Royal Bank of Canada : 2025 Sustainability Report
RY.TO
Published on 04/16/2026 at 07:04 am EDT
Royal Bank of Canada
Sustainability Report
2025
Table of contents
A purpose-driven approach to create long- 8
term, sustainable value . . . . . . . . . . . . . . . . . . . . .
2025 dashboard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Sustainability focus areas . . . . . . . . . . . . . . . . . . . 17
Approach to governance . . . . . . . . . . . . . . . . . . . . . 19
Sustainability governance and oversight 20
model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Conduct and trust 24
Lobbying and political contributions 27
Employee volunteerism 88
Responsible artificial intelligence 88
Privacy 90
Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Client trust and satisfaction 92
Financial wellbeing 93
Economic inclusion 98
Appendix 1: Endnotes 100
Appendix 2: Glossary 104
Appendix 3: SASB index 111
Appendix 4: OSFI Guideline B-15 index 122
Appendix 5: Methodology and data challenges 126
for relevant metrics . . . . . . . . . . . . . . . . . . . . . . . . .
Appendix 6: Additional human capital metrics . 135
Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Risk management 32
Community investments and donations 36
Responsible investment 39
Responsible procurement and supplier risk 40
management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Appendix 7: Independent limited assurance report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Appendix 8: Caution regarding forward-looking statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Appendix 9: Important notice regarding this report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
138
142
144
Sustainable finance 40
Strategy overview 42
Advise and finance client actions that support 43
the transition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Engage with others in advancing climate 55
solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Integrate climate considerations into our 57
business and operations . . . . . . . . . . . . . . . . . . . . .
Climate-related risk management 62
Other climate metrics 69
Culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
Employee engagement . . . . . . . . . . . . . . . . . . . . . . 73
Workforce composition and inclusion 73
Talent acquisition and retention 76
Developing employees 78
Leadership development 80
Employee wellbeing . . . . . . . . . . . . . . . . . . . . . . . . . 81
Compensation 82
Advancing human rights and reconciliation 85
Affordable and sustainable housing 86
Equipping people with the skills for a thriving 87
future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Who we are
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 100,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries.
19+ million clients
100,000+ employees
29 countries
Our Purpose
Guided by our Vision to be among the world's most trusted and successful financial institutions, and driven by our Purpose, we aim to be:
In Canada: the undisputed leader in financial services
In the United States: the preferred partner to institutional, corporate, commercial and high-net-worth clients and their businesses
In select global financial centres: a leading financial services partner valued for our expertise
We are guided by our Values(1):
Client First
Integrity
Collaboration
Respect
Excellence
(1) As of March 2026.
About this Report
The Sustainability Report (the Report) provides an overview of our sustainability focus areas, impact-levers and advancing sustainability topics, along with highlights and metrics on the sustainability factors most relevant to RBC. It complements information on the results of our operations and financial condition in our 2025 Annual Report, and our governance and executive compensation information in our 2026 Management Proxy Circular.
The information in this Report reflects activities undertaken during fiscal 2025, being November 1, 2024 to October 31, 2025, unless otherwise noted. In many cases, we have provided information for fiscal 2025 as well as the two preceding fiscal years to illustrate trends in our performance over a three-year period.
This Report covers the activities of Royal Bank of Canada and its subsidiaries (referred to as RBC, we, us, our or the bank), unless otherwise noted.
Information in respect of acquired entities or businesses is included from the date that the acquisition is completed, and information in respect of divested entities or businesses ceases to be included on the date that the sale is completed. Certain key corporate events that have impacted the scope of reporting include:
On March 28, 2024, we completed the acquisition of HSBC Bank Canada (HSBC Canada), a premier Canadian personal and commercial bank focused on globally connected clients.
On July 3, 2023, we completed the sale of the European asset servicing activities of RBC Investor Services® and its associated Malaysian centre of excellence (the partial sale of RBC Investor Services operations) to CACEIS, the asset servicing banking group of Crédit Agricole S.A. and Banco Santander, S.A.
As noted in this Report, certain of RBC's sustainability-related policies, commitments, targets and goals are not inclusive of the investment advisory or broker-dealer activities, or the assets under management or administration, of RBC Global Asset Management® (RBC GAM) or RBC Wealth Management® (RBC WM).
RBC GAM operates through indirectly wholly owned subsidiaries of the bank including, but not limited to: RBC Global Asset Management Inc. (including Phillips, Hager & North Investment Management), RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, BlueBay Funds Management Company S.A., RBC Global Asset Management (Asia) Limited, and BlueBay Asset Management International Limited, Japanese Branch.
