Sustainable, Responsible &/or ESG Policy:

The BlueBay Impact-Aligned Bond Fund aims to invest in securities of issuers whose core economic activities offer investment opportunities and contribute solutions to address major environment and social challenges. The investment team believes that there is an opportunity to evolve the impact investing market by delivering a strategy that invests predominantly in public and liquid corporate debt securities with a focus on positive intentionality. The Strategy will also have the potential to gain exposure to environmental, social and governance (ESG) labelled securities (of corporate or sovereign issuers) where these meet the strategy’s sustainability themes.

The Fund applies an ESG integration approach, considering ESG factors and risks at issuer, sector/thematic and portfolio level. However as it is an ESG focused strategy, how it applies the outcome of the issuer ESG evaluation analysis to what can be invested in will vary from a strategy that is not ESG focused.

Beyond the ESG integration approach, we have also incorporated consideration of ESG risks in terms of adoption of formal ESG investment criteria. These are implemented and maintained by our compliance function, where lists of restricted names are sourced from our third party ESG vendor, and coded into our investment trading system.

As to our process for considering ESG opportunities for the Fund, the primary way is through our sustainability themes framework which focuses on economic activities, although the issuer ESG evaluation framework does also capture potential ESG opportunities arising from improve ESG conduct.

Sustainability themes

The sustainability themes developed target positive contribution to people and to the planet through selecting issuers whose core economic activities offer investment opportunities and contribute to addressing environmental and social challenges. The People and Planet sustainability themes the Fund invests in are currently as follows:

• Achieving an inclusive society
• Building knowledge & skills
• Ensuring good health, safety & well-being
• Enabling a circular economy
• Ensuring clean & plentiful water
• Promoting clean & safe energy
• Promoting sustainable mobility & infrastructure

Sustainability themes may change over time depending on where RBC BlueBay FI Platform identifies developments in sustainability trends affecting people and the planet.

Sustainability qualification framework - eligible issuers and securities

Issuers and securities can qualify for investment in the Fund via one of two possible routes:

1. Consideration of what the core business activity of a company is:

Only corporate issuers can qualify under this category, but investments can be in vanilla bonds or ESG labelled issuances (which can include but are not necessarily limited to use of proceeds securities such as green, social or sustainability/SDG bonds, or in specific instances, to sustainability linked bonds)

Alignment of the issuer’s economic activity with material exposure to relevant sustainability themes is assessed using a range of ‘positive’ materiality indicators, including but not limited to:

• Revenues
• Profits
• Market share and position
• Capex / opex
• Material value driver

An issuer does not have to meet all the above ‘positive’ materiality indicators to qualify for investment.

The sustainability profile of an issuer’s entire economic activity is considered in order to exclude those with materiality exposure to activities that significantly harm the Sustainable Investment objective of the Fund. Some of the areas of economic activities which we consider to significantly harm the Sustainable Investment objective of the Fund are formally excluded from investment. Additionally, some of the conduct related activities of issuers which are considered to significantly harm the Sustainable Investment Objective of the Fund are also formally excluded from investment.

2. Consideration of what the activity is being funded/supported by the security being issued:

this will often be limited to ESG labelled issuances, but can include both corporate as well as non-corporate issuers such as sovereign, supranational and agency (SSAs) issuers.

The current scope of investments in ESG labelled bonds (of corporate or sovereigns, supranationals and agencies or SSA), is largely confined to use-of-proceeds issuances including, but not limited to, green, social and sustainability bonds, earmarked to projects which meet at least one of the sustainability themes. On a case by case basis, investments in outcomes-based labelled issuances such as sustainability-linked bonds may be permitted.

Alignment of the use of proceeds for ESG labelled issuances with material exposure to relevant sustainability themes is assessed using a range of ‘positive’ materiality indicators, including but not limited to:

• Scope of the eligibility projects criteria framework
• Extent to which there is new financing activities

In some instances, investments may occur in vanilla bonds of non-corporate issuers qualifying in this way where the entity has a unique legal organisational and governance structure such that the activities being funded or supported meet our sustainability themes.

An issuance does not have to meet all the above ‘positive’ materiality indicators to qualify for investment.

The sustainability profile of the underlying issuer of the security’s entire economic activity is considered to exclude those with materiality exposure to activities that significantly harm the Sustainable Investment objective of the Strategy. Some of the areas of economic activities which we consider to significantly harm the Sustainable Investment objective of the Strategy are formally excluded from investment. Additionally, some of the conduct related activities of issuers which are considered to significantly harm the Sustainable Investment Objective of the Strategy are also formally excluded from investment. Refer to the ‘ESG exclusions (product based) / ESG norms-based screening (conduct based)’ section for more information.

Beyond its sustainability themes, the Fund’s ESG characteristics is achieved through the application of binding ESG requirements resulting from: ESG exclusions/screens (please see details below) and ESG integration which can additionally restrict issuers depending on the outcome of the ESG evaluation (Excludes issuers with 'very high' Fundamental ESG (Risk) Rating (systematic) and excludes issuers with 'high' Fundamental ESG (Risk) Rating (case by case)) 4,5. The Fund shall also implement ESG engagement as part of its stewardship commitment, which means dialogue which not only consider ESG risks (those which are likely to be investment material) but also ESG factors 6.

ESG negative screening (product based):

• Corporates 1,2
  • adult entertainment (>10% revenues – production/distribution/retail),
  • alcohol (>10% revenues – production/distribution/retail),
  • controversial weapons (any production, sales/trade, testing, research and development, system integration, maintenance, maintenance/service/management, use, storage and transport of cluster munitions and anti-personnel landmines, chemical & biological weapons. Any producers of depleted uranium and nuclear weapons, undetectable fragmentation weapons, incendiary weapons and blinding laser weapons),
  • conventional weapons (>10% revenues – production of systems and components),
  • fossil fuels related (Arctic drilling (0% revenues) / oil & gas extraction & production (>5% revenues) / oil sands exploration & production (0% revenues) / >10% revenues – exploration, extraction, distribution or refining of oil fuels / >50% revenues – exploration, extraction, manufacturing or distribution of gaseous fuels / thermal coal - mining/power generation* (>10,000 MW installed capacity / >5% revenues/operations / electricity generation with a GHG intensity of >100g CO2e/kWh, >1% revenues – exploration, mining, extraction, distribution or refining of hard coal & lignite),
  • gambling (>10% revenues – operations/support),
  • nuclear energy* (>5% revenues – mining/production/supply),
  • tobacco (0% production & cultivation, >5% revenues – distribution/retail)

Normed based screening (conduct-based)

• Corporates 1,2  compliance with UN Global Compact principles (fail), compliance with OECD MNE Guidelines (non-compliance) ESG controversy exposure (red flag)
• Sovereigns 1,3: controversial jurisdictions (Financial Action Task Force (high risk), UN Security Council Sanctions (subject to)), Freedom House Index (‘not free’), UN conventions and treaties: corruption convention (not party to) 

Source: RBC Global Asset Management, as at 5 January 2026

Full details available online: https://www.rbcbluebay.com/en-gb/wholesale/what-we-do/funds/sustainability-related-disclosures/.

