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Our approach
Responsible investment (RI) is an umbrella term used to describe a broad range of approaches for incorporating ESG considerations into the investment process. These approaches are not mutually exclusive; multiple approaches can be applied simultaneously within the investment process. For instance, a solution applying exclusionary criteria to the investment universe can also apply ESG integration to remaining assets eligible for investment.
ESG integration and active stewardship
At RBC GAM, ESG integration means that our investment teams incorporate material ESG factors1 into their investment decisions for applicable types of investments.2
Active stewardship means we consider material ESG factors in proxy voting and engagement with issuers for applicable types of investments.2 We may also participate in RI industry initiatives, where applicable.3
ESG integration and active stewardship may include the following activities:
ESG integration:
Our investment teams have access to ESG-related data, tools and research, which may serve as an input into their investment decisions for applicable types of investments. (2)
Our investment teams have access to ESG-related data, tools and research, which may serve as an input into their investment decisions for applicable types of investments. (2)
Direct engagement:
Engagement involves communication between investors and the boards, management teams, or other applicable representatives of the issuer. We engage with issuers to better understand their approach to material ESG issues or encourage more effective management of material ESG factors when these may affect the value of the investment or portfolio. (3)
Engagement involves communication between investors and the boards, management teams, or other applicable representatives of the issuer. We engage with issuers to better understand their approach to material ESG issues or encourage more effective management of material ESG factors when these may affect the value of the investment or portfolio. (3)
Proxy voting:
Proxy voting is a key part of our engagement process as it provides an important way for us to convey our views to boards and management. We make our voting decisions independently, in accordance with our custom Proxy Voting Guidelines. (4)
Proxy voting is a key part of our engagement process as it provides an important way for us to convey our views to boards and management. We make our voting decisions independently, in accordance with our custom Proxy Voting Guidelines. (4)
RI industry initiatives:
When appropriate, we participate in initiatives that work to increase transparency, protect investors, and foster fair and efficient capital markets. (3)
When appropriate, we participate in initiatives that work to increase transparency, protect investors, and foster fair and efficient capital markets. (3)
Engaging with regulators and lawmakers:
We believe that engagement on regulatory and legal reform that is consistent with the best interests of our investments and portfolios may lead to more effective governance and/or management of material ESG factors, as well as broader, market-wide considerations. (3)
We believe that engagement on regulatory and legal reform that is consistent with the best interests of our investments and portfolios may lead to more effective governance and/or management of material ESG factors, as well as broader, market-wide considerations. (3)
Climate change and nature
We state within Our Approach to Responsible Investment that we believe climate-and nature-related factors are systemic risks that may materially affect issuers and the economies, markets, and societies in which they operate. Mitigating greenhouse gas (GHG) emissions may reduce the systemic risks that climate change poses. RBC GAM recognises the importance of the global goal of achieving net-zero emissions by 2050 or sooner, in order to mitigate climate-related risks.
Responsibility to consider all material factors
As an asset manager and fiduciary of our clients’ assets, we have an important responsibility to consider all material factors that may impact the risk-adjusted returns of our investments. At RBC GAM, we consider material ESG factors that may affect the risk-adjusted, long-term returns of our investments and portfolios.
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1. Material ESG factors refer to ESG factors that in our judgement are most likely have an impact on the financial performance of an issuer/security. The extent of these impacts depends on many different factors/characteristics. For example, for corporate issuers material ESG factors can include the issuers’ operations, industry, size, geographical footprint. For sovereign issuers, material ESG factors can depend on the country’s status of economic, social and political development, availability of and dependence on natural resources, and potential regional issues, among other factors. The nature of the investment vehicle for which it is being invested in may also determine the materiality of ESG factors.
2. Certain investment strategies, asset classes, exposure and security types do not integrate ESG factors, including but not limited to money market, buy-and maintain, passive, and certain third-party sub-advised strategies or certain currency or derivative instruments. Different strategies that integrate ESG factors will be at varying stages of implementation. Please read a fund's prospectus or offering memorandum for further details.
3. In certain instances, including but not to those involving quantitative investment, passive and certain third-party sub-advised strategies, there is no engagement with issuers. Where there is engagement, a variety of engagement methods may be employed depending on a number of different factors and considerations, with the decision based on what investment teams consider to be most appropriate and effective for their desired engagement objective. Engagement is not necessarily limited to issuer engagement, engagement to promote change, nor does it over all applicable portfolio holdings. The outcome of an engagement is generally not the sole factor in an investment decision. Instead, the information obtained from engagements on material ESG factors helps inform the investment case.
4. The Guidelines are applied in Canada, the United States, the United Kingdom, Ireland, Australia, and New Zealand. In all other markets, RBC GAM utilises the local proxy voting guidelines of Institutional Shareholder Services Inc. (“ISS”).