RBC WM operates through indirectly wholly owned subsidiaries of the bank including, but not limited to: RBC Dominion Securities Inc. (Member-Canadian Investor Protection Fund), RBC Direct Investing Inc. (Member-Canadian Investor Protection Fund), Royal Mutual Funds Inc. (Member-Canadian Investor Protection Fund), RBC InvestEase Inc., RBC Phillips, Hager & North Investment Counsel Inc., RBC Capital Markets®, LLC, RBC Private Counsel (USA) Inc., RBC Dominion Securities Global Limited, RBC Wealth Management Financial Services Inc., Royal Trust Corporation of Canada and The Royal Trust Company, City National Bank and its subsidiaries, and RBC Europe Limited.
We regularly monitor the development of sustainability reporting regulations, standards and frameworks for their relevance and usability, along with the expectations of our stakeholders regarding these standards. The structure and content of this Report are informed by regulations, reporting standards and frameworks, including, but not limited to:
Global Reporting Initiative (GRI) Standards - our assessment of our sustainability focus areas was guided by GRI Standards. For further details, refer to the Sustainability focus areas section.
Office of the Superintendent of Financial Institutions (OSFI) Guideline B-15 - Climate Risk Management (OSFI Guideline B-15) - OSFI Guideline B-15 sets out expectations for the management and disclosure of climate-related risks for Canadian federally regulated financial institutions (FRFIs). Refer to Appendix 4 for an index that shows how we met OSFI Guideline B-15 disclosure expectations.
Sustainability Accounting Standards Board (SASB) Standards - SASB Standards provide a framework to disclose sustainability-related risks and opportunities that are relevant to financial performance across 77 industries. Refer to Appendix 3 for an index that shows how our disclosures are informed by or align with SASB Standards.
Commitments, targets, and goals expressed for a specific year refer to those that we aspire to achieve by the end of that specific fiscal year, unless otherwise noted.
PricewaterhouseCoopers LLP (PwC) has performed a limited assurance engagement for a select number of RBC performance indicators that are identified with this symbol
LBG Canada has provided independent verification on select community investments and donations data. Refer to the Community investments and donations section in Sustainability impact levers for more details. LBG Canada's verification statement can be found here.
All amounts in this document are presented in Canadian dollars unless otherwise noted. Amounts that are denominated in foreign currencies are converted to Canadian dollars at the prevailing exchange rate at the applicable dates. Balances denominated in U.S. dollars as at October 31, 2025 are converted to Canadian dollars using the spot exchange rate (C$1.00 = US$0.713).
Measurements used in this Report are metric.
Key terms used throughout the Report are defined in the Glossary in Appendix 2. The Glossary, as well as the footnotes and endnotes referenced throughout this Report, provide additional information, including definitions, citations and explanations as deemed necessary, and may further define our metrics and criteria for measurement. As such, they represent a critical element of this Report. Refer to Appendix 1 for the endnotes.
Refer to Appendix 8 for the Caution regarding forward-looking statements and Appendix 9 for Important notice regarding this report.
CEO message
"
We have the financial and
strategic strength to support our clients and deliver value through economic cycles. That's why we lead and make decisions aligned with our Purpose, even when the path ahead is not clear.
In a rapidly changing and more complex world, RBC's commitment to our Purpose - helping clients thrive and communities prosper - is more important than ever.
Geopolitical tensions, technological disruption and a shifting economic landscape are challenging how our clients think about their future. They increasingly need trusted advisors to help them make sense of the world around them and navigate these changes with confidence.
This is where RBC shines bright.
We know that our strength depends on the health of the communities we serve. When the communities around us are thriving, our clients have a better foundation for success.
This understanding shapes our approach to sustainability. As one of the world's largest banks by market capitalization, RBC plays an important role in driving economic resilience while helping our clients navigate change and opportunity.
As you will read in this Report, RBC is investing in areas where we can make a meaningful difference. This includes supporting the transition to a low-carbon and resilient economy, equipping people with the skills for a thriving future and driving more inclusive opportunities for prosperity.
Our clients and communities have high expectations of RBC - and we're committed to meeting them. We have the financial and strategic strength to support our clients and deliver value through economic cycles. That's why we lead and make decisions aligned with our Purpose, even when the path ahead is not clear.
