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18 Jan 2018

Royal Bank of Canada (RBC)

Royal Bank of Canada response re Trans Mountain Pipeline Expansion Project

... RBC’s Code of Conduct (the “Code”) sets out the ethical principles by which all employees, contract workers and members of the Board are bound. These principles include a clear statement as to the individual and collective accountability for the social and economic effects of business decisions on communities in which we operate, including compliance with all applicable laws regarding non-discrimination and human rights... We highly value the relationship we have with Indigenous peoples and clients. We believe that resource development projects need to be done in a transparent and inclusive manner. This includes real, meaningful and lasting consultations with Indigenous peoples and local communities in project development... RBC ensures that all projects we finance receive relevant approvals, and we conduct due diligence that considers environmental and social risks to ensure that we adhere to internal risk management processes. This involves applying the Equator Principles to projects that we finance, which includes ongoing monitoring over the life of the loan. This ensures that we identify, assess and manage environmental and social risks associated with projects... We are committed to advancing our risk management processes as we learn from the experiences of our peers and feedback shared by stakeholders.