Our commitments

We participate in initiatives that work to increase transparency, protect investors, and foster fair and efficient capital markets. We recognise that advocating for regulatory and legal reform can be more effective when market participants work together. Where interests are aligned, collaboration with like-minded investors can give us greater influence on issues specific to our investments and on broader, market-wide considerations. In either case, we work to encourage changes that are in the best interests of our clients.

 

UN Principles for Responsible Investment

RBC GAM is a signatory to the UN Principles for Responsible Investment (PRI)1. The PRI is a global network for investors committed to incorporating ESG considerations into their investment practices and ownership policies. We are committed to putting the PRI’s six Principles of Responsible Investment into practice and believe that they are aligned with our existing approach to responsible investment. A member of RBC GAM’s Responsible Investment team sits on the Policy Committee.

We are also a signatory to the PRI Statement on ESG in Credit Ratings, which encourages credit rating agencies to proactively take ESG factors into consideration for relevant issuers.

 

What are the UN Principles for Responsible Investment?

PRI signatories commit to implement the six Principles of Responsible Investment and report on their activities and progress in implementing them.

  1. We will incorporate ESG issues into investment analysis and decision-making processes.
  2. We will be active owners and incorporate ESG issues into our ownership policies and practices.
  3. We will seek appropriate disclosure on ESG issues by the entities in which we invest.
  4. We will promote acceptance and implementation of the Principles within the investment industry.
  5. We will work together to enhance our effectiveness in implementing the Principles.
  6. We will each report on our activities and progress towards implementing the Principles.

Evaluations

The PRI evaluates signatories' approaches to the Principles based on its assessment methodology. Please see below for the results of our most recent Assessment Report. The group to calculate module medians includes all PRI signatories who submitted and were eligible to report on the module:


2021 PRI assessment – summary scorecard

As part of the paid annual membership services, the PRI evaluates signatories' approaches to the Principles based on its assessment methodology. Once the responses are assessed, all indicator scores are aggregated and modules are assigned a numerical score, converted from a points-based system ranging from 0 to 100. Scores from the 2021 reporting cycle cannot be compared to those from previous years. Prior to 2021, module scores used an alphabetical grading (A+ to E) system. 

UK Stewardship Code

RBC GAM is a signatory to the UK Stewardship Code 2020. The code aims to enhance the quality of engagement between asset managers and companies to help improve long-term risk-adjusted returns to shareholders. RBC GAM’s 2022 Annual Stewardship Report met the expected standard of reporting of the Financial Reporting Council (FRC).2

Japanese Stewardship Code

RBC GAM is a signatory to the Japanese Stewardship Code. The Code sets out the principles that institutional investors should adhere to in order to fulfill their stewardship responsibilities to clients, beneficiaries and investee companies.

RBC GAM Climate Report 2022

RBC GAM has committed to publishing an annual climate report, guided by the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). In our third annual RBC GAM Climate Report, we discuss how we address climate-related risks and opportunities across four areas: governance, strategy, risk management, and metrics & targets.

(TCFD report)

RBC GAM Climate Report 2022
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Other responsible investment commitments

30% Club Canadian Investor Group

RBC GAM is signatory to the 30% Club Canadian Investor Group, a coalition of Canada’s largest institutional investors, which calls on publicly-traded companies to take prompt and considered action to achieve and exceed the 30% gender diversity target and to enhance the presence of other underrepresented groups on their boards and at the executive management. The coalition has instigated numerous engagements, for which RBC GAM may engage, provide inputs and/or feedback.

Alternative Investment Management Association

We are a member of AIMA, the global representative of the alternative investment industry. AIMA draws upon the expertise and diversity of its membership to provide leadership in industry initiatives such as advocacy, policy and regulatory engagement, educational programs, and sound practice guides.

Canadian Coalition for Good Governance

RBC GAM is a founding member of CCGG, which promotes good governance practices in Canadian public companies and works to improve the regulatory environment to best align the interests of boards and management with their shareholders. Members of the Responsible Investment team are on the Public Policy and Environmental and Social Committees of CCGG.

CDP

We are signatories to the CDP, formerly known as the Carbon Disclosure Project. The CDP runs the global disclosure system that enables entities to measure and manage their environmental impacts and strives to advance environmental disclosure.

Climate Action 100+

We are signatories to Climate Action 100+, an investor-led initiative focusing on active engagement with the world’s largest publicly traded and systemically important carbon emitters, or companies with significant opportunity to drive the transition to a low-carbon economy.

Climate Engagement Canada (CEC)

We are a founding participant of the CEC, a finance-led initiative that drives dialogue between the financial community and corporate issuers to promote a just transition to a net-zero economy. This is a national engagement program in Canada, akin to Climate Action 100+.

Council of Institutional Investors

RBC GAM is a member of the Council of Institutional Investors (CII). The CII aims to promote effective corporate governance, strong shareowner rights and vibrant, transparent and fair capital markets.

Emerging Markets Investor Alliance

We are a member of the EMIA, which aims to enable institutional emerging market investors to support good governance, promote sustainable development, and improve investment performance in the governments and companies in which they invest.

European Leveraged Finance Association

One of our investment teams is a member of the European Leveraged Finance Association. The ELFA aims to seek a more transparent, efficient, and resilient leveraged finance market.

Farm Animal Investment Risk & Return

We are a member of FAIRR, a collaborative investor network that raises awareness of the ESG risks and opportunities brought about by intensive livestock production.