Everything we do is made possible by our people. I want to recognize the extraordinary commitment of our employees who contribute to our Purpose in their daily work and in their communities, including record-setting donations and volunteer hours in 2025.
"
With the dedication of our global team, I am confident we will continue to be an anchor of strength for those we proudly serve.
Dave McKay
President & Chief Executive Officer (CEO)
Our approach and highlights
A purpose-driven approach to create long-term, sustainable value
RBC has a long history of supporting sustainability matters and initiatives. From the days of RBC's first community investment in 1891, we have been active in the communities we operate in, and we engage on important issues relevant to our business and society. Our Purpose Framework defines the pressing societal challenges that could impact the success of our business, both today and into the future: an urgent environmental crisis, a rapidly changing workforce and growing inequalities. It identifies our three ambitions and underpinning strategies that help address these challenges and where we believe we can have a meaningful impact:
The RBC Climate Blueprint: support the transition to a net-zero economy;
The RBC Skills Blueprint: equip people with the skills for a thriving future;
The RBC Inclusive Opportunities Blueprint: drive more inclusive opportunities for prosperity.
In 2025, RBC made progress on all three of our Purpose Framework ambitions. In this year's Report, we have focused on the areas where RBC has demonstrated action, and where we can most directly assess our progress. The following section provides an overview of the blueprints underpinning the ambitions and key highlights.
We remain focused on our ambitions, while being committed to continuous improvement. As the sustainability landscape becomes increasingly complex and dynamic, RBC evolves its approach as well, reflecting continued growth in our understanding of sustainability topics, methodologies and perspectives. In particular, we continue to sharpen our focus toward actions where we can demonstrate meaningful progress in our role as a financial institution and to measure and report our results with transparency and clarity.
Our approach will continue to be responsive to the changing needs of our clients and communities, leveraging our expertise, assets, and capabilities.
The RBC Climate Blueprint
The RBC Climate Blueprint, which represents our climate strategy, was originally published in 2019, and was last revised in 2025. It outlines the priorities and actions to support our goal to be the bank of choice for the transition to a low-carbon and resilient economy.
Our strategy is to support our clients across sectors in the transition, while focusing first on the areas that we believe present the greatest opportunities and risks (1). RBC provides financing to support the growth of low-carbon energy, while also providing financing to meet current energy needs, including traditional sources of energy such as oil and gas. RBC is playing its role in helping our clients in the transition to a low-carbon economy, including supporting clients in high-emitting, hard-to-abate sectors in their efforts to decarbonize.
The transition will depend on the collective efforts and actions of a wide range of parties, and to advance climate solutions, RBC is engaging, informing, and collaborating with others. As part of this journey, we are committed to integrating climate considerations into our business and operations, including reducing emissions in our operations and supply chain.
We will continue to consider the impact of changing circumstances on our climate strategy and will recalibrate where appropriate.
For more information about our climate strategy, refer to Strategy overview in Climate.
Goal
To be the bank of choice for the transition to a low-carbon and resilient economy
Strategic priorities
Actions
Engage and support clients to help them succeed in the transition
Increase green and decarbonization financing
Help scale climate solutions through equity and community investments
Convene industry and share economic research and insights
Advance climate risk management practices
Enable our employees to make informed climate-related business decisions
Reduce emissions in our operations and supply chain
Refer to the Glossary for definitions of certain key words in the Blueprint.
(1) As noted in this Report, certain of RBC's sustainability-related policies, commitments, targets and goals are not inclusive of the investment advisory or broker-dealer activities, or the assets under management or administration, of RBC Global Asset Management (RBC GAM) or RBC Wealth Management (RBC WM). Refer to About this Report for information on RBC GAM and RBC WM.
