Principles, Codes and Policies
As a global organization, RBC respects and complies with
all laws and regulations that govern our businesses in the
jurisdictions in which we operate. We also adhere to a number
of other principles, codes and policies to ensure we operate
with integrity including our Code
of Conduct, which governs the behaviour of our whole operation.
Learn more about RBC's:
RBC's Code of Conduct and Guiding Principles
All RBC employees worldwide are governed by our Code
of Conduct, which was first established more than 20 years
ago. The Code is reviewed regularly and was updated in 2007,
with clarification of our process for approving and disclosing
waivers, increased confidentiality protection provisions,
additional guidelines for conflicts of interest and updated
standards for maintaining respectful workplaces. All employees
are required to take a web-based learning program so that
they know and understand the Code's principles and compliance
elements. The program includes an online course and a test,
which all employees must complete within 30 days of joining
RBC and at least once every two years thereafter. The company's
most senior officers and select others must complete the program
annually.
RBC's Code of Conduct covers the following principles:
- Upholding the law
- Confidentiality
- Fairness
- Corporate responsibility
- Honouring our trust in you
- Objectivity
- Integrity
- Individual responsibility
Policies
RBC has enterprise-wide compliance policies and processes
to support the assessment and management of risks, including
policies to address issues such as economic sanctions, lending
to political parties, money laundering, terrorism financing
and conflicts of interest, to name a few. Policies and controls
are reviewed regularly to ensure continued effectiveness and
alignment with relevant laws and regulations.
Environmental Policy
RBC has a formal Policy
on the Environment, adopted in 1992, updated in 1995, and
reviewed regularly.
RBC's Environmental Policy is overseen by the Environmental
Risk Management Group that works with executives and staff
in business and functional units. The policy applies to all
of RBC's operations, including:
- Environmental impacts of products & services
- Suppliers & service providers (e.g. contractors)
- Other key business partners (e.g. non-managed operations,
joint venture partners, etc.)
RBC environmental policy has been defined for different business
operations. Specific policy components are designed, deployed
and updated on a regular basis. For example, RBC's Code of
Conduct addresses employees' expected behaviors regarding
the environment. Vendors are required to supply RBC with their
environmental policies and practices, which are considered
in the supplier selection process. Specific environmental
risk management policies are defined for our different businesses
including Agricultural Businesses, Residential Mortgages,
Business and Commercial Markets and Project Finance.
RBC is a signatory to the:
- International Chamber of Commerce Business Charter for
Sustainable Development
- UNEP Statement by Financial Institutions on the Environment
& Sustainable Development (2002) and
- The Equator Principles (2003)
Privacy code
We have had a formal Privacy
Code since 1991 to ensure that the personal and financial
information of our clients and employees is protected.
Voluntary codes
We have also signed a number of voluntary codes of conduct
in the area of consumer protection. Voluntary Codes of Conduct
are non-legislated commitments, voluntarily made by companies,
associations and other organizations used as a form of consumer
protection in place of government legislation.
External Principles, Charters and
Initiatives
RBC subscribes to a number of externally developed economic,
environmental and social principles, charters and initiatives.
They include:
- The Equator Principles
- The United Nations Environment Programme Finance Initiative
- International Chamber of Commerce Business Charter for
Sustainable Development
- The Global Reporting Initiative
- Imagine, a Canadian initiative to encourage corporate
philanthropy and voluntarism (RBC is a founding member)
- OECD Guidelines for Multinational Enterprises
- The Canadian Human Rights Act and all human rights legislation
in any jurisdiction where we operate
- The Canadian Standards Association's Strategic Steering
Committee on Business Management and Sustainability.
Reporting suspected irregularities
RBC has long-established processes that enable employees
around the world to report suspected breaches of our Code
of Conduct, other irregularities and dishonesty directly to
our Ombudsman. Employees can report anonymously, confidentially
and without fear of retaliation.
Specific to financial reporting practices, the RBC Reporting
Hotline was established so employees and third parties around
the world can anonymously, confidentially and without fear
of retaliation, report suspected irregularities or wrongdoing
relating to accounting, auditing or internal accounting controls
directly to the RBC Ombudsman.
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