EONOMICC IMPACT - RBC
ECONOMIC IMPACTIn this sectionPriorities, 2012 Performance37highlights and 2013 Plans Return to shareholders 39Taxes 39Employment 39Small business 39Economic development 42Innovation andentrepreneurship 45Procurement 46Economic ImpactWe strive to have a positive impact on the economies of the communities andcountries in which we do business. We provide returns to shareholders, pay taxes,create employment, and purchase goods and services from suppliers of all sizes.We also support economic development by providing loans, advice, information andservices to our clients, and support small business, entrepreneurship, innovationand social programs.Banks aren’tdoing anythingto createeconomicvalue.More than half a 20 millioncommitted to themillionSMALL BUSINESS CLIENTS INGOODS AND SERVICESpurchased 681 millioncumulative investment inEMERGING TECHNOLOGY COMPANIES 3.1 billionTAXES INCURRED IN 201213.1136 Includes income, capital, property, payroll, business, insurance premiums, and goods and services sales taxes.2012 RBC Corporate Responsibility Report and Public Accountability Statement 5.9billionCanada and the CaribbeanRBC SOCIAL FINANCE INITIATIVE
ECONOMIC IMPACTEconomic impactpriorities2012 Performance highlights2013 PlansProvide top-quartileTotal ShareholderReturns over themedium termn O urn M aximizeCreate employmentn P rovidedn C ontinuethree- and five-year average TotalShareholder Returns (TSR), both5 per cent, placed us in the secondquartile for the three-year period and inthe top quartile for the five-year period.These ratings were established within ourglobal peer group, described at thebottom of page 39. See our 2012 AnnualReport for comprehensive disclosure onour financial performance.nSupport smallbusinessdirect employment toapproximately 80,000 people, with 9.3 billion in compensation andbenefits.S upported charitable and not-for-profitorganizations that promote literacy andhelp unemployed or underemployedpeople secure jobs.n P rovidedn 156.6 billion in financing tobusinesses in Canada.S erved more than 543,000 smallbusiness clients in Canada and theCaribbean.shareholder returns byachieving a top-quartile TSR over themedium term (three to five years), whichwe believe reflects a longer-term view ofstrong and consistent financialperformance.to provide educationalopportunities through our own initiativesand by supporting not-for-profitorganizations.n P rovidefinancing, proactive advice andspecialized services to small businessesin Canada and the Caribbean.Promote communityeconomic developmentn F osteredn E volveFoster economicgrowth by supportinginfrastructuredevelopment projectsn H elpedn C ontinueFoster innovation andentrepreneurshipn L aunchedn M akeeconomic well-being amongCanadian newcomers and Aboriginalpeoples by providing specialized financialprograms, financial literacy initiatives,and support for community initiatives.clients across North America andEurope access public and privatefinancing for infrastructure anddevelopment projects.nPurchase goods andservices responsiblyour social finance initiative, a 20 million commitment to help fosterand cultivate positive, wide-ranging socialand environmental change.C ommitted 681 million in investment foremerging technology companies aroundthe world to date.to support our clients andprovide financing for developmentprojects that promote economicprosperity.our first set of investments throughthe RBC Generator (social finance fund)for social and environmentalentrepreneurs.n P urchasedn C ontinuennngoods and services totalling 5.9 billion from suppliers of all sizes.F ully implemented our new ResponsibleProcurement Policy to screen keysuppliers globally for social andenvironmental factors.I ncluded screening questions in147 electronic requests for information(eRFX), representing 97 per cent of ourtransactions done through our web-basedsourcing tool.our specialized financial programs,financial literacy initiatives and financialsupport for newcomers to Canada.nto screen suppliers according toour Responsible Procurement Policy.A pply our policy to the qualificationprocess for general contractors.W ork with suppliers to address conflictminerals in our supply chain.2012 RBC Corporate Responsibility Report and Public Accountability Statement37
ECONOMIC IMPACT138Taxes incurred.2012 RBC Corporate Responsibility Report and Public Accountability Statement
ECONOMIC IMPACTReturn to shareholdersSmall businessA large number of people share in the ownership ofRBC , either directly or indirectly. Our shareholdersinclude pension funds; insurance, trust and investmentcompanies; and individual investors worldwide, andrepresent a vast pool of savings. Such widespreadownership heightens our responsibility to provide goodreturns to shareholders.Royal Bank of Canada was founded on the initiative ofeight Halifax merchants in the 1860s. We continue tobelieve that small business is an important economicdriver, and our support for this sector has a significantimpact on the economy. We serve 543,000 businessclients in Canada and the Caribbean, who in turn createjobs, pay taxes, buy goods and services and contribute to aprosperous future for their communities and countries.We measure our performance in this area using TotalShareholder Returns (TSR), a metric that