Forest, Agriculture and Commodity Trade (FACT) Dialogue

One of our investment teams is a member of the FACT Dialogue taskforce, which aims to promote greater coordinated government action to tackle commodity-driven deforestation and show that sustainable land management and economic development do not have to be mutually exclusive.

Global Foreign Exchange Committee

RBC GAM is signatory to the FX Global Code July 2021, a set of global principles of good practice in the foreign exchange market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed by a partnership between central banks and Market Participants from 20 jurisdictions around the globe. The Global Foreign Exchange Committee promotes, maintains and updates the Code regularly. RBC GAM’s Head of Global Fixed Income & Currencies is a member of the Canadian FX Committee.

GIIN

RBC GAM is a member of the Global Impact Investing Network (GIIN). The GIIN is the global champion of impact investing, dedicated to increasing the scale and effectiveness of impact investing around the world.

International Corporate Governance Network

RBC GAM is a member of the ICGN, aiming to promote effective standards of corporate governance and investor stewardship to advance efficient markets and sustainable economies worldwide. A member of the Responsible Investment team is on ICGN’s Global Governance Committee.

IFRS Sustainability Alliance

We are members of the IFRS Sustainability Alliance, a global membership program for sustainability standards, integrated reporting, and integrated thinking. Upon the Value Reporting Foundation’s consolidation into the IFRS Foundation, the IFRS Foundation’s International Sustainability Standards Board (ISSB) assumed responsibility for the SASB Standards. The ISSB has committed to build on the industry-based SASB Standards and leverage SASB’s industry-based approach to standards development. The ISSB encourages preparers and investors to continue to use SASB Standards. A member of the Responsible Investment team is on the Investor Advisory Group.

Investor Stewardship Group

RBC GAM is a founding member of the Investor Stewardship Group (ISG). The ISG is a collective of institutional investors brought together to establish a framework of basic standards of investment stewardship for institutional investors and corporate governance principles for U.S. listed companies. A member of the Responsible Investment team is on the ISG board.

The Investment Association

We are a member of the IA, the United Kingdom’s membership association for investment managers. One of our investment teams participates on the Fixed Income Stewardship Working Group (Working Group) of the IA.

Investors Policy Dialogue on Deforestation (IPDD)

RBC GAM is a supporting investor of the IPDD in Brazil, which is co-chaired by the BlueBay Fixed Income Investment platform. The IPDD initiative aims to coordinate a public policy dialogue with authorities and monitor developments to assess exposure to financial risks arising from deforestation.

Mission Investors Exchange

RBC GAM is a member of the Mission Investors Exchange, the leading impact investing network for foundations, dedicated to deploying capital for social and environmental change.

Responsible Investment Association

RBC GAM is a sustaining member of the Responsible Investment Association (RIA). The RIA is Canada’s membership association for responsible investment. A member of the Responsible Investment team is Vice Chair of the RIA board.

Standards Board for Alternative Investments

We are a member of the SBAI, which aims to help institutional investors and alternative investment managers better understand how responsible investment can be applied in different alternative investment strategies, as well as the specific challenges and questions that arise in these contexts.

US SIF - The Forum for Sustainable and Responsible Investment

RBC GAM is an institutional member of US SIF. US SIF is the leading voice advancing sustainable, responsible and impact investing across all asset classes. Its mission is to rapidly shift investment practices toward sustainability, focusing on long-term investment and the generation of positive social and environmental impacts.

Japanese Stewardship Code

RBC GAM is a signatory to the Japanese Stewardship Code. The Code sets out the principles that institutional investors should adhere to in order to fulfill their stewardship responsibilities to clients, beneficiaries and investee companies.

Task Force on Climate-related Financial Disclosures (TCFD)

We are supporters of the TCFD, which was created by the Financial Stability Board to improve and increase reporting of climate-related financial information. The TCFD recommendations have quickly become a global framework for building comparable and effective disclosures on climate-related risks and opportunities.

UK Stewardship Code

RBC GAM is a signatory to the UK Stewardship Code 2020. The code aims to enhance the quality of engagement between asset managers and companies to help improve long-term risk-adjusted returns to shareholders. RBC GAM’s 2022 Annual Stewardship Report met the expected standard of reporting of the Financial Reporting Council (FRC).*

* In 2023, RBC GAM consolidated the activities of two regulated legal entities in the United Kingdom (UK), RBC GAM-UK and BlueBay Asset Management LLP (BlueBay), into RBC GAM-UK. BlueBay has not filed a separate 2022 Annual Stewardship Report. BlueBay’s stewardship activities are incorporated throughout RBC GAM’s 2022 Annual Stewardship Report.

Royal Bank of Canada commitment

Climate change if one of the most pressing issues of our age. Driven by our purpose to help clients thrive and communities prosper, RBC will lead and take action to build a more inclusive and sustainable future.

Our commitment to climate change
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1. In 2023, RBC GAM consolidated the activities of two regulated legal entities in the United Kingdom (UK), RBC GAM-UK and BlueBay Asset Management LLP (BlueBay), into RBC GAM-UK. BlueBay was previously a separate signatory to the UN PRI. RBC GAM’s most recent PRI Transparency Report is inclusive of BlueBay.

2. In 2023, RBC GAM consolidated the activities of two regulated legal entities in the United Kingdom (UK), RBC GAM-UK and BlueBay Asset Management LLP (BlueBay), into RBC GAM-UK. BlueBay has not filed a separate 2022 Annual Stewardship Report. BlueBay’s stewardship activities are incorporated throughout RBC GAM’s 2022 Annual Stewardship Report.