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At RBC\u2019s 2026 AGM, all management-supported items were approved<\/strong> \u2014 including the election of 13 directors, appointment of PricewaterhouseCoopers as auditor and the non\u2011binding say\u2011on\u2011pay \u2014 while all 11 shareholder proposals were defeated<\/strong>, with 52.86% of eligible shares voted (preliminary).<\/p>\n<\/li>\n
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The 11 proposals, mostly filed by M\u00c9DAC, sought measures on governance, youth inclusion, performance\u2011based compensation, AI and environmental and labor disclosures; the board recommended voting against them and noted ongoing engagement despite tensions, including Indigenous concerns about board ties to energy projects.<\/p>\n<\/li>\n
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CEO Dave McKay highlighted RBC\u2019s financial strength and strategy, reporting CAD 20.4 billion in 2025 earnings<\/strong>, Q1 2026 earnings of CAD 5.8 billion (+13% YoY), a major acquisition and a global growth push, plus plans to deploy up to CAD 1 billion<\/strong> in a domestic growth fund and pursue up to CAD 1 billion in AI\u2011driven enterprise value by 2027.<\/p>\n<\/li>\n
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Royal Bank Of Canada (NYSE:RY) shareholders voted on director elections, auditor appointment, executive compensation and 11 shareholder proposals at the company\u2019s 2026 annual meeting of common shareholders, with all management-supported items approved and all shareholder proposals defeated, according to preliminary results announced during the meeting.<\/p>\n
Board Chair Jacynthe C\u00f4t\u00e9 opened the meeting in Toronto and introduced CEO Dave McKay and Corporate Secretary Jessica Clinton. C\u00f4t\u00e9 said the meeting would consider items described in the 2026 proxy circular, including the election of directors, the appointment of the auditor, a non-binding advisory vote on executive compensation, and shareholder proposals.<\/p>\n
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Clinton nominated 13 director candidates, all current RBC directors, to serve until the next annual meeting. Clinton also moved to appoint PricewaterhouseCoopers as auditor until the close of the next annual meeting and made the motion for the advisory \u201csay-on-pay\u201d resolution for shareholders to accept RBC\u2019s approach to executive compensation as disclosed in the proxy circular.<\/p>\n
Following the close of voting, Clinton reported preliminary results. \u201cThe scrutineers have reported that 52.86% of eligible shares have been voted at this meeting,\u201d she said, adding that \u201call board-recommended matters of business have been approved and all shareholder proposals have been defeated.\u201d Clinton said final results would be posted on RBC\u2019s website and SEDAR+.<\/p>\n<\/p><\/div>\n
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C\u00f4t\u00e9 said there were 11 proposals submitted by M\u00c9DAC and that the board and management recommended shareholders vote against each proposal for reasons described in the proxy circular. Willie Gagnon, speaking for M\u00c9DAC, said the organization submitted more proposals than in some prior years, including several proposals that had been resubmitted.<\/p>\n
In his remarks, Gagnon described proposals that included:<\/p>\n
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Strengthening shareholder participation in annual general meetings, including requested disclosure of participation trends and a breakdown between individual and institutional investors.<\/p>\n<\/li>\n
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Youth inclusion in the bank\u2019s bodies, which he framed as training youth to take part in board meetings.<\/p>\n<\/li>\n
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A \u201cresponsible performance-based compensation policy\u201d tied to overall bank performance.<\/p>\n<\/li>\n
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A strategic diversification of skills within the board of directors, including questions about the skills matrix and urgency given the economic and financial context.<\/p>\n<\/li>\n
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Formal recognition of the systemic role of the board, including a proposed standing advisory committee on the systemic impact of the bank\u2019s decisions.<\/p>\n<\/li>\n
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Proposals addressing forced labor and child labor, regulating AI, country-by-country reporting of non-confidential information, an advisory vote on environmental policies, circular economy, and in-person shareholder meetings.<\/p>\n<\/li>\n<\/ul>\n
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Gagnon also said he found engagement with the bank \u201cmore and more difficult\u201d compared with past years and questioned why M\u00c9DAC was the only shareholder presenting proposals at this meeting. Clinton responded that RBC had discussions with M\u00c9DAC and said she was sorry Gagnon was \u201cnot satisfied with the outcome,\u201d adding that the bank looked forward to further conversations in coming years.<\/p>\n
During the question period on shareholder proposals, an operator identifying himself as Chief Na\u2019Moks, hereditary chief of the Wet\u2019suwet\u2019en, raised concerns tied to proposal five, including the presence of director Thierry Vandal, whom he said was connected to TC Energy Corporation and therefore had interests tied to oil and gas projects. C\u00f4t\u00e9 responded that the board regularly assesses skills and qualifications needed for \u201cthe board of today\u201d and \u201cthe board of tomorrow.\u201d She also defended Vandal\u2019s background, citing his prior role as CEO of Hydro-Qu\u00e9bec and saying he brings broad understanding of energy globally. C\u00f4t\u00e9 added that he has received \u201cextremely high ratings from shareholders,\u201d saying he has been \u201calways above 97% approval.\u201d<\/p>\n
Another shareholder, Jeff Carlson, argued that \u201cwe need more investment in traditional fossil fuel production and discovery, not less,\u201d and encouraged RBC to expand fossil fuel investment. C\u00f4t\u00e9 thanked him for his comment.<\/p>\n
Jesse Logan Stoppler, deputy chief of the Hagwilget Village Council, asked about proposal nine, the advisory vote on environmental policies, and criticized RBC\u2019s fossil fuel financing and the bank\u2019s relationship to LNG projects. C\u00f4t\u00e9 said, from the board\u2019s perspective, RBC did not believe the proposal would help and that it was being put to a vote.<\/p>\n
McKay responded with what he described as a macro perspective, saying Canada\u2019s strategy around \u201cenergy security\u201d and \u201cprosperity\u201d requires balance, including renewables, low-carbon energy supply and fossil fuels. He said RBC would support government initiatives to diversify energy sources and continue investing in energy sources that meet global demand and have economics or Indigenous participation, citing legal approvals and FPIC approvals.<\/p>\n
After the formal business concluded, McKay highlighted RBC\u2019s scale and results, saying the bank serves more than 19 million clients and delivered \u201cstrong financial results\u201d in 2025. He said RBC completed \u201cthe biggest acquisition in our history\u201d and launched a \u201cbold global growth strategy\u201d at its 2025 Investor Day.<\/p>\n
McKay said RBC generated \u201cCAD 20.4 billion in earnings\u201d in 2025 with return on equity of 16.3% and returned \u201cover CAD 11 billion\u201d to shareholders through dividends and buybacks. He also reported first-quarter 2026 earnings of \u201cCAD 5.8 billion,\u201d up 13% year-over-year, with ROE of 17.6% and a CET1 ratio of 13.7%.<\/p>\n
On business performance, McKay said RBC holds the number one market share in key personal and business banking product categories in Canada and has ranked highest among the big five banks in customer satisfaction by J.D. Power \u201cfor the fifth time in six years.\u201d He pointed to wealth management assets under administration reaching record levels and capital markets revenue growth, and he highlighted RBC Clear, a U.S. transaction banking platform, saying it had onboarded over 180 clients and $23 billion in deposits since launching in 2024 toward a $50 billion medium-term target.<\/p>\n
McKay also discussed Canada\u2019s investment needs, citing new RBC research that he said would show Canada needs \u201cCAD 1.8 trillion in capital investment over the next decade,\u201d with most capital coming from the private sector. He said RBC intends to launch an initiative to accelerate economic growth in Canada, including plans to form and invest in a growth fund and make direct equity investments, with an ambition to deploy \u201cup to CAD 1 billion\u201d over coming years to help companies build and scale in Canada.<\/p>\n
McKay said RBC created an \u201cAI Group\u201d earlier in the year that reports to him, with a goal to accelerate AI transformation and deliver \u201cup to CAD 1 billion in AI-driven enterprise value by 2027.\u201d He also cited employee community contributions, saying RBC employees made \u201cCAD 33.6 million\u201d in personal donations last year.<\/p>\n
Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.<\/p>\n
RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.<\/p>\n
The article “Royal Bank of Canada AGM: Directors, Auditor and Say-on-Pay Pass as 11 Shareholder Proposals Fail” was originally published by MarketBeat.<\/p>\n<\/p><\/div>\n
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