Royal Bank of Canada (RBC) — Ethics Grade D+

Royal Bank of Canada (RBC) receives an overall ethics grade of D+ (38/100) on CancelCo's corporate accountability database. Sector: Financial Services. Market cap: Large Cap.

Category scores

• labor: 45
• privacy: 60
• consumer: 55
• environment: 25
• humanRights: 40

Documented incidents (3)

• World's Largest Fossil Fuel Funder (high, 2023) — RBC was identified by the Banking on Climate Chaos report as the single largest global financier of fossil fuels in 2022, providing over $42 billion in funding. The bank faces ongoing criticism for financing the Coastal GasLink pipeline project on Indigenous lands.
• Competition Bureau Greenwashing Investigation (medium, 2022) — The Canadian Competition Bureau launched an investigation into RBC following allegations that the bank's marketing claims regarding its environmental commitments were misleading given its continued fossil fuel lending. This marked a significant regulatory scrutiny of misleading climate pledges.
• Outsourcing Controversy (medium, 2013) — RBC faced significant backlash for replacing Canadian IT workers with temporary foreign workers under an outsourcing agreement with iGATE. The incident prompted a national debate on labor laws and corporate social responsibility.

Documented good deeds

• RBC Tech for Nature — RBC committed $100 million in community investments to support data-driven technology solutions that address environmental challenges and climate change.

Ethical alternatives

• Vancity — A values-based credit union focused on local community investment and fossil-fuel-free investment options.