Key 2025 highlights
Advise and finance client actions that support the transition
Established approaches to better understand the climate plans for our commercial real estate sector clients in RBC Capital Markets and Commercial Banking (2) to help to assess the risks and opportunities for this sector
Our lending exposure to pure play renewable energy entities and estimated exposure to renewable energy through lending to mixed-energy entities increased by a multiple of 1.96 to $10.2 billion since 2023, advancing towards our goal to tripling this lending by 2030 across RBC Capital Markets and Commercial Banking, relative to our 2023 baseline
Created a dedicated Energy Transition centre of excellence within RBC Capital Markets to support clients on energy transition with advisory and capital
Engage with others in advancing climate solutions
Committed $82 million in fund and direct investments, totalling $249 million since 2022, to support the development and scaling of climate solutions, progressing towards our goal to allocate $1 billion by 2030 (3)
Supported over 190 community investment partners that are advancing climate mitigation and/or nature-based solutions with $28 million in community investments through RBC, RBC Foundation® and RBC Foundation USA (4)
The RBC Climate Action Institute published its third annual flagship report, sharing insights and ideas to help contribute to Canada's climate progress
Integrate climate considerations into our business and operations
Enhanced advisor training on climate topics in Commercial Banking through a program developed in collaboration with Green Economy Canada to help advisors support clients on their transition and resilience journeys
Continued to work with landlords to help reduce emissions from our own operations by incorporating climate-focused clauses (5) within new and renewed lease agreements
(2) RBC Capital Markets formalized its approach to engaging with commercial real estate clients on their transition plans. This includes the development of a transition readiness framework tailored to the commercial real estate sector to assess the relative maturity of clients' transition plans, starting with an assessment of the unsecured real estate portfolio in 2025. Commercial Banking tested and scaled up engagement with these clients in 2025, which involved enabling client-facing teams to have climate-related conversations with real estate clients and establishing sector-specific expertise in the Commercial Banking Sustainable Finance Group.
(3) While our approach may evolve over time under this category of investment, we intend to prioritize allocating capital toward fund and direct investments that are intended to lead to GHG emissions reductions in Canada and globally. Our investment commitments eligible to count towards this goal may also include support for climate solutions with anticipated outcomes linked to biodiversity, nature and/or adaptation, among others, which may not lead to GHG emissions reductions. For purposes of tracking progress towards this goal, our eligible investment commitments made from 2022 onward are included in this metric. Cumulative climate investment commitments at the end of 2025 have been revalued using the spot exchange rate as at October 31, 2025.
(4) This amount is part of a commitment of $2 billion in community investments by 2035. This included $10 million towards RBC Tech for Nature®, fulfilling RBC and RBC Foundation's $100 million commitment made in 2019.
(5) These climate-focused lease clauses are designed to support RBC's commitment to reducing emissions in its operations by asking landlords to commit to climate-focused actions and share relevant climate data with RBC. For more information, see our Operational Emissions website.
The RBC Skills Blueprint
RBC has an interest in helping those within and beyond our workforce develop skills to thrive as the world of work changes. Providing our employees and communities where we operate with support to develop in-demand skills and pursue meaningful careers is important to sustain our culture of high performance and to help improve lives in our communities.
Goal
Help our employees and communities where we operate keep pace with the changing world of work to drive mobility, innovation and resilience
Strategic priorities
Actions
Uncover insights into employee skills, market demands and talent needs that will help our employees help our clients
Empower employees with tools to explore career pathways matched to their skills and RBC's business needs
Move talent across the organization to drive collaboration and simplify decision making
Help individuals gain in-demand skills needed to access meaningful employment opportunities
Work with organizations in our communities that support career transition, progression and recredentialing
Use our scale and knowledge to deliver insights and actions on the changing skills landscape
Help employees gain skills and experiences to build meaningful careers at RBC
Foster a culture that embraces skill development and reskilling of our employees
Refer to the Glossary for definitions of certain key words in the Blueprint.
Key 2025 highlights
Continued to pilot various tools and technologies that can dynamically leverage skill information, and provide employees with insights and options to enhance their skills, gain exposure to new opportunities and work across different teams
Advance a skills centric approach to help enable employees to serve our clients
Collaborate with others to help individuals and organizations navigate the changing world of work
Through RBC Future Launch®, RBC and RBC Foundation provided $55 million in 2025 (6), fulfilling the program's $500-million commitment by 2025. Since its inception in 2017, this initiative has reached over 9.2 million Canadian youth in communities we operate in through over 960 partner programs, helping set them up with the skills needed for a thriving future
RBC and RBC Foundation worked with 57 postsecondary institutions across Canada, providing over $11 million in 2025 for programs that support job readiness and address labour market gaps in sectors facing talent shortages (6)
RBC announced a $5 million commitment over five years to Windmill Microlending, a national charity offering career loans to skilled immigrants and refugees. The support will focus on helping internationally trained physicians secure Canadian credentials and restart their healthcare careers (6)
RBC, RBC Foundation and RBC Foundation USA provided over $4 million in community investments in 2025 to help entrepreneurs develop skills, gain knowledge and access supports to start, manage and grow their businesses (6)
Support skills development in our workforce
In 2025, RBC launched RBC Academies, a central resource providing curated learning for foundational skills in areas such as critical thinking, data and artificial intelligence (AI) fluency
RBC employees have access to online courses through a number of learning platforms, on a range of topics, including data science, digital skills and AI. In 2025, 23,211 employees accessed on-demand learning in our learning management systems, a 12% increase from 2024
RBC employees collectively invested 3.8 million hours (7) in developing their technical and business skills
(6) This amount is part of a commitment of $2 billion in community investments by 2035.