Notes:

1 - As determined by third-party ESG data. Further information is available upon request;

2 - As determined by a third-party organisation. Further information is available upon request;

3 - As determined internally by Investment Compliance. Further information is available upon request;

4 - As determined by an internally derived issuer ESG evaluation framework. Fundamental ESG (Risk) Rating is assigned at an issuer level. This relates to an assessment of the extent to which the issuer is effectively managing the key ESG risks it faces. Categories range from 'very high' ESG (Risk) Rating to 'very low' ESG (Risk) Rating and is a function of the ESG risk profile of an issuer and how well it manages these risks. Further information is available upon request;

5 - Excludes issuers with 'very high' Fundamental ESG (Risk) Rating and excludes issuers with 'high' Fundamental ESG (Risk) Rating (case by case);

6 - In certain instances, including but not limited to those involving quantitative investment, passive and certain third-party sub-advised strategies, there is no engagement with issuer;

7 - Generally not applicable to fixed income, but in the limited instances it does occur, we will act accordingly;

8 - For further information on the sustainability themes, refer to the latest Sustainability Impact Report here;

* Exceptions permitted in specific instances for power utility companies in the case of transmission/distribution/capacity thresholds. Further information is available upon request.

Process:

BlueBay has one investment team operating a single investment process across asset classes. There are 3 intrinsic building blocks to the investment process: Product Design, Alpha Source Decisions and Portfolio Construction.

Product Design

Every portfolio managed by BlueBay has a Product Design, which documents a benchmark, an alpha target (or an absolute return target), the alpha sources expected to contribute to the strategy’s outperformance, and an expected risk contribution and liquidity profile. Based on the inherent properties of the alpha sources, ranges for typical maximum and minimum risk exposures are inferred, which act as internal exposure constraints.

The independent risk management function at the firm attests to each product design at the product’s inception and continues to review Product Designs on an ongoing basis, ensuring their appropriateness in the context of the underlying market environment over time.

Determining the portfolio

Investment Universe

The process of screening a universe of 4000 issuers to create a portfolio of 125 thematic investment ideas is a labour-intensive exercise. Robust debate, detailed analysis and a collaboration between portfolio and ESG analysts enables alpha generation within the realms of sustainable investing.

Sustainability themes

The Strategy will invest for positive impact across our sustainability themes. To qualify for investment, the issuer and securities must meet at least at least one of the stated sustainability themes. These include, but are not limited to:

• Achieving an inclusive society
• Building knowledge & skills
• Ensuring good health, safety & well-being
• Enabling a circular economy
• Ensuring clean & plentiful water
• Promoting clean & safe energy
• Promoting sustainable mobility & infrastructure.

Sustainability themes may change over time depending on where BlueBay identifies developments in sustainability trends affecting people and the planet.

Sustainability qualification framework - eligible issuers and securities

Issuers and securities can qualify for investment in the Strategy via one of two possible routes:

• Consideration of what the core business activity of a company is: only corporate issuers can qualify under this category, but investments can be in vanilla bonds or ESG labelled issuances (which can include but are not necessarily limited to use of proceeds securities such as green, social or sustainability/SDG bonds, or in specific instances, to sustainability linked bonds)
• Consideration of what the activity is being funded/supported by the security being issued: this will often be limited to ESG labelled issuances but can include both corporate as well as non-corporate issuers such as sovereign, supranational and agency (SSAs) issuers.

The potential investment is evaluated in terms of determining whether the:

• Issuer passes our ESG exclusion screens.
• Activities being supported meet one or more of our sustainability themes.
• Issuer meets our minimum requirement in terms of ESG conduct.

An investment must pass all three levels of ESG analysis to qualify for potential investment (subject to the investment analysis).

Qualification route 1: core economic activities have a positive impact

Alignment of the issuer’s economic activity with material exposure to relevant sustainability themes is assessed using a range of ‘positive’ materiality indicators, including but not limited to:

• Revenues
• Profits
• Market share and position
• Capex / opex
• Material value driver

An issuer does not have to meet all the above ‘positive’ materiality indicators to qualify for investment.

The sustainability profile of an issuer’s entire economic activity is considered to exclude those with materiality exposure to activities that significantly harm the Sustainable Investment objective of the Strategy. Some of the areas of economic activities which we consider to significantly harm the Sustainable Investment objective of the Strategy are formally excluded from investment. Additionally, some of the conduct related activities of issuers which are considered to significantly harm the Sustainable Investment Objective of the Fund are also formally excluded from investment.

Qualification route 2: activity being funded/supported has a positive impact

The current scope of investments in ESG labelled bonds (of corporate or sovereigns, supranational and agencies or SSA), is largely confined to use-of-proceeds issuances including, but not limited to, green, social and sustainability bonds, earmarked to projects which meet at least one of the sustainability themes. On a case-by-case basis, investments in outcomes-based labelled issuances such as sustainability-linked bonds may be permitted.

Alignment of the use of proceeds for ESG labelled issuances with material exposure to relevant sustainability themes is assessed using a range of ‘positive’ materiality indicators, including but not limited to:

• Scope of the eligibility projects criteria framework
• Extent to which there is new financing activities

In some instances, investments may occur in vanilla bonds of non-corporate issuers qualifying in this way where the entity has a unique legal organisational and governance structure such that the activities being funded or supported meet our sustainability themes.

An issuance does not have to meet all the above ‘positive’ materiality indicators to qualify for investment.

The sustainability profile of the underlying issuer of the security’s entire economic activity is considered to exclude those with materiality exposure to activities that significantly harm the Sustainable Investment objective of the Strategy. Some of the areas of economic activities which we consider to significantly harm the Sustainable Investment objective of the Strategy are formally excluded from investment. Additionally, some of the conduct related activities of issuers which are considered to significantly harm the Sustainable Investment Objective of the Strategy are also formally excluded from investment. Refer to the ‘ESG exclusions (product based) / ESG norms-based screening (conduct based)’ section for more information.

ESG investment exclusions

In order to protect against activities that significantly harm the sustainable investment objective of the strategy, ESG screens are applied by the Strategy. These ESG screens are applied independent of whether the issuer would qualify under our sustainability themes.

These screens encompass product-based as well as norms-based activities and relate to both corporate and sovereign issuers.

