RBC Ranked Top Canadian Bank for Supplier Labour Standards
A report by the Shareholder Association for Research and Education (SHARE) ranked RBC as the top Canadian financial institution and fourth company overall for policies addressing labour standards in the property service supply chain.
Entitled "Cleaning up", the report evaluated nine commercial real estate companies and five financial institutions on their contracting policies for workers who clean, maintain and provide security for commercial buildings in Canada. Companies were assessed in six categories: quality and scope of policy; disclosure of policy; application of policy; tendering process; monitoring; and enforcement.
RBC ranked above average in five of the six evaluation categories, and received the maximum score in two categories: application of policy and tendering process. The scoring also noted that RBC needs to improve enforcement provisions in instances where service providers are not in compliance.
SHARE's report also found that companies are taking important steps to address precarious employment practices within their supply chains by including labour standards in contracting and procurement policies. Others have articulated labour practice expectations in standard service agreements and as criteria in contract tendering processes. However, the report noted most companies are still reluctant to adopt policies going beyond the minimum legal requirements. Also, the majority of companies still have not developed explicit policies dealing with labour standards in their supply chains but rather rely on standard service agreements or contracts to communicate expectations to potential service providers.
The other four financial institutions evaluated in the report included: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Toronto Dominion Bank. The nine commercial real estate companies included: Oxford Properties Group, Bentall Kennedy, Brookfield Properties Corporation, Cadillac Fairview, GWL Realty Advisors Inc., Ivanhoe Cambridge, Morguard Corporation, Redcliff Realty Advisors and SITQ.
Since 2007, SHARE has been working with the commercial real estate sector to help identify practical solutions to precarious employment practices including: low wages, insecure tenure, limited statutory entitlements, and high levels of sub-contracting.
Launched in 2010, RBC's enterprise-wide Responsible Procurement Policy addresses evolving environmental and social risks that can impact our business and those of our suppliers. The policy is intended to ensure that we gather the appropriate environmental and social information regarding suppliers and the products and service they offer to make informed procurement decisions. Visit Responsible Procurement for more information.
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