(7) Refer to the Glossary for the composition of training hours. All periods presented exclude City National Bank as the subsidiary has not been integrated onto our primary Human Resources (HR) platform.
The RBC Inclusive Opportunities Blueprint
In the face of widening inequalities, providing fair and inclusive opportunities is important for the wellbeing of society and for the long-term success of our business. RBC looks for ways to turn ideas into action and help our clients become more financially stable, improve the strength and resilience of our communities, and develop our employees' career potential. While we recognize that we cannot do this alone, we are dedicated to doing our part.
Goal
Be known by our clients, communities, and employees for providing fair and inclusive opportunities for prosperity
Strategic priorities
Actions
Provide clients with financial products that help meet their varied and evolving financial needs
Help clients take actions to improve their personal financial wellbeing
Support more clients to own assets and grow them over time
Provide access to advice, programs, and opportunities to help small businesses start, manage, and grow
Fund projects and initiatives that drive opportunities for prosperity
Leverage our position, knowledge and resources to promote actions that help strengthen community resilience
Recruit from a range of backgrounds with the intention of creating access for under-served populations
Foster inclusive and supportive environments that enable a sense of belonging and wellbeing
Create career pathways where our employees are supported in pursuing their professional aspirations
Refer to the Glossary for definitions of certain key words in the Blueprint.
Key 2025 highlights
Help clients achieve their financial aspirations
Connected more than 5.1 million Canadians to a personalized plan through MyAdvisor®, our digital advice platform since 2017
NOMI Find & Save®, a tool that uses predictive technology to understand personalized transaction patterns, has helped our clients set aside more than
$9.6 billion in savings since its 2017 launch
Approximately 1.3 million clients have used NOMI® Forecast to track their future cash flow since its 2021 launch
RBC expanded access to no-cost banking accounts (8) for Indigenous Peoples in Canada as well as anyone aged 24 and under, including non-students
My Money Matters®, RBC's digital resource hub aimed at helping Canadians navigate their personal relationships with money, has been visited over 7 million times since its 2023 launch
Contribute to building inclusive and resilient communities
Provided a cumulative $4.5 billion (9) towards our
$7 billion commitment to support the construction, retrofitting and renovation of affordable and sustainable housing in Canada over five years
RBC, RBC Foundation and RBC Foundation USA announced a $10 million commitment globally to organizations addressing food insecurity (10)
RBC, RBC Foundation and RBC Foundation USA provided over $9 million in community investments globally to support local housing security and tackle homelessness (10)
RBC joined Business Development Bank of Canada (BDC)'s Business Accelerator Loan Program to help eligible small and medium-sized businesses access the financing they need to grow their business
RBC Foundation announced a $1 million commitment over five years to WoodGreen Foundation in support of its Financial Empowerment - Homelessness Prevention Program in Toronto, providing counselling, tax filing, and financial literacy workshops to homeless and precariously housed individuals (10)
Support our employees in their pursuit of a meaningful career
RBC employees continued to grow their careers and access opportunities across the bank, with 69% of positions filled by internal candidates in 2025 (11)
In 2025, RBC expanded the RBC Wellness+ Platform globally beyond Canada and the U.S. This interactive digital platform, grounded in behavioural science, enables employees to track wellness activities, join health-related challenges, and access evidence-based resources
(8) This expanded access has in part been made available through RBC's adherence to recent enhancements to the Financial Consumer Agency of Canada's voluntary Commitment on Low-Cost and No-Cost Accounts, which came into effect on December 1, 2025.
(9) In connection with the HSBC Canada acquisition, this amount is calculated for the period April 1, 2024 to October 31, 2025 and only includes financing that meets Canada Mortgage and Housing Corporation's (CMHC) MLI Select affordability and/or energy efficiency criteria.
(10) This amount is part of a commitment of $2 billion in community investments by 2035.
(11) Excludes City National Bank as this subsidiary has not been integrated onto our primary HR Platform.