They are as follows:

ESG negative screening (product based):

• Corporates 1,2
  • adult entertainment (>10% revenues – production/distribution/retail),
  • alcohol (>10% revenues – production/distribution/retail),
  • controversial weapons (any production, sales/trade, testing, research and development, system integration, maintenance, maintenance/service/management, use, storage and transport of cluster munitions and anti-personnel landmines, chemical & biological weapons. Any producers of depleted uranium and nuclear weapons, undetectable fragmentation weapons, incendiary weapons and blinding laser weapons),
  • conventional weapons (>10% revenues – production of systems and components),
  • fossil fuels related (Arctic drilling (0% revenues) / oil & gas extraction & production (>5% revenues) / oil sands exploration & production (0% revenues) / >10% revenues – exploration, extraction, distribution or refining of oil fuels / >50% revenues – exploration, extraction, manufacturing or distribution of gaseous fuels / thermal coal - mining/power generation* (>10,000 MW installed capacity / >5% revenues/operations / electricity generation with a GHG intensity of >100g CO2e/kWh, >1% revenues – exploration, mining, extraction, distribution or refining of hard coal & lignite),
  • gambling (>10% revenues – operations/support),
  • nuclear energy* (>5% revenues – mining/production/supply),
  • tobacco (0% production & cultivation, >5% revenues – distribution/retail)

Normed based screening (conduct-based)

• Corporates 1,2 – compliance with UN Global Compact principles (fail), compliance with OECD MNE Guidelines (non-compliance), ESG controversy exposure (red flag)
• Sovereigns 1,3: controversial jurisdictions (Financial Action Task Force (high risk), UN Security Council Sanctions (subject to)), Freedom House Index (‘not free’), UN conventions and treaties: corruption convention (not party to)

Source: RBC Global Asset Management, as at 5 January 2026.

Full details available online: https://www.rbcbluebay.com/en-gb/wholesale/what-we-do/funds/sustainability-related-disclosures/

Notes:

1. As determined by third-party ESG data. Further information is available upon request;
2. As determined by a third-party organisation. Further information is available upon request;
3. As determined internally by Investment Compliance. Further information is available upon request;
4. As determined by an internally derived issuer ESG evaluation framework. Fundamental ESG (Risk) Rating is assigned at an issuer level. This relates to an assessment of the extent to which the issuer is effectively managing the key ESG risks it faces. Categories range from 'very high' ESG (Risk) Rating to 'very low' ESG (Risk) Rating and is a function of the ESG risk profile of an issuer and how well it manages these risks. Further information is available upon request;
5. Excludes issuers with 'very high' Fundamental ESG (Risk) Rating and excludes issuers with 'high' Fundamental ESG (Risk) Rating (case by case);
6. In certain instances, including but not limited to those involving quantitative investment, passive and certain third-party sub-advised strategies, there is no engagement with issuer;
7. Generally not applicable to fixed income, but in the limited instances it does occur, we will act accordingly;
8. For further information on the sustainability themes, refer to the latest Sustainability Impact Report here;

* Exceptions permitted in specific instances for power utility companies in the case of transmission/distribution/capacity thresholds. Further information is available upon request.

ESG conduct evaluation (issuer ESG evaluation)

Having passed the ESG screens and the sustainability theme analysis, an issuer is assessed against our issuer ESG evaluation framework to determine whether they meet the minimum ESG conduct requirement. If they do, they will pass all the ESG qualification framework, if they do not, they cannot be invested in for the Strategy.

Our proprietary Issuer ESG evaluation framework is described in detail in the next section ‘Alpha sources’ under the ‘ESG’ sub-heading. The process results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and the Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material).

The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating, specifically, where:

• An issuer is deemed to have ‘very high’ ESG risks, it is systematically excluded.
• The issuer is assigned a ‘high’ ESG risk, the decision on exclusion is made on a case-by-case basis, based on a set of guidance criteria which consider factors such as the ESG characteristics of the economic activities (how negative), and the extent to which ESG performance is not improving/persistently poor.
• Any issuer assigned a ‘very high’ risk on the governance pillar of the ESG evaluation are systematically excluded.

Alpha sources

We deconstruct the investment universe, which typically comprises all benchmark securities and names that meet our investment criteria, into individual alpha sources. Proprietary research of alpha sources is undertaken and documented by Alpha Specialists within the investment team. Research conclusions are recorded in our proprietary Alpha Decision Tool (ADT), with the supporting analysis and analytics backing these decisions recorded in our linked Alpha Research Tool (ART).

The first three stages relevant to this part of the process are detailed below.

1. Fundamental and ESG Research:

Research Inputs: The decision-making process starts with research inputs. An important part of this is idea sharing and exchange of the latest insights, which is done in the form of meetings that promote communication and sharing of information, these include:

• BlueBay’s Investment Forum occurs weekly and includes the CIO and senior risk takers from each major fixed income asset class we manage. The Forum discusses the current and future market drivers and provides input into the formation and evolution of macro views.
• A dedicated Corporate Credit Group, consisting of senior investment professionals, meets monthly to discuss current trends across corporate assets.
• A dedicated Macro Group, consisting of senior investment professionals, meets daily to provide timely analysis and opinion on key macroeconomic, policy and market developments, identify and regularly review key judgements on macroeconomic and policy issues and share the analysis and key judgements of the Macro Group with all investment teams.

The above meetings benefit from a rotating chair, which in some cases includes more junior members of the team. This helps to foster diversity of opinions and helps us develop our talent.

• Daily Investment Grade meeting to share the latest market observations.
• A series of weekly Emerging Market meetings covering hard currency sovereign, local rates and FX, corporate assets and portfolio construction and risk exposures. Additionally, our emerging market specialists perform a regular monthly China review as well as other “deep dive” meetings that aim to gain insight into specific themes. Periodical meetings discuss our “structural dashboard” where we look at themes across economic and market indicators across emerging markets, developed markets, commodities, etc.

Taking inputs from different asset classes can give us different perspectives with the aim being to form views on what will drive repricing of investments going forward. Research inputs help set investment themes which in turn allow us to effectively screen our universe of decisions and focus our idea generation efforts in a more effective way.

2. Idea Generation:

The next stage of the process is the idea generation. We believe that our proprietary research gives us our investment edge and as such we have a deeply resourced team of high-quality, experienced Alpha Specialists covering the investment universe. While providing a framework for our Alpha Specialists, the Investment process does not articulate how alpha decisions should be made, nor is it explicit in setting a time horizon for any decision. Different alpha decisions require different analysis at different times and time horizons can be dictated by ever changing inputs. Alpha Specialists are however always required to consider the fundamentals (including ESG factors), valuations and technicals when analysing any alpha source. These are detailed below.

