RBC Capital Markets’ disclosure of $180,000 in lobbying expenditures in Q4 2024 highlights its efforts to influence policy on key banking regulations such as capital adequacy, liquidity requirements, and tax reforms. These lobbying activities are seen as contributing to the undermining of democratic processes by favoring corporate interests and enabling policies that align with authoritarian frameworks. The lack of transparency in how these funds are used and the potential influence on financially critical regulations raise concerns about the company's complicity in furthering authoritarian policy agendas.

Lobbying Update: $180,000 of RBC CAPITAL MARKETS LLC (FORMERLY REGISTERED AS ROYAL BANK OF CANADA) lobbying was just disclosed

The disclosed $70,000 in lobbying expenditures by RBC Capital Markets, aimed at influencing policy on capital framework and tax reform, reflects active engagement in political lobbying. While corporate lobbying is common in the industry, from a left-leaning perspective, such activity can be seen as undermining democratic processes by prioritizing corporate interests over public welfare. The involvement in shaping regulatory outcomes may contribute indirectly to authoritarian policy shifts, warranting a negative rating.

Lobbying Update: $70,000 of RBC CAPITAL MARKETS LLC lobbying was just disclosed

The article highlights RBC's commitment to addressing modern slavery and supply chain risks by outlining regular Modern Slavery Act Statements and transparent investor engagement practices. These actions reflect a positive approach to supply chain ethics under the Business Practices and Ethical Responsibility category. While the measures are commendable, there remains room for deeper transparency and accountability to further mitigate any potential risks.

Investor perspectives on modern slavery and supply chain risks

The statement outlines stringent measures for managing the supply chain, including fair sourcing processes, regular supplier risk assessments, and adherence to a robust Supplier Code of Conduct. These steps demonstrate RBC Capital’s commitment to ethical supply chain practices and minimizing the risk of modern slavery in its operations.

Statement Regarding Modern Slavery 2023 - RBC

The disclosure demonstrates that while RBC Capital is transparent about its lobbying practices and refrains from using corporate funds for political donations, its active participation in lobbying contributes to corporate influence in policy-making. From a left-leaning anti-fascist perspective, this engagement in shaping public policy, even with stringent internal controls, can be seen as part of broader complicity in maintaining power structures that undermine democratic accountability.

Statement on Lobbying and Political Contributions

RBC's Modern Slavery Act Statement demonstrates a robust commitment to upholding high ethical standards in labor relations and supply chain management. The document outlines clear policies to prevent modern slavery and human trafficking, includes a detailed supplier code of conduct, and establishes mechanisms for risk assessment and remediation. These practices reflect positively on its Business Practices and Ethical Responsibility, underlining strong corporate governance and responsibility. However, further transparency around enforcement and continuous monitoring could enhance accountability even more.

Modern Slavery Act Statement 2022 - RBC