2025 dashboard
We report on select metrics and initiatives that reflect progress against our strategies and demonstrate our performance. By clicking on each metric, you will be guided to the sections in the Report where additional context, metrics, and initiatives are provided to offer a comprehensive view of our efforts. We will continue to refine and update our metrics to present the progress we are making against our evolving sustainability strategies, as well as to reflect applicable regulatory changes, updated industry and market standards, and improved data and methodologies.
2025
2024
2023
Cross-cutting metrics that contribute to multiple Purpose Framework ambitions
Total cash donations and community investments (millions) (1)
Over $209
Over $185
Over $173
Hours volunteered by employees and Canadian retirees (2)
Over 340,000
Over 317,600
Over 206,000
Client Experience Score (3)
Goal: Maintain performance over the prior year
61.1
61.1
60.0
Climate: To be the bank of choice for the transition to a low-carbon and resilient economy
Lending exposure to pure play renewable energy entities and estimated exposure
to renewable energy through lending to mixed-energy entities across RBC Capital Markets and Commercial Banking (billions) (4)
Goal: Triple estimated lending exposure to renewable energy to a combined total of $15 billion by 2030, relative to our 2023
baseline
$
$ 7.3
$ 5.2
Climate investment commitments (millions, cumulative since 2022) (5)
Goal: Allocate $1 billion by 2030 to fund and direct investments to support the development and scaling of climate solutions
$ 249
$ 167
$ 145
Change in absolute financed emissions for oil and gas (authorized basis) against our 2023 baseline (6), (7)
(16)%
(16)%
n.a.
Change in Scope 1 & 2 market-based emissions against our 2018 baseline
(70)%
(61)%
Skills: Help our employees and communities where we operate keep pace with the changing world of work to drive mobility, innovation and resilience
Total invested in direct and indirect training and career development for RBC employees (millions) (8)
$ 91
$ 88
$ 94
Total hours of instructor-led and web-based training for RBC employees (millions)
(8), (9)
3.8
3.2
2.9
% of employees who feel they have the opportunity to learn new skills at RBC (10)
86%
84%
86%
Inclusive opportunities: Be known by our clients, communities, and employees for providing fair and inclusive opportunities for prosperity
Total saved by using NOMI Find & Save (billions, cumulative since 2017) (11)
$ 9.6
$ 7.2
$ 5.2
Small business loans and acceptances (billions, Canada) (12)
$ 16.8
$ 15.5
$ 13.7
Employee Wellbeing Composite Score (13)
78
77
77
% of employees who agree there are career growth opportunities for all at RBC (14)
72%
70%
73%
Includes donations and community investments made by RBC, RBC Foundation or RBC Foundation USA, employee volunteer grants and gifts in kind, as well as contributions to non-profits and non-registered charities.
Volunteer hours are contributed by employees globally and Canadian retirees. All periods presented are from October 1 to September 30.
The Client Experience Score aggregates client satisfaction and loyalty scores across our business segments using independent professional research and technology companies, and evaluates our competitiveness through industry benchmarks including the Ipsos Customer Satisfaction Index and J.D. Power's various client satisfaction studies. The score is measured on a scale from -100 to 100, where 100 represents the highest achievable score. Results include the Personal Banking, Commercial Banking and Insurance segments. Results do not include Wealth Management and Capital Markets segments.
Refer to the Glossary for definitions of pure play and mixed-energy entities.
Cumulative climate investment commitments at the end of 2025 have been revalued using the spot exchange rate as at October 31, 2025. While our approach may evolve over time under this category of investment, we intend to prioritize allocating capital toward fund and direct investments that are intended to lead to GHG emissions reductions in Canada and globally. Our investment commitments eligible to count towards this goal may also include support for climate solutions with anticipated outcomes linked to biodiversity, nature and/or adaptation, among others, which may not lead to GHG emissions reductions. For purposes of tracking progress towards this goal, our eligible investment commitments made from 2022 onward are included in this metric.
Absolute financed emissions (Scope 1, 2 and 3) for oil and gas decreased by 12.3 million tonnes (Mt) of carbon dioxide equivalent (CO2e) or 16% from our 2023 baseline. We have restated the 2024 and 2023 comparative figures, including the restatement of our 2023 baseline to include the estimated impact of the acquisition of HSBC Canada on March 28, 2024. Refer to Restatement of financed emissions in Climate for further information.