Fundamentals:

• Both macro and credit issuer alpha sources are analysed by individual specialists based on their fundamentals
• Macro analysis is conducted on a series of macro alpha sources with respect to term structure, sector, and currency selection.
• Credit analysis is conducted on all screened issuers. Credit analysis is divided between sovereign credit analysis and non-sovereign (mostly corporate) credit analysis.
• Each Alpha Specialist has specific sector responsibilities. They determine credit worthiness for each individual issue based on a variety of factors:
  • Sovereign credit review: assesses an issuer’s fiscal characteristics, historical performance, growth outlook, external competitiveness, leverage statistics (e.g., debt/GDP), political credibility, and geo-political event risk;
  • Corporate credit review: assesses an issuer’s industry characteristics, historical performance, corporate strategy, competitiveness issues, leverage statistics (e.g., debt/EBITDA), management credibility, and event risk;
  • Cash flow analysis: evaluates the cash flow available for debt servicing, working capital and capital expenditure requirements, and liquidity and debt amortisation schedules; and
  • External research: is also reviewed and incorporates information from rating agencies as well as fixed income and equity research.

Fundamentals - ESG investment research summary:

ESG analysis: We may consider ESG risks as a part of our credit assessment1. BlueBay has an issuer ESG evaluation framework2 for (both corporate and sovereign) issuers that is led by our investment professionals (credit analysts in most instances), with input from the RBC GAM RI team members.3 The credit analyst will utilise a range of both external and internal ESG data and insights to form an opinion of the issuer’s oversight and management of ESG factors and to what extent this could be investment material. Whilst we consider the perspectives and assessment of the issuer by other stakeholders, we believe it is critical we formulate our own independent views.

Where the issuer ESG evaluation framework is conducted it results in the generation of two proprietary ESG metrics:

• A Fundamental ESG Risk Rating (4) which indicates our view of the ESG risks/opportunities faced by an issuer (resulting from the risk exposure it faces and the quality of mitigation efforts). There can only be one Fundamental ESG (Risk) Rating per issuer across BlueBay. This Fundamental ESG (Risk) Rating is assigned the credit analyst(s), with input from the RI team as and when relevant and appropriate.
• An Investment ESG Score (5) which reflects our investment view on the extent to which the ESG factors are considered relevant to valuations, as well as the nature of that materiality (e.g. whether it’s likely to be positive, negative, neutral/no impact). This is a security/instrument specific assessment and as such there may be multiple Investment ESG Scores for a single issuer depending on the held security. In this way we can allow for different ESG investment materiality over varying time frames and risk-reward profiles. The Investment ESG Score is assigned by the credit analyst/portfolio manager.

The two ESG metrics aims to enable credit and RI analysts to express their ESG view on an issuer and indicate the extent to which this is likely to have an impact on the issuer’s credit quality. BlueBay’s Portfolio Managers can leverage the data and insights resulting from the issuer ESG evaluation within portfolio construction decisions and understand ESG investment risk exposure at the portfolio level.

The issuer ESG metrics (where ESG evaluations are applicable to the investment) are recorded appropriately and are fed into the Alpha Decision Tool6 (ADT), an in-house platform which enables investment teams to capture and monitor trade ideas. In addition, all credit and ESG research is stored together in our central in-house research platform, the Alpha Research Tool7 (ART). ESG data and insights also feed through to Portfolio Insight8 (Pi), another proprietary tool enabling our investment teams to view ESG metrics for their portfolios and associated benchmarks.

Notes:

1. 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.
2. ESG evaluations are only completed for in scope strategies, for specific issuer and security/instrument types and certain investment exposures.
3. The RI team is a centralized function within RBC GAM whose primary responsibility is to lead responsible investment activities and stewardship activities across the firm. This includes supporting ESG integration by providing investment teams with ESG-related research and education, maintaining vendor relationships, and updating teams on new tools, evolving trends, and best practices related to ESG integration. For the BlueBay platform’s ESG integration approach, the RI team has a direct involvement in reviewing ESG analysis, with the review being undertaken on a risk-based approach and/or dependent on the strategy in question. Further information is available upon request.
4. Fundamental ESG (Risk) Rating is assigned at an issuer level. Categories range from 'very high' ESG (Risk) Rating to 'very low' ESG (Risk) Rating and is a function of the ESG risk profile of an issuer and how well it manages these risks.
5. Investment ESG Score refers to the extent to which the ESG risk factors the issuer is exposed to are considered to have any financial/investment relevance and materiality. Scores range from ‘+’3’ through to '-3' indicates the extent to which ESG is considered investment material, as well as the nature and likely magnitude of the investment impact. An ‘Indicative’ Investment ESG Score is the assigned score at the time of initial ESG analysis and is more reflective of issuer level investment materiality of the ESG risks as there is not necessarily a specific security being considered for investment. For this reason, the actual ‘security’ level Investment ESG Score assigned for a specific investment may be different from the indicative one assigned, as that is more reflective of the view of ESG risks at an issue/instrument level.
6. A proprietary tool developed by BlueBay to document investment ideas, decision making and investment outputs. The Fundamental ESG (Risk) Rating and Investment ESG Score feed into ADT.
7. A proprietary tool developed by BlueBay to document credit and ESG research and engagements. ESG analysis is a component of the fundamental credit analysis. The in-house issuer ESG evaluation process builds on third party ESG data and leverages off internal knowledge. ART stores the Fundamental ESG (Risk) Rating and Investment ESG Score for each in scope issuer.
8. A proprietary portfolio management tool developed by BlueBay which includes ESG, risk and performance data.

Valuations:

• At this stage of our investment process, we examine relative value as well as risk and return characteristics of each investment opportunity. We seek to place our fundamental analysis, with respect to macro alpha sources and credit issuers, within a market context.
• Our issue analysis assesses the ranking of an issue in the capital structure, the levels of covenant and collateral protection and the relevant legal framework, while relative value analysis determines market assumptions embedded in prevailing market prices. It also measures relative value versus comparables, forms an expectation of returns versus volatility, and assesses the credit default swap (CDS) basis and any cross-currency opportunities.

Technicals:

We conduct a technical analysis in which we assess the technical elements that will influence the price action in a particular bond. In doing this, we analyse:

• Bond characteristics: currency of issues, issue size, syndicate, liquidity and the investor audience; and
• Supply/demand factors: investor and “street” positioning, projected issuance, potential scarcity premium (repo) and index composition and rebalancing

3. Decision Outputs:

Every alpha source is assigned a pricing reference. As part of the idea generation Alpha Specialists are required to score each of the aforementioned drivers on a +3 (most bullish) to -3 (most bearish) scale, dependent on their expected impact on repricing of the alpha source. These scores then help inform the overall investment conviction score, which is expressed on the same +3 to -3 scale and is reflected for every alpha source in our proprietary Alpha Decision Tool (ADT). By using the same scoring system for all investment decisions made at BlueBay, we are able to design investment solutions that meet our client’s needs and often span various asset classes.

Alpha specialists are expected to maintain their investible conviction score in the ADT, along with a target and loss review level, an investment summary rationale and an assessment of risk factor associated with their investment idea. They are also expected to make regular comments relating to changes in conviction, alpha source behaviour, significant news flow or changes in target / loss review levels.

