitution, supplier audits, and cage-free sourcing are not applicable. Between 2015 and 2020, RBC provided $9.4 billion in loans and underwriting services to 35 of the world's largest meat and dairy companies.
1
A December 2021 report assessed RBC's animal welfare policy score as 0 out of a possible 42 points, indicating non-compliance across all 21 criteria, including those related to animal agriculture ethics.
2
RBC Global Asset Management (RBC GAM) is a member of the Farm Animal Investment Risk & Return Initiative (FAIRR), which raises awareness of ESG risks related to intensive livestock production,
3
but there is no evidence of RBC's direct participation in multi-stakeholder initiatives to develop industry-wide animal-free testing and sourcing standards. RBC has no public position on animal welfare legislation and is silent on industry standards.
No War, No Weapons
-30
Royal Bank of Canada (RBC) holds over $61 billion in investments in companies allegedly complicit in war crimes, representing 12.8% of the bank’s total holdings in Q1 2025.
1
From 2022-2025, RBC invested over $9 billion in shares and loans in weapons manufacturers supplying Israel.
2
In October 2024, RBC underwrote $21.1 billion in stocks for Boeing, a weapons manufacturer.
3
The company also underwrote over $1 billion worth of arms to companies supplying arms to Israel.
4
RBC has doubled its stake in Palantir Technologies to $159 million since 2023.
5
While RBC has a responsible AI framework and an Office of AI to provide governance, it explicitly prohibits any military or surveillance use of AI. The company's 2024 Sustainability Report indicates that 99.3% of employees complied with the Code of Conduct training and 99.2% with AML/ATF and economic sanctions training.
6
RBC provided $184 million in cash donations and community investments globally in 2024, which is less than 0.5% of its $20.4 billion net income.
7
The company has a Reconciliation Action Plan and states its purpose is to help clients thrive and communities prosper, but its alignment with UN Guiding Principles on Business and Human Rights is uneven across divisions.
Planet-Friendly Business
-40
In 2024, Royal Bank of Canada sourced 100% of its electricity from renewable sources, which implies net-zero for purchased power.
1
The company diverted 87% of its waste from landfills.
2
40% of RBC’s global portfolio of applicable leased and owned buildings are green building certified.
3
The company's 2024 Sustainability Report is informed by TCFD recommendations, and RBCELWM's 2024 report states TCFD compliance.
4
RBC GAM's 2024 Climate Report includes aggregated Climate Value at Risk (VaR) under 1.5°C, 2°C (orderly and disorderly), and 3°C scenarios.
5
RBCELWM's 2024 report also provides Aggregated Climate VaR for Net Zero by 2050, Below 2°C, Delayed Transition, and NDC scenarios.
6
RBC has growing disclosure of climate-related assets at risk and outlines its management approach. The company supported 140+ community investment partners in areas such as agriculture, energy, and nature-based climate solutions through $29 million in community investments via RBC Tech for Nature in 2024.
7
RBCELWM reported 1.4 Mt CO2 eq. in financed emissions (Scope 1 & 2) for 77% of its AUM in 2024, and RBC GAM reported 31.9 Mt CO2 eq. in financed emissions for 76% of its AUM in 2024.
8
RBCELWM aims to achieve net-zero greenhouse gas (GHG) emissions by 2050, and RBC GAM does not set climate-related targets that apply to assets under management.
9
RBCELWM does not set climate-related targets that apply across assets under management.
10
Respect for Cultures & Communities
-30
RBC collaborates with 10 Indigenous organizations and one local community group, totaling 11 formal partnerships. The company has nine on-reserve branches and six agencies in remote communities.
1
No cultural appropriation incidents have been reported for RBC.
2
RBC commits to obtaining Free, Prior, and Informed Consent (FPIC) from Indigenous Peoples for economic development projects, and will develop FPIC education modules for applicable Canadian employees, but the percentage of affected communities participating in FPIC processes is not specified.
3
RBC will deliver training for executives, leaders, and Board members on First Nations, Inuit, and Métis communities’ history, UNDRIP, and FPIC, but the percentage of employees completing cultural sensitivity training is not provided.
4
RBC has 390 Indigenous workers employed per month on a liquefied natural gas project, but this is not a proportion of the total workforce. RBC will review third-party spend practices to identify opportunities for certified Indigenous suppliers, but the proportion of procurement spending directed to local suppliers is not provided.
5
RBC has a special advisor who is Indigenous, but the percentage of community representation on governance or advisory bodies is not specified.
6
RBC will enhance its client due diligence process with an Environmental and Social Risk assessment process and will launch additional feedback channels, including a Truth and Reconciliation Office in 2025.
7
Safe & Smart Tech
-10
RBC has established Responsible AI Principles covering privacy, security, accountability, fairness, transparency, and responsible disclosure, guided by a robust risk governance framework.
1
The company was recognized as the ranked bank in Canada and globally for AI maturity in the 2025 Evident AI Index for the 4th consecutive year.
2
RBC also launched Genesis, an in-house built graph analytics tool in 2025 that proactively identifies and contributes to the timely mitigation of attempted financial crimes, and expanded User Behaviour Analytics, which utilizes eight AI models and eight risk indicators to enhance visibility and enable timely management of threats.
3
However, the company was convicted in a French court case, with RBC Bahamas ordered to pay a fine of €5,000, and joint liability for unpaid inheritance taxes, penalties, and interest pending.
4
RBC also settled a U.K. Competition and Markets Authority (CMA) investigation for £34.2 million.
5
No specific details are provided regarding the availability or strength of multi-factor authentication (MFA) across services, indicating an industry-standard level for authentication security.
Zero Waste & Sustainable Products
10
RBC diverted 87% of its waste from landfills in 2024.
1