Measurement of our absolute financed emissions on an authorized basis for the oil and gas sector is based on methodologies, assumptions, estimates and judgment believed to be reasonable at the time of the measurement. Each of these is subject to inherent risks and uncertainties and may be inaccurate, resulting in disclosed measurements subsequently being determined to have been inaccurate. A number of factors, many of which are beyond our control and the effects of which can be difficult to predict, could affect the amount of our absolute financed emissions for the oil and gas sector in a period, and there can be no assurance that actions we take to bring down our absolute financed emissions for the oil and gas sector over time will result in the reductions we aspire to achieve. These factors include: clients' progress towards their own stated emission reduction targets, changes in the borrowers' enterprise value driven by various factors including market capitalization, availability of client emission data (including issues associated with data lags), and changes in emissions estimates driven by changes in data quality. For future reporting periods, we intend to review methodological enhancements on an ongoing basis, and when deemed appropriate, to update our measurement methodologies to enhance the comparability of this metric over time. For more details on what is included in our oil and gas absolute financed emissions, and on data considerations, limitations and data challenges, refer to Financed emissions in Appendix 5: Methodology and data challenges for relevant metrics. Also refer to Appendix 8: Caution regarding forward-looking statements and Appendix 9: Important notice regarding this report.
Refer to the Glossary for the composition of training investments and hours. All periods presented are for the year ended October 31.
All periods presented exclude City National Bank as the subsidiary has not been integrated onto our primary HR platform. RBC Brewin Dolphin was integrated onto our primary HR platform in 2025, while the data for 2024 and 2023 has been collected through other means.
Represents the percentage of 2025 Employee Engagement Survey participants that responded Agree or Strongly agree to the following: I have the opportunity to learn new skills. Refer to the Glossary for further information on our 2025 Employee Engagement Survey.
All periods presented are cumulative balances since 2017, and are as at October 31. RBC NOMI Find & Save is a tool that uses predictive technology to understand clients' personalized transaction patterns and to help them save.
All periods presented are as at October 31. Represents small business loans and acceptances in Canada.
The Employee Wellbeing Composite Score is our measure for understanding our employees' sentiments about their wellbeing. It is a composite of select questions in our annual Employee Engagement Survey. Refer to the Glossary for further information on our 2025 Employee Engagement Survey.
Represents the percentage of 2025 Employee Engagement Survey participants that responded Agree or Strongly agree to the following: All employees have career growth opportunities at RBC. Refer to the Glossary for further information on our 2025 Employee Engagement Survey.
n.a. Not applicable
Sustainability focus areas
At RBC, each year, we reflect and review sustainability topics where our business strategy and operations may have an impact on people and the planet. In 2024, we commissioned Ernst & Young LLP, a professional services firm, to conduct an independent enterprise-wide review of our existing focus areas, strategies and policies to create a list of relevant sustainability topics, following a three-step process as described in our 2024 Sustainability Report. For the current reporting period, we have relied on the outcomes of our 2024 review, which remain relevant to our business operations and stakeholder expectations. Further detail on each of the below topics can be found in the Glossary or the respective sections.
Sustainability focus areas
Key topics where we, through our business, operations, employees, community investments as well as our research and insights, have the potential to make an impact on people and the planet, and remain essential to our Purpose Framework.
Business conduct (1)
Employee inclusion (4)
Financial wellbeing
Climate change (2)
Employee skills and learning
Human rights (5)
Economic inclusion (3)
Employee wellbeing
Privacy and cybersecurity
Advancing sustainability topics
Areas where RBC's approach is evolving, with ongoing efforts to respond to changing circumstances in a dynamic landscape.
Affordable housing Reconciliation Nature Responsible artificial intelligence
Impact levers
Sustainability focus areas that are mechanisms which help enable RBC to respond to client and/or community needs on a particular sustainability topic either directly or through offerings.
Community investment Responsible procurement Responsible investment Sustainable finance
Refer to Conduct and trust, Lobbying and political contributions, Risk management and Climate-related risk management.
Refer to Climate and Community investments and donations.
Refer to Help provide fair and inclusive access to financial services and Economic inclusion.
Refer to Human capital and Appendix 6: Additional human capital metrics.
Refer to Human rights and Indigenous reconciliation.
Governance
Approach to governance
The RBC Board of Directors (Board) is committed to high standards of governance that are consistent with regulatory expectations and evolving best practices that are aligned with RBC's strategy and risk appetite. The Board believes that good governance is more than overseeing RBC and its practices - it requires transparency, accountability and integrity. It means having an independent Board that actively engages with stakeholders, understands the business and its risks, constructively challenges management and navigates the complexities of a changing world. It also means upholding robust standards and principles to guide RBC in delivering on its Purpose of helping clients thrive and communities prosper, while enhancing value for its shareholders.