Alpha Decision Tool (ADT)

The ADT puts structure and discipline around the investment process by:

• Capturing all decisions made by our Alpha specialists and providing us with the raw materials to construct portfolios
• Communicating decision changes to the broader investment team
• Monitoring price levels (using a live price feed) against target and stop loss levels
• Measuring decision success which allows us to link compensation of risk takers to alpha generation in alpha sources
• Analysing decision quality and providing a feedback loop to improve the process
• Providing transparency for clients

More detailed research backing our Alpha source decision outputs in ADT are stored in our Alpha Research Tool (ART), which is directly linked to the ADT.

Resources, Affiliations & Corporate Strategies:

In terms of third-party portfolio rating measurements, RBC BlueBay sources issuer ESG data from a number of specialist third-party providers and utilises other ESG data-related products and services from external stakeholders to help in the ESG integration process, which are made available to the investment teams.

Specifically, we source issuer ESG data from specialist third parties:

• Corporates: MSCI ESG Research, RepRisk, NASDAQ, the Upright Project, Impact Cubed, Sustainalytics.
• Sovereigns: Verisk Maplecroft; MSCI ESG Research, Eurasia Group, NASDAQ

Ultimately the external resources input into our views but do not define them. BlueBay uses a combination of internal and external ESG data/ratings/insights to inform on our issuer ESG view, with a trend towards greater focus on our proprietary ESG insights, with the external data as inputs. Whilst we consider third-party insight to be a valuable input in terms of understanding ESG risks and insights, we believe it is critical that we develop our own views on an issuer’s ESG risk exposure. This is particularly pertinent in the case of issuers for which we have access to insights and other resources that go beyond those which data providers may be able to access. Where, however, we understand the methodology and basis for a third-party's views, we can incorporate them in an informed way.

RBC Global Asset Management (RBC GAM) Responsible Investment (RI) team

The RBC Global Asset Management (RBC GAM) Responsible Investment (RI) team is comprised of 18 dedicated full-time employees who sit within the investment platform. The RI team members have a mix of investment, ESG, risk management, data engineering, and legal expertise. Team members’ individual compensation is directly related to RBC GAM’s responsible investment and stewardship activities.

The Head of RI reports directly to the RBC GAM CIO and sits on a number of executive committees, including the RBC GAM Leadership Committee and the RBC Climate Steering Committee, which provides coordination on RBC’s climate strategy and its implementation

As a centralised function, the RI team’s primary responsibility is to lead responsible investment activities and stewardship across the firm. This includes:

• Developing cohesive responsible investment strategies and policies for Leadership Committee approval, including our Approach to Responsible Investment. The Proxy Voting Guidelines are approved by the RBC GAM CIO and reviewed by the Proxy Voting Committee.
• Supporting ESG integration by providing investment teams with ESG-related research and education, maintaining vendor relationships, and updating teams on new tools, evolving trends, and best practices related to ESG integration. The RI team also reviews ESG integration processes across investment teams and supports the continuous improvement of practices and technology.
• Executing and managing RBC GAM’s proxy voting activities, including voting proxies and leading the annual review and update of the Proxy Voting Guidelines. RBC GAM generally votes in the same way across all internally managed funds, in accordance with the Proxy Voting Guidelines. This function is centralised as we believe that the principles we apply in proxy voting are in the best interests of clients and unitholders invested in the portfolio issuers, with a view to enhancing their long-term value. The RI team reviews each vote individually and seeks input from investment teams on specific issues so that voting reflects the best interests of our clients in both systemic and issuer-specific matters.
• Participating in and leading collaborative initiatives on ESG-related issues with like-minded investors and national or international organizations/coalitions, where appropriate. The RI team also supports and participates in direct and collaborative engagements by liaising with investee companies and investment teams, where appropriate.
• Maintaining expertise on emerging ESG trends and material ESG issues and preparing client reporting and thought leadership pieces related to RBC GAM’s RI activities and insights.

Governance

Our CIO, CEO, and relevant Boards of Directors oversee the performance of firm-wide strategic initiatives, including RI, on a quarterly and annual basis. Responsibility for strategic initiatives is delegated to the appropriate executives, whose direct annual compensation includes an assessment of performance on those initiatives. The RBC GAM Leadership Committee has identified the continued enhancement of ESG integration into the investment teams’ processes as a strategic objective for the firm.
Specific executive management oversight responsibilities include:

• The CEO sets the strategic direction of RBC GAM and oversees the firm’s performance of all strategic initiatives and Approach to Responsible Investment. The CIO and the COO report to the RBC GAM CEO.
• The CIO oversees the investment strategies, policies, and performance across all affiliates. The heads of all investment teams and the RI team report to the CIO. The CIO of BlueBay reports directly to the CIO.
• The COO oversees all operational strategies, policies, risks, and initiatives across all affiliates.
• The Head of RI is responsible for all responsible investment activities across RBC GAM, and for the implementation of these strategies by RBC GAM’s centralised RI team.
• The heads of global investment teams are responsible for the establishment and implementation of ESG integration processes for applicable strategies.
• The heads of the institutional and retail businesses oversee product development, with review by a Product Committee and oversight by the CIO and CEO. Review and input on new products is provided by the COO, the Head of RI, and members of the Investment Risk, Investment Policy, Compliance, and Legal teams.*

This governance structure was chosen to ensure that the level of oversight of responsible investment and stewardship is commensurate with its importance to RBC GAM’s overall business strategy. The combination of executive oversight and responsibility over these initiatives helps ensure that responsible investment and stewardship is effectively executed and continuously improves.

* The product development and approval process at RBC BlueBay, which covers products distributed in Europe, the Middle East, and Africa (EMEA), and APAC, is governed by the EMEA/APAC Product Committee. Members of the committee includes the RBC BlueBay CEO, Chief of staff, CFO, COO, General Counsel, Head of Business Development, Head of Product Development, Conducting Officer for Distribution of the Luxembourg Management Company and the Chief Risk Officer. The GAM CIO and Chief Financial Officer also have oversight of any products approved by the EMEA/APAC Product Committee.

Biographies of the RI team members are provided below:

Melanie Adams, Managing Director & Head, Responsible Investment
JD, University of Toronto, Canada; BSc (Biology, Hons.), University of Waterloo, Canada

Melanie is managing director and head of the Responsible Investment team at RBC GAM, and a member of the RBC GAM Leadership Committee and its People and Culture sub-committee. Her team supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Melanie joined RBC GAM in 2014 and has also held roles in fund governance and strategy. Prior to joining the firm, she was senior legal counsel at a Canadian financial institution and enforcement counsel with a provincial capital markets regulator. Melanie started her career in the investment industry in 2005.

My-Linh Ngo, Senior Director & Impact-Aligned strategist, Responsible Investment
CFA UK Certificate in Investment Management (IMC); MProf (Leadership for Sustainable Development), Middlesex University/Forum for the Future, U.K; MSc (EIA, EMS, and Auditing), University of East Anglia, U.K.; BSc Honours (Environmental Sciences), University of East Anglia, U.K.