compares theperformance of our common shares over a period of time,reflecting share price appreciation and dividends paid tocommon shareholders. Our three- and five-year averageTSRs, both 5 per cent, placed us in the second quartilefor the three-year period and in the top quartile for thefive-year period. These ratings were established within ourglobal peer group1. We report our financial performance inour Annual Report to Shareholders.Small business service networkMarket shareWe serve approximately one of everyfour business clients in Canada.Network andserviceAcross the country, we have:n 5 85senior business and personalaccount managers devoted to smallbusiness owners in Canada.n A dedicated team of advisors whoare available 24-7 to provideimmediate assistance to clientsover the phone.TaxesWe incurred taxes of 3.1 billion in 2012. This includesincome, capital, property, payroll, business, insurancepremium, and goods and services and sales taxes.Taxes incurred( billions) 2.92010 2.92011 3.12012EmploymentRBC provides employment to approximately 80,000 peopleworldwide. This represents one of our most significantdirect economic impacts in the form of compensationand benefits paid, which, in turn, has an impact onthe economy.Access to creditWe are committed to helping businesses prosper,whether they are starting, maintaining or expanding theiroperations. One of the ways we do this is by providing debtfinancing or credit.We continue to streamline our credit-approval processso that it is easier for businesses to deal with us, and wefacilitate client requests at first point of contact via theclient’s preferred channel. In 2012, we expanded our smallbusiness credit capability. We now have over 1,400 senioraccount managers who are able to facilitate credit requestsof up to 25,000.Our annual Public Accountability Statement provides adetailed breakdown of the number of business clients welend to across Canada and the amount of credit we madeavailable to them. For more information, see page 106.RBC also has a long history of supporting community andcharitable programs for people who are unemployed orunderemployed.1 e compare our TSR to that of a global peer group approved by our Board of Directors and consisting of the following 20 financial institutions: seven large Canadian financialWinstitutions in addition to us (Bank of Montreal, Canadian Imperial Bank of Commerce, Manulife Financial Corporation, National Bank of Canada, Power Financial Corporation,The Bank of Nova Scotia and The Toronto-Dominion Bank), five U.S. financial institutions (Bank of America Corporation, JPMorgan Chase & Co., The Bank of New York MellonCorporation, U.S. Bancorp and Wells Fargo & Company), five European financial institutions (Banco Bilbao Vizcaya Argentaria Group (BBVA), Barclays PLC, BNP Paribas, CreditSuisse Group AG and Deutsche Bank Group) and two Australian financial institutions (National Australia Bank and Westpac Banking Corporation).2012 RBC Corporate Responsibility Report and Public Accountability Statement39
ECONOMIC IMPACTAdvice and productsWhile access to credit is important, it is only one of theneeds of small business clients. We also strive to providethe best possible products and advice to help our clientsbetter manage their businesses. Here are highlightsfrom 2012:CanadaAdvice and servicen We launched a new deposit program with specialbanking packages to franchisees across the country.n We offered free webinars to help small businessowners use the Internet more effectively to acquirenew customers and sell their products and services.Three webinars attracted a total of 2,000 registeredparticipants.Simplified processesn We facilitated client requests at first point of contact viathe client’s preferred channel.n We introduced a new client agreement for multipleproducts, resulting in less paperwork for clients.n We improved clients’ electronic access to theirRBC Royal Bank business client card accounts.Caribbeann We introduced a financial planning service for our clientsin Trinidad, Barbados and Curaçao.n We launched the “Business Banking Winning Guide” inJamaica to help build the capabilities of the sales team.Agricultural businessesCanadaWe have been committed to Canadian agriculture for morethan 135 years. We serve more farmers and farm familiesthan any other financial institution in the country, andconsider this another important way in which we have animpact on the economy. In order to help our clients accessfunds and manage their farms, we participate in federaland provincial programs such as the Canadian AgriculturalLoans Act, a federal financial loan guarantee program, andAgriInvest, which helps farmers manage small declinesin income.Since farms and agribusinesses are different from otherbusinesses, we tailor our approach with:n More than 125 dedicated account managers who knowagriculture and understand the farm business.n Farm financing such as mortgages, term and operatingloans, and deposit and savings accounts, as well asother specialized services.n Ongoing advice, education and resources to keepfarmers and those in the agribusiness informed aboutthe agricultural economy and the management oftheir businesses. These cover topics such as businessstrategy, risk management, technology and farmfinance. In 2012, we