RBC chief executive defends climate plan as shareholders criticize record

SASKATOON –

RBC chief government Dave McKay defended the financial institution’s local weather plan at its annual shareholder assembly Wednesday as quite a few attendees criticized it for not doing sufficient.

Speaking on the occasion held this yr in Saskatoon, McKay emphasised the significance of an orderly and secure net-zero transition since shortages of important wants like meals or power will throw off efforts to rein in local weather change.

His feedback come because the financial institution faces a barrage of criticism from these pushing for shareholder resolutions, particularly on stronger local weather motion but additionally Indigenous rights, racial fairness, and government pay.

Several attendees talking for the resolutions, together with Wet’suwet’en hereditary chief Na’Moks, additionally criticized the financial institution for relegating them to an overflow room on the assembly the place they have been unable to deal with financial institution executives in individual.

Protesters additionally gathered outdoors the assembly, some holding indicators calling RBC the “Oil Bank of Canada” and known as for the financial institution to “stop funding eco-cide,” much like protests held in opposition to the financial institution on the weekend.

McKay thanked those that had spoken on the assembly, saying that he thinks they agree on the vacation spot and that they disagree solely on easy methods to get there.

This report by The Canadian Press was first revealed April 4, 2023.

This is a corrected story. A earlier model had incorrect info on who was within the overflow room.