The Board of Directors
Directors are the stewards of RBC, exercising independent judgment in overseeing management and safeguarding the interests of shareholders, and other stakeholders. The Board makes major policy decisions, participates in strategic, financial and risk planning, oversees major transactions, and reviews management's performance and effectiveness. The Board is led by an independent Board Chair, which enhances management's accountability and the Board's independent oversight.
By setting the tone from above, the Board champions the values of trust, integrity and good governance. The Board defines the values that set the tone of the bank's organizational culture, as well as its strategic and corporate objectives, and the Board determines the plans for achieving and monitoring performance through this structure. The Board is committed to continuously improving its corporate governance principles, policies and practices.
For more information on our Board and corporate governance structure, visit our Corporate Governance
website.
Board composition
The Board derives its strength from the collective balance of competencies and experience of its members. The Governance Committee oversees Board renewal and nominates independent candidates for election to the Board. A key focus of the Governance Committee is to build a Board that is composed of Directors who collectively possess the competencies and experience to support the current and long-term strategic success of RBC, with strong risk discipline in the context of a financial services transformation shaped by an increasingly competitive global marketplace, evolving expectations of regulators and other stakeholders, and by macroeconomic, technological and geopolitical developments. The Governance Committee reviews Board composition and any anticipated Board vacancies through the lens of the Board Diversity Policy. RBC shareholders elect the Directors at each annual meeting to serve until the next annual meeting.
Table 1: Board composition
2025
2024 2023
Number of Board members (1)
13
13 13
Percentage of independent Directors (2)
92%
92% 92%
Refer to the Directors section on page 13 of our 2026 Management Proxy Circular. The information for 2025 in this table represents the composition of the group of Board nominees standing for election at the 2026 meeting of common shareholders, as of February 10, 2026.
The Bank Act (Canada) requires that the Chief Executive Officer be a member of the Board, and as CEO, David McKay is affiliated with RBC and is not independent. All other members of the Board are independent. Substantial majority is defined by the RBC Director Independence Policy.
Sustainability governance and oversight model
To support integration of sustainability into business strategy and operations, and foster accountability, our sustainability governance and oversight model outlines the strategic role and responsibilities of the Board, management and various governance bodies and functional teams.
The following model depicts the organizational structure for the governance of sustainability-related matters at RBC.
Figure 1: Governance of sustainability-related matters at RBC
BOARD OVERSIGHT
Board of Directors
Human Resources Committee
Audit Committee
Risk Committee
Governance Committee
MANAGEMENT OVERSIGHT
Group Executive (1)
Chief Executive Officer
Chief Legal and Administrative Officer
Chief Risk Officer
Chief Financial Officer
Group Head, RBC Personal Banking
Group Head, RBC
Commercial Banking
Chief Human Resources Officer
CEO and Group Head, RBC Capital Markets
Group Head, RBC Wealth Management
Group Head, RBC
Insurance®
Group Head, Technology & Operations
Key senior management governance bodies (2)
Strategy and Oversight
Disclosure oversight
Sustainability Disclosure Council
RBC Foundation Board
Climate Executive Council
Disclosure Committee
Accessibility Executive Steering Committee
Executive Sustainability Council (3)
IMPLEMENTATION
Corporate teams
Client-facing teams
Regional & business-level committees, working groups and employee resource groups
Examples include RBC Capital Markets' Sustainable Finance Group, RBC Capital Markets' ESG Credit Team, Commercial Banking Sustainable Finance Group
Examples include Sustainability & Impact, Climate Strategy & Governance, Culture & Inclusion, Truth and Reconciliation Office
On February 18, 2026, we announced the creation of the AI Group, a newly established team reporting to the CEO. The Group Head, AI, is a member of the Group Executive.
RBC has a number of senior management committees that exercise oversight and enable risk management (e.g., Operational Risk Committee, Reputation Risk Oversight Committee, etc.). Refer to the Enterprise risk management section on page 68 of the 2025 Annual Report for more details.
The Responsible AI Executive Steering Committee was merged into the Executive Sustainability Council in 2025.
Disclaimer
RBC - Royal Bank of Canada published this content on April 16, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 16, 2026 at 11:03 UTC.