My-Linh is a senior director and impact-aligned strategist on the Responsible Investment team at RBC GAM. She supports RBC GAM investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. My-Linh is also a sustainability strategist for the impact-aligned bond strategy managed on the BlueBay fixed income investment platform and represents RBC GAM externally in a range of RI committees and working groups. Prior to joining the firm in 2014, My-Linh worked with leading asset management firms with a focus on the ESG investment industry. My-Linh started her career in the investment industry in 2000.

Mona Patel, Managing Director, Responsible Investment
MSc (Mathematics, Statistics, and Operational Research), Queen’s University, Belfast, U.K.

Mona is a managing director on the Responsible Investment team at RBC GAM. She supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Mona primarily focuses on responsible investment activities in the EMEA APAC region. Mona joined the firm in 2004 and has held several roles within the Operations and Global Business Development departments and more recently was the Head of Client Operations leading the oversight and management of regulatory reporting requirements across various jurisdictions. Prior to joining the firm, she worked with a large asset manager and in operations roles at various financial institutions. Mona started her career in the investment industry in 2000.

Maia Becker, Senior Director, Responsible Investment
MBA, Rotman School of Management – University of Toronto; Master of Forest Conservation, University of Toronto; BSc, Queen’s University, Canada; CFA, Sustainable Investing Certificate; GHG Inventory Quantifier (GHG-IQ); and LEED® Accredited Professional (LEED AP)

Maia is a senior director on the Responsible Investment team at RBC GAM. She supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Maia also oversees ESG research, policies and strategic initiatives, including those related to climate change, nature and human rights. Maia joined RBC GAM and the Responsible Investment team in 2019, after first joining RBC in 2016 as a director in RBC’s environmental and social risk management team. Prior to RBC, she spent 14 years working with government and non-profit organizations on sustainability strategy, standards and certification, as well as sector-based initiatives. Maia started her career in the investment industry in 2016.

Emir Beganovic, Analyst, Responsible Investment
CFA; MBA, Kellogg School of Management - Northwestern University, USA.; BA, Macalester College, USA

Emir is an analyst on the Responsible Investment team at RBC GAM. He supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Prior to joining RBC GAM in 2022, Emir led the ESG program at an asset management firm where he engaged various stakeholders on ESG strategy, oversaw proxy voting activities, conducted ESG analysis and contributed to thought leadership on the topic. Emir also has experience as an investment product manager with a focus on retail product strategy and development, as well as sales and marketing support as a product specialist. He previously worked at RBC Wealth Management in various roles. Emir started his career in the investment industry in 2010.

Derek Butcher, Director, Responsible Investment
CFA; MBA, Odette School of Business - University of Windsor, Canada; MES, Western University, Canada; BSc (Hons), University of Windsor, Canada

Derek is a director on the Responsible Investment team at RBC GAM. He supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Derek also oversees RBC GAM’s proxy voting activities. Derek joined RBC GAM and the Responsible Investment team as an analyst in 2015 and has held various role on the team since that time. Prior to joining RBC GAM, Derek worked as a researcher for an ESG research provider. In this role, he conducted ESG research across markets and provided clients with customized responsible investment products. Derek started his career in the investment industry in 2014.

Lucy Byrne, Senior Manager, Responsible Investment
MSc (Environmental Technology), Imperial College London, U.K.; MSc (Environmental Geoscience), Imperial College London, U.K.

Lucy is a senior manager on the Responsible Investment team at RBC GAM. She supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Lucy joined the firm in 2018 and has held various roles on the Responsible Investment team. Prior to RBC GAM, Lucy was an assistant manager, Sustainability Services at a consulting firm, working with companies across a range of sectors and geographies, and with investors on their sustainability strategies and reporting and assurance activities. Lucy started her career in the investment industry in 2018.

Matt Carthy, Senior Analyst, Responsible Investment
CFA; BComm (Public Management), University of Guelph, Canada Matt is a senior analyst on the Responsible Investment team at RBC GAM.

He supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Matt also supports ESG research, policies and strategic initiatives, including those related to climate change, nature, and human rights. Prior to joining RBC GAM in 2013, Matt worked in the retail banking arm of RBC. Matt started his career in the investment industry in 2010.

Sabrina Dhalla, Analyst, Responsible Investment
BA, University of British Columbia, Canada. Sabrina is an analyst on the Responsible Investment team at RBC GAM.

Sabrina supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Sabrina also supports RBC GAM’s proxy voting activities. Sabrina joined RBC GAM and the Responsible Investment team as an analyst in 2025. Prior to joining RBC GAM, Sabrina worked as a sustainability consultant, where she led client engagements to advance decarbonization initiatives. Sabrina started her career in the investment industry in 2023.

Andrew Hakes, Analyst, Responsible Investment
Master of Global Affairs (Global Capital Markets), University of Toronto; B.A. (Honours), University of Western Ontario, Canada.

Andrew is an analyst on the Responsible Investment team at RBC GAM. Andrew supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Andrew also supports RBC GAM’s proxy voting activities. Andrew joined RBC GAM and the Responsible Investment team as an analyst in 2022. Prior to joining RBC GAM, Andrew worked as a senior research associate at a sustainable finance research institute, researching several themes within sustainability. Andrew started his career in the investment industry in 2020.

Younes Hassar, Senior Analyst, Responsible Investment
Master (International Business Management), SKEMA Business School, France; BSc (Economics), SKEMA Business School, France

Younes is a senior analyst on the Responsible Investment team at RBC GAM. He supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Prior to joining the firm in 2022, Younes held various in-house and consultancy roles, which have ranged from product management and macro analysis to ESG and sustainability-oriented roles with global investment management firms, among others. Younes started his career in the investment industry in 2008.

Winnie Hu, Analyst, Responsible Investment
MBA, John Molson School of Business - Concordia University, Canada; BA Political Science, McGill University, Canada

Winnie is an analyst on the Responsible Investment team at RBC GAM. She supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Winnie also supports the firm’s proxy voting activities. Winnie joined RBC GAM in 2019 through the RBC Wealth Management Generalist program and joined the Responsible Investment team as an analyst in 2023. Prior to joining the Responsible Investment team, Winnie worked as an analyst on the RBC GAM Global Fixed Income & Currencies team. As part of her role, Winnie researched and traded interest rates products for global developed markets. Winnie started her career in the investment industry in 2019

Aditi Kapil, Analyst, Responsible Investment
B.E.S (Hons), University of Waterloo, Canada

Aditi is an analyst on the Responsible Investment team at RBC GAM. She supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Aditi also supports RBC GAM’s proxy voting activities. Aditi joined RBC GAM and the Responsible Investment team as an analyst in 2025. Prior to joining RBC GAM, Aditi worked at a global institutional impact investor. In this role, she built sustainability reports and supported client inquires and ESG integration. Aditi started her career in the investment industry in 2023.

