Building a stronger Canada for the future: My 2022 address to shareholders

Yesterday, I had the opportunity to address RBC shareholders at our Annual General Meeting. This event is always an important moment on the RBC calendar, one where we tell the story of RBC over the past year, and address important questions on the minds of our shareholders.

We certainly hoped that yesterday’s event would have been part of the encouraging return to some familiar patterns of life - reconnecting with friends, colleagues and clients. And yet, our pivot to a virtual event was another reminder that so many people continue to experience significant challenges and disruption due to COVID-19.

During my remarks, I recounted RBC’s very strong financial performance in 2021, the result of our incredibly engaged 87,000+ employees doing amazing work to support clients through record levels of activity over the last year. At the same time, our teams’ incredible support for the communities in which we operate was a personal point of pride for me – highlighted by the $23 million raised for over 5,000 charities through the RBC Employee Giving Campaign. Thanks to the incredible contributions and hard work of our teams, we also had a very strong start to 2022, achieving our second highest quarter on record in Q1, and returning nearly $3 billion to our shareholders.

I also shared my perspectives on the macro environment we are operating in. It’s clear we’re living in a world where momentous change and disruption have created a new set of complex challenges – from global supply chain issues to geopolitical tensions – that society, economies and businesses must manage.

To move forward as a society, a core message of my speech was that we’ll need new playbooks – with stronger public-private partnerships, a greater ability to invest in the future, and the patience to plan to help build a more inclusive, sustainable future for the long term. So a new way of working together – something Canadians are known for – and a get it done approach.

One of the most complex issues we’ll need to tackle as a society is climate change, and this was one of the central themes in my speech. For RBC’s part, I outlined our four pillar strategy, and how we are actively working with government, our clients and many other stakeholders to achieve a net-zero economy. Our bank believes the transformation to net zero must be orderly and inclusive to be successful, recognizing the significant changes that need to occur in our day-to-day lives and our economies, and in how we consume energy and resources. Fundamentally, we believe we need to follow a responsible path that protects our economy, the well-being of Canadians and communities, and the security of our energy supplies – a balanced approach that leaves no one behind.

Together, I believe we can build a stronger Canada for the future. A country with an economy that can prosper in a disrupted world, with stronger and more inclusive communities, and one that contributes to a healthier planet. RBC will continue to be a leader on this journey.?