partnered with the Farm & FoodCare Foundation to issue a white paper that exploresenvironmental issues in Canadian agriculture andshowcases best practices and opportunities associatedwith green farm operations.We have supported 4-H for more than 65 years, one of ourlongest-standing community relationships, and sponsorprograms such as the RBC 4-H Rural-Urban Youth OutreachProgram, which fosters the creation of 4-H clubs in citiesand facilitates rural-urban exchange.CaribbeanWe offer a U.S. dollar line of credit that targets theagricultural export sector and the productive sector,including agribusiness, manufacturing and tourism.It provides access to between US 50,000 and US 250,000and is available for trade financing, business expansionand upgrading of existing facilities in Jamaica.Not-for-profit organizationsCharitable and not-for-profit organizations (NPOs) are asignificant economic force and a critical contributor tothe gross domestic product (GDP) in most developednations. They not only do important work, they comprisean economically important sector in their own right. As afinancial services company, we consider our support of thissector to be another significant component of our indirecteconomic impact.CanadaWe provide customized services, account packages andexpertise:n We have 45 account managers dedicated exclusivelyto the NPO sector. In addition to bringing specializedknowledge, advice, products and networking402012 RBC Corporate Responsibility Report and Public Accountability Statement
ECONOMIC IMPACTopportunities to their NPO clients, they are passionateabout their clients’ causes. Many of our NPO accountmanagers volunteer in their communities.n We host and support education and networkingsessions, provide educational materials about fraudmitigation and governance, and sponsor organizations,such as the Canadian Society of Association Executives,to help build capacity in the sector.n In 2012, RBC Foundationsupported a program to helptrain current and aspiring directors of NPO organizationsacross Canada. The Governance Essentials Program forDirectors of Not-for-Profit Organizations was developedjointly by the Institute of Corporate Directors and theRotman School of Management, University of Toronto.The program is taught by faculty from Canada’s leadingbusiness schools. Resources for entrepreneursWe provide information to business owners at all stages of the business life cycle, helping them manage theirbusiness and personal financial matters, including the following resources:GuidebooksCICA/RBC Business Monitorn Starting a Business (also available in simplifiedn Business Succession PlanningWe helped establish this quarterly report basedon surveys conducted by the Canadian Institute ofChartered Accountants (CICA). The report includesresponses from leading chartered accountants, whichserve as a barometer of economic activity.n Personal Financial Management for Business2012 EventsChinese)n Growing a BusinessOwnersn Greening Your BusinessOnline tools and tipsWe provide online resources to help aspiringentrepreneurs and existing business owners,including:n TakingCare of My Business: This websitefeatures a series of videos and articles thatfunction as “thought starters” to helpentrepreneurs form a more complete picture ofwhat it takes to run a successful business.In Canada, we introduced the Business FinancialServices Webinar Series, online events that arehosted by our Commercial Advice Centre. Thewebinars include quarterly economic updates fromthe RBC Chief Economist on topics such as foreignexchange, fraud, energy retrofitting, businessinvestment and productivity.In the Caribbean, we held a number of businessbanking client events in Barbados, Cayman Islands,Trinidad and Guyana, where RBC Caribbean BankingEconomists and IMF (International Monetary Fund)representatives provided an economic outlook.n Businessassessment tool: This tool helps peoplewho are considering the purchase of a franchise.n Cashflow management tool: This tool helpsbusiness owners manage their cash positions bycreating a variety of realistic cash flow projectionsthrough “what if” scenarios with recommendationson how to improve cash flow.2012 RBC Corporate Responsibility Report and Public Accountability Statement41
ECONOMIC IMPACTEconomic developmentnBanks play an important role in the economy byefficiently channelling funds to help create and growwealth. RBC helps stimulate and grow the economyin our communities, while also promoting social andenvironmental well-being by:nEconomic development in AboriginalcommunitiesRBC supports the creation of wealth and sustainability inAboriginal communities. See page 53 for an overview ofproducts and services for Aboriginal clients. Investing in community economic developmentinitiatives that generate social and environmentalbenefits as well as a financial return, such as programsand services that help newcomers and Aboriginalcommunities prosper.Trust and investment servicesRBC helps Aboriginal communities manage land claimsettlements. We have extensive experience in handlinglarge assets and provide the continuity necessary to ensuresettlement money and systems are effectively managed forthe future benefit of the community.n Investing in infrastructure development projects throughmunicipal