Vibha Lad, Analyst, Responsible Investment
CFA UK Certificate in Climate and Investing, CFA Institute Sustainable Investing Certificate; CIMA Diploma (Management Accounting); CFA UK Diploma in Investment Management (ESG); BSc Honours (Economics), Brunel University London, U.K.

Vibha is an analyst on the Responsible Investment team at RBC GAM. She supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Vibha joined the Responsible Investment team in 2022 supporting ESG data infrastructure and operational aspects of the BlueBay fixed income investment platform of RBC BlueBay. Prior to joining the firm in 2015, Vibha held various roles across companies, including as a client administrator, Banking & Capital Markets at a large accounting firm. Vibha started her career in the investment industry in 2014.

Nureen Nagra, Senior Analyst, Responsible Investment
CFA; BComm, University of British Columbia, Canada.

Nureen is a senior analyst on the Responsible Investment team at RBC GAM. Nureen supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Nureen also supports management and oversight of RBC GAM’s proxy voting activities. Nureen joined RBC GAM in 2015, working with retail and institutional clients in various roles before joining the Responsible Investment team in 2019. Prior to RBC GAM, she worked with institutional and high net worth clients as an investment advisor. Nureen started her career in the investment industry in 2014.

Sanja Sretenovic, Senior Analyst, Responsible Investment
CFA; BComm (Finance), McGill University, Canada. Sanja is a senior analyst on the Responsible Investment team at RBC GAM.

She supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Sanja also supports ESG research, policies and strategic initiatives. Prior to joining the firm in 2019, Sanja worked at an institutional investment manager in various roles, including positions in strategic investment research and global thematic equities. Sanja started her career in the investment industry in 2014.

Alan Weider, Senior Analyst, Responsible Investment
CFA; CFA Institute Sustainable Investing Certificate; CFA UK Impact Investing Certificate; CFA UK Diploma in Investment Management (ESG); Personal Finance Society Diploma in Regulated Financial Planning (Level 4); MEng (Chemical Engineering), University of Birmingham, U.K.

Alan is a senior analyst on the Responsible Investment team at RBC GAM. He supports RBC GAM’s investment teams in integrating environmental, social and governance (ESG) factors into their investment processes; engages in active stewardship; and provides meaningful client reporting on responsible investment. Alan also supports RBC GAM’s proxy voting activities and plays a meaningful role in regulatory reporting. Alan joined RBC GAM in 2020 through the RBC Wealth Management Generalist program and joined the Responsible Investment team as an analyst in 2022. Prior to joining RBC GAM, Alan held a range of roles within RBC Wealth Management, first joining RBC in 2017. Alan started his career in the investment industry in 2011.

Source: RBC Global Asset Management, as at February 2026.

Active stewardship

As stewards of our clients’ assets, we align our proxy voting, engagement, and participation in industry initiatives with what we consider to be in the best interests of our investments and portfolios. We believe these activities, conducted in conjunction with our ESG integration efforts, can help to support our aim of delivering risk-adjusted, long-term financial returns for our clients.

Proxy Voting

RBC GAM seeks to act in the best interests of the portfolios we manage, which extends to exercising the voting rights attached to securities within these portfolios. We exercise the voting rights of the portfolios we manage with a view to enhancing the long-term value of the securities held. We make each voting decision independently, in accordance with our Proxy Voting Guidelines (Guidelines). These Guidelines provide an overview of the principles and practices we believe will enhance the long-term value of securities held in our portfolios and how we will generally vote on particular issues. They are updated on an ongoing basis to reflect our views on emerging trends in corporate governance and responsible investment. Our Guidelines are applied for companies based in Canada, the United States, the United Kingdom, Ireland, Australia, and New Zealand. As stated in our Guidelines, in all other markets, RBC GAM references the local proxy voting policies of Institutional Shareholder Services (ISS). We evaluate climate-related shareholder proposals on a case-by-case basis.

Engagement

We engage with issuers, regulatory bodies, lawmakers, and other stakeholders, where applicable, with a view to the best interests of our clients. The majority of our engagements are with issuers, where we seek to understand how an issuer is addressing its ESG risks and opportunities and convey our views. Our investment teams meet with many issuers in which we invest on an ongoing basis. We encourage an in-depth dialogue over time and may prefer to keep the particulars about our engagements confidential to foster a constructive relationship with our investee companies.

Typically, the purpose of our engagements includes:

1. Information gathering on ESG risks and opportunities and the steps the issuer is taking to address them. This may result in continued monitoring of an existing or emerging ESG risk or opportunity, or an update to the analysis and assessment of an issuer.
2. Seeking better public disclosure of material ESG risks and opportunities and the steps the issuer is taking to address them.
3. Encouraging more effective management of material ESG factors when we believe they may impact the value of an investment.
4. Where an issuer is lagging its peers on a material ESG issue, requesting a commitment for change, monitoring any changes, and encouraging continued improvements that are expected to positively impact the long-term value of an investment.

The specific ESG factors we engage on differ based on sector, asset class, and geography. We seek to understand each issuer individually and through the lens of local norms and the laws and regulations of the market in which it operates.

Industry Initiatives

We participate in initiatives that work to increase transparency, protect investors, and foster fair and efficient capital markets. We recognise that advocating for regulatory and legal reform can be more effective when market participants work together. Where interests are aligned, collaboration with like-minded investors can give us greater influence on issues specific to our investments and on broader, market-wide considerations. In either case, we work to encourage changes that are in the best interests of our clients.

30% Club - Canadian Investor Group Signatory since: 2018

RBC GAM is a signatory to the 30% Club Canadian Investor Group. The 30% Club Canadian Investor Group is a coalition of Canada’s largest institutional investors, which calls on publicly-traded companies to take prompt and considered action to achieve and exceed the 30% gender diversity target and to enhance the presence of other underrepresented groups on their boards and at the executive management level. The coalition has instigated numerous engagements, for which RBC GAM may engage, provide inputs, and/or provide feedback.

Alternative Investment Management Association - Signatory since: 2019

RBC GAM is a member of the Alternative Investment Manager Association (AIMA), the global representative of the alternative investment industry. AIMA draws upon the expertise and diversity of its membership to provide leadership in industry initiatives such as advocacy, policy and regulatory engagement, educational programs and sound practice guides. A member of RBC GAM’s RI team is on the Global Responsible Investment Committee

Canadian Coalition for Good - Governance Signatory since: 2003

RBC GAM is a founding member of the Canadian Coalition for Good Governance (CCGG). CCGG promotes good governance practices in Canadian public companies and works to improve the regulatory environment to best align the interests of boards and management with their shareholders. Members of RBC GAM’s RI team serve on the Public Policy and Environmental & Social committees.

CDP -  Signatory since: 2006

RBC GAM is signatory to CDP, formerly known as the Carbon Disclosure Project. CDP runs the global disclosure system that enables entities to measure and manage their environmental impacts.

