Royal Bank president David McKay speaks at the Royal Bank of Canada annual meeting in Toronto on April 6, 2017. McKay defended the bank’s climate plan at its annual shareholder meeting Wednesday as numerous attendees criticized it for not doing enough. THE CANADIAN PRESS/Frank Gunn
By Ian Bickis in Toronto
RBC chief executive Dave McKay defended the bank’s climate plan at its annual shareholder meeting Wednesday as numerous attendees criticized it for not doing enough.
Speaking at the event held this year in Saskatoon, McKay emphasized the importance of an orderly net-zero transition since instability in food, energy or security will throw off efforts to rein in climate change.
“Where any of those, one or more of those elements, aren’t present, then the focus on this critical climate journey is put aside.”
He also said there needs to be a wider shouldering of the burden of change.
“We are putting all the pressure in society on the manufacturing supply side to change and make it an easy journey for us as citizens, and so far, for the most part, we’ve appeared unwilling to change our consumption behaviours or mobility behaviours to lower our footprint.”
His comments come as the bank faces a barrage of criticism from those pushing for shareholder resolutions, especially on stronger and faster climate action but also racial equity, and executive pay, and Indigenous rights.
Grand chief Stewart Phillip, president of the Union of British Columbia Indian Chiefs, presented a resolution pushing the bank to implement free, prior and informed consent (FPIC) as he raised concerns about the bank’s involvement in the Coastal GasLink pipeline.
“Failures to adequately incorporate FPIC is a material risk that has already caused reputational harm, as well as delays, cost increases and conflict on the land,” he said.
McKay said the bank can’t be held responsible for the day-to-day operating issues of the pipeline construction, while consent issues are difficult questions that need collaboration to resolve.
“Free prior informed consent is a very complex issue that has to be led by Indigenous communities, governments, and those businesses that own and operate the assets and the projects in question.”
Several attendees speaking for resolutions, including Wet’suwet’en hereditary chief Na’Moks, also criticized the bank for relegating them to an overflow room at the meeting where they were unable to address bank executives in person.
“(I’ve) never been so insulted in my life,” said Na’Moks to a crowd gathered outside the hotel.
Some hundred or so demonstrators had gathered before the meeting. Many wore ribbon skirts and some held signs calling RBC the “Oil Bank of Canada” and called for the bank to “stop funding eco-cide.”
Of the eight shareholder proposals that went to a vote, one pushing for the bank to undertake a racial equity audit secured the highest support at about 44 per cent, while the resolution on Indigenous consent garnered 28 per cent support.
A resolution pushing RBC to set absolution emission reduction targets got 22 per cent support, while one trying to get the bank to stop funding fossil fuel expansion secured about 11 per cent.
McKay thanked those who had spoken at the meeting, saying that he thinks they agree on the destination and that they disagree only on how to get there.
— With files from Kelly Geraldine Malone in Saskatoon.
This report by The Canadian Press was first published April 4, 2023.
- 0079 Ministry of Energy Business_incentive PO0079 Ministry of Energy Business_incentive PO
- 0078 LHOS 20240078 LHOS 2024
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0053 Kingston Midstream Westspur Alameda0053 Kingston Midstream Westspur Alameda
- 0076 Latus only0076 Latus only
- 0073 SaskWorks-Pipeline Online0073 SaskWorks-Pipeline Online
- 0063 Turnbull Excavating hiring crusher0063 Turnbull Excavating hiring crusher
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0058 Royal Helium Steveville opens anonymous rocket0058 Royal Helium Steveville opens anonymous rocket
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0046 City of Estevan This is Estevan0046 City of Estevan This is Estevan
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0011
- 0006 JK Junior
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001