finance and private-public partnerships.n Supporting economic think tanks and other organizationsthat provide research and share knowledge. Supporting innovation and entrepreneurship byinvesting in knowledge-based companies andfunding programs that promote new ideas and theircommercialization.Aboriginal capital infrastructure financing in 2012 4 10.8 ADMINISTRATIONMiLLIONMiLLIONleisure centrebritishcolumbiaBUILDINGALBERTA 1.3MiLLIONHOUSINGSASKATCHEWAN 7 11MiLLIONfloodfinancingManitoba 15MiLLIONWater bec 1MiLLIONRESTAURANTFINANCINGNOVA SCOTIAWe help build prosperity in Aboriginal communities by financing infrastructure and other development projects. To preserve client confidentiality, we cannot disclose details about specificprojects, but some examples of the types of projects we funded in 2012 are provided here.422012 RBC Corporate Responsibility Report and Public Accountability Statement
ECONOMIC IMPACTHome financing on reservesRBC was the first financial institution in Canada to createan on-reserve mortgage product that did not require afederal government guarantee. We continue to increase thenumber of Aboriginal communities we serve, as well as thenumber of mortgages we provide.On-reserve mortgage rship of non-profit organizationsWe provide financial support to organizations that fosterself-sufficiency for Aboriginal peoples, including thefollowing:n Aboriginal Financial Officers Association of Canada,which helps to enhance the financial and managementpractices and skills of Aboriginal peoples.n Aboriginal Human Resource Council, which helps toadvance the full participation of Aboriginal peoples inCanada’s labour market.n Council for the Advancement of Native DevelopmentOfficers, which works to help build economic skills inAboriginal communities and organizations.n Young Entrepreneurs Symposium, which helpsAboriginal entrepreneurs connect to establishedbusiness people.n Conference Board of Canada’s Centre for the North,which helps government, business, community andAboriginal leaders achieve a shared vision of sustainableprosperity in Canada’s North. We made a five-year, 250,000 commitment to this organization in 2010.n Ashoka Canada’s Changemaker Competition, whichn Actua, a Canadian science, engineering and technologyyouth outreach organization. We donated 75,000 totheir National Aboriginal Outreach Program.n Frontiers Foundation, which promotes the advancementof economically and socially disadvantagedcommunities. Since 1989, we have supported itsOperation Beaver Program, which helps provideAboriginal communities with affordable housing andimprovements in education.n Twenty-one additional Aboriginal community-basedorganizations across Canada that offer structured afterschool programs and supervised activities for childrenbetween the ages of six and 17. We committed morethan 500,000 to help these organizations deliverprograms that focus on safety, social skills and selfesteem for the 2012-13 school year.Support for newcomers to CanadaWe believe there are significant economic benefits forsociety when new immigrants succeed in their adoptedcountry. We support organizations and sponsor programsthat promote the interests of newcomers, including:n Top 25 Canadian Immigrants, a national people’s choiceaward that allows Canadians to vote for outstandingimmigrants who have made a difference since theirarrival in Canada.n Canadian Immigrant Integration Program/Associationof Canadian Community Colleges, which preparesnewcomers for economic integration while they are stillin their country of origin. RBC also facilitates internationalwebinars such as “Understanding Banking in Canada.”n RBC SIFE (Students in Free Enterprise) NewcomerAdvancement Project of Advancing CanadianEntrepreneurship (ACE), which helps increase the abilityof new Canadians to achieve success.n
RBC Royal Bank business client card accounts. Caribbean n We introduced a financial planning service for our clients in Trinidad, Barbados and Curaçao. n We launched the “Business Banking Winning Guide” in Jamaica to help build the capabilities of the sales team. Agricultural businesses Canada
2 RBC FUNDS AND RBC PRIVATE POOLS Annual Information Form Name, formation and history of the funds This annual information form contains information about the RBC Funds (collectively, the RBC Funds) and the RBC Private Pools (collectively, the RBC Private Pools and together with the RBC Funds, the ) listed on the cover page. In this document:funds › we, us and our refer to RBC Global Asset .
2 RBC FUNDS AND RBC PRIVATE POOLS Annual Information Form Name, formation and history of the funds This annual information form contains information about the RBC Funds (collectively, the RBC Funds) and the RBC Private Pools (collectively, the RBC Private Pools and together with the RBC Funds, the ) listed on the cover page. In this document:funds we, us and our refer to RBC Global Asset .
The views expressed herein reflect the RBC GAM-US as of 6.30.17. Views are subject to change at any time based on market or other conditions. RBC Global Asset Management (U.S.) Inc. (“RBC Global Asset Management - US” or “RBC GAM-US”) is a federally registered investment adviser founded in 1983. RBC Global Asset Management (RBC GAM) is the
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