Climate Action 100+  - Signatory since: 2020

RBC GAM is an investor participant and signatory to Climate Action 100+ (CA100+). CA100+ is an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take appropriate action on climate change in order to mitigate financial risk and to maximize the long-term value of assets.

Climate Engagement Canada (CEC) - Signatory since: 2021

RBC GAM is a founding participant of Climate Engagement Canada (CEC). CEC is a finance-led initiative that drives dialogue between the financial community and corporate issuers to promote a just transition to a net-zero economy. A member of RBC GAM’s RI team is Chair of the Technical Steering Committee.

Council of Institutional Investors -  Signatory since: 2013

RBC GAM is an associate member of the Council of Institutional Investors (CII). CII aims to promote effective corporate governance, strong shareowner rights and vibrant, transparent and fair capital markets

Emerging Markets Investor Alliance - Signatory since: 2020

RBC GAM is a member of the Emerging Markets Investors Alliance (EMIA). EMIA aims to enable institutional emerging market investors to support good governance, promote sustainable development, and improve investment performance in the governments and companies in which they invest.

Farm Animal Investment Risk & Return - Signatory since: 2020

RBC GAM is a member of the Farm Animal Investment Risk & Return Initiative (FAIRR). FAIRR is a collaborative investor network that raises awareness of the ESG risks and opportunities brought about by intensive livestock production.

FX Global Code  - Signatory since: 2021

RBC GAM is signatory to the FX Global Code July 2021 (FX Global Code). The FX Global Code is a set of global principles of good practice in the foreign exchange market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed by a partnership between central banks and Market Participants from 20 jurisdictions around the globe. The Global Foreign Exchange Committee promotes, maintains and updates the Code regularly. RBC GAM’s Head of Global Fixed Income & Currencies is a member of the Canadian Foreign Exchange Committee.

GIIN - Signatory since: 2018

RBC GAM is a member of the Global Impact Investing Network (GIIN). The GIIN is the global champion of impact investing, dedicated to increasing the scale and effectiveness of impact investing around the world.

Green Bond Transparency Platform - Signatory since: 2021

RBC GAM is a supporter of the Inter-American Development Bank (IDB)’s Green Bond Transparency Platform (GBTP). The GBTP is an innovative open access digital tool that brings greater transparency to the Latin American and Caribbean green bond market and aims to provide a benchmark for best practice disclosure and support to all market actors.

International Corporate Governance Network - Signatory since: 2013

RBC GAM is a member of the International Corporate Governance Network (ICGN). ICGN aims to promote effective standards of corporate governance and investor stewardship to advance efficient markets and sustainable economies worldwide.

IFRS Sustainability Alliance - Signatory since: 2019

RBC GAM is a member of the IFRS Sustainability Alliance, a global membership program for sustainability standards, integrated reporting, and integrated thinking. Upon the Value Reporting Foundation’s consolidation into the IFRS Foundation, the IFRS Foundation’s International Sustainability Standards Board (ISSB) assumed responsibility for the SASB Standards. The ISSB has committed to build on the industry-based SASB Standards and leverage SASB’s industry-based approach to standards development. The ISSB encourages preparers and investors to continue to use SASB Standards. A member of RBC GAM’s RI team is on the ISSB Investor Advisory Group (IIAG).

RBC GAM is also a signatory to the COP28 Declaration of Support for the ISSB’s Climate Standard. As such, we support the establishment of market infrastructure to enable consistent, comparable climate-related disclosures at a global level. RBC GAM has published a climate-related report guided by the recommendations of the TCFD since 2020. The TCFD recommendations are now incorporated into the ISSB’s Standards (see more here).

Investment Association - Signatory since: 2020

RBC GAM is a member of the Investment Association (IA). The IA is the United Kingdom’s membership association for investment managers.

Investors Policy Dialogue on Deforestation (IPDD) - Signatory since: 2020

RBC GAM is a supporting investor of the Investor Policy Dialogue on Deforestation (IPDD). The IPDD aims to coordinate a public policy dialogue with authorities and monitor developments to assess exposure to financial risks arising from deforestation. One of our investment teams co-chairs the IPDD Management Committee and the IPDD Brazil workstream and is a participant in the IPDD Indonesia workstream.

Japanese Stewardship Code - Signatory since: 2018

RBC GAM is a signatory to Japan's Stewardship Code (The Code). The Code sets out the principles that institutional investors should adhere to in order to fulfil their stewardship responsibilities to clients, beneficiaries and investee companies.

Mission Investors Exchange - Signatory since: 2014

RBC GAM is a member of Mission Investors Exchange (MIE). MIE is the leading impact investing network for foundations dedicated to deploying capital for social and environmental change.

Responsible Investment Association -  Signatory since: 2003

RBC GAM is a sustaining member of the Responsible Investment Association (RIA). The RIA is Canada’s membership association for responsible investment. A member of RBC GAM’s RI team is the Chair of the RIA board.

Transition Pathway Initiative - Signatory since: 2020

RBC GAM is a supporter of the Transition Pathway Initiative (TPI), focused on better understanding how companies are managing the transition to a low carbon economy. TPI seeks to provide academically robust and independent assessments of how companies are transitioning in line with the Paris Agreement. TPI provides open access data that supports investors in understanding the climate transition, and works with Climate Action 100+ to provide data for the net zero benchmark.

UK Stewardship Code - Signatory since: 2011

RBC GAM is a signatory to the UK Stewardship Code 2020 (the Code). The code aims to enhance the quality of engagement between asset managers and companies to help improve long-term risk-adjusted returns to shareholders. RBC GAM’s 2023 Annual Stewardship Report met the expected standard of reporting of the Financial Reporting Council (FRC). The RBC GAM 2024 Annual Stewardship Report is in the submission stage with the FRC.(1)

Note: 1 In 2023, RBC GAM consolidated the activities of two regulated legal entities in the United Kingdom (UK), RBC GAM-UK and BlueBay Asset Management LLP (BlueBay), into RBC GAM-UK. BlueBay’s stewardship activities have been incorporated throughout RBC GAM’s Annual Stewardship Reports since the 2022 version.

United Nations Principles for Responsible Investment (UN PRI) - Signatory since: 2015

RBC GAM is a signatory to the UN Principles for Responsible Investment (PRI) (2). The PRI is a global network for investors committed to incorporating ESG considerations into their investment practices and ownership policies. We put the PRI’s six Principles of Responsible Investment into practice and believe that they are aligned with our existing approach to responsible investment. A member of RBC GAM’s RI team sits on the Policy Committee. We are also a signatory to the PRI Statement on ESG in Credit Ratings, which encourages credit rating agencies to proactively take ESG factors into consideration for relevant issuers.

Note: 2 In 2023, RBC GAM consolidated the activities of two regulated legal entities in the United Kingdom (UK), RBC GAM-UK and BlueBay Asset Management LLP (BlