A Royal Bank of Canada sign is shown in the financial district in Toronto on Tuesday, August 22, 2017. The Royal Bank has been added to the Financial Stability Board's global systemically important banks.
After initially refusing, RBC is now one of several major financial institutions that will begin disclosing more information about climate-related investments under an agreement with pension funds led by the New York City comptroller.The Royal Bank of Canada has agreed to a shareholder proposal from NYC pension funds to increase its climate investment reporting.
Multiple pension funds overseen by Lander had put forward shareholder motions to compel the financial institutions to take these steps. Prior to RBC's annual general meeting, set for April 11, the bank's board of directors had "We think that's financially prudent and critical . Making sure they actually are doing it is a responsibility of shareholders and entirely consistent with our fiduciary duty," said Lander, whose pension funds heldWATCH | Candians calling out pension funds for continuing to invest in fossil fuel sector:Climate change concerns are important to many Candians but some are calling out pension funds for continuing to invest in the fossil fuels sector.
JPMorganChase, along with Citi, are two American banks also making the move to report investment ratios. The bank declined an interview request from CBC News, but indicated in its statement that its plan is to "increase lending of low-carbon energy and the growth relative to fossil fuels over time."Climate finance director Richard Brooks with environmental group Stand.earth said he was surprised to see RBC change its mind on disclosing energy investment ratios.
Brooks speculated that RBC may have been concerned it would lose the shareholder vote, and would be forced to disclose this information. Brooks's opinion is that other institutional shareholders of the bank were "really keen to have this data" and so the RBC board's directive to vote against the request may have been ignored.Royal Bank the No.
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