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by  RBC GAM Responsible Investment team Apr 13, 2020

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 Global Asset Management (RBC GAM)1 , we believe that integrating environmental, social and governance (ESG) factors into our investment process empowers us to enhance the long-term, risk-adjusted performance of our portfolios and supports our fiduciary duty. Climate change is one such factor.

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The impacts of climate change are systemic and unprecedented. They’re also already apparent. While climate change has the potential to affect the global economy, the economic impacts on specific markets, regions, and investments are complex, varied, and uncertain. As asset managers and investors, and stewards of our clients’ assets, we believe considering climate-related risks and opportunities in our investment approach can enhance our long-term risk-adjusted results.

“We take our responsibility to secure a better financial future for our clients and their beneficiaries seriously and considering the financial impacts of climate change is an essential part of fulfilling that responsibility.”

- Damon Williams, Chief Executive Officer, RBC GAM

Board oversight, management accountability, and cross-enterprise collaboration are essential for effective implementation. It is for this reason that RBC GAM’s approach to climate change has been approved by the RBC GAM Executive Committee, which reviews and monitors progress against our objectives on an annual basis. The Corporate Governance and Responsible Investment (CGRI) group and our investment teams are primarily responsible for implementation. Our Chief Investment Officer (CIO) serves as the ultimate investment risk owner.

RBC GAM currently analyses and assesses climate-related data, and continues to evaluate new tools and approaches for integrating this data into our investment processes. For example, we have:

introduced carbon footprinting of our portfolios

implemented new proxy voting guidelines that set out how we will vote on climate-related shareholder proposals

actively engaged with our investee companies to encourage disclosure of the impacts of climate change on their business models.

This is a good start, but there is more work to be done. We are committed to integrating climate change consideration into our investment processes and providing clients with climate-based solutions and reporting that meet their needs. Our approach to climate change the actions we are taking to meet this commitment.

“Climate change will impact economies, markets, and societies, posing both risks and opportunities for investors. We are committed to continually assessing climate metrics and forward-looking methodologies to inform our investment process and maximize risk-adjusted returns for our clients.”

- Daniel E. Chornous, Chief Investment Officer, RBC GAM


1. In this document, references to RBC GAM include the following affiliates: RBC Global Asset Management Inc. (including Phillips, Hager & North Investment Management), RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, and RBC Global Asset Management (Asia) Limited

Disclosure

This document is provided by RBC Global Asset Management (RBC GAM) for informational purposes only and may not be
reproduced, distributed or published without the written consent of RBC GAM or its affiliated entities listed herein. This document does not constitute an offer or a solicitation to buy or to sell any security, product or service in any jurisdiction. This document is not available for distribution to people in jurisdictions where such distribution would be prohibited.



RBC GAM is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management
Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, RBC Global Asset
Management (Asia) Limited, and BlueBay Asset Management LLP, which are separate, but affiliated subsidiaries of RBC.



In Canada, this document is provided by RBC Global Asset Management Inc. (including PH&N Institutional) which is
regulated by each provincial and territorial securities commission with which it is registered. Phillips, Hager & North
Investment Management is a division of RBC Global Asset Management Inc. In the United States, this document
is provided by RBC Global Asset Management (U.S.) Inc., a federally registered investment adviser. In Europe this
document is provided by RBC Global Asset Management (UK) Limited, which is authorised and regulated by the UK
Financial Conduct Authority. In Asia, this document is provided by RBC Global Asset Management (Asia) Limited,
which is registered with the Securities and Futures Commission (SFC) in Hong Kong.



This document has not been reviewed by, and is not registered with any securities or other regulatory authority,
and may, where appropriate, be distributed by the above-listed entities in their respective jurisdictions. Additional
information about RBC GAM may be found at www.rbcgam.com.



This document is not intended to provide legal, accounting, tax, investment, financial or other advice and such
information should not be relied upon for providing such advice. RBC GAM takes reasonable steps to provide up-todate, accurate and reliable information, and believes the information to be so when printed. RBC GAM reserves the
right at any time and without notice to change, amend or cease publication of the information.



Any investment and economic outlook information contained in this document has been compiled by RBC GAM from
various sources. Information obtained from third parties is believed to be reliable, but no representation or warranty,
express or implied, is made by RBC GAM, its affiliates or any other person as to its accuracy, completeness or
correctness. RBC GAM and its affiliates assume no responsibility for any errors or omissions.



Past performance is not indicative of future results. With all investments there is a risk of loss of all or a portion of the
amount invested. Where return estimates are shown, these are provided for illustrative purposes only and should not
be construed as a prediction of returns; actual returns may be higher or lower than those shown and may vary
substantially, especially over shorter time periods. It is not possible to invest directly in an index.



Some of the statements contained in this document may be considered forward-looking statements which provide
current expectations or forecasts of future results or events. Forward-looking statements are not guarantees of future
performance or events and involve risks and uncertainties. Do not place undue reliance on these statements because
actual results or events may differ materially from those described in such forward-looking statements as a result of
various factors. Before making any investment decisions, we encourage you to consider all relevant factors carefully.



® / TM Trademark(s) of Royal Bank of Canada. Used under licence.

© RBC Global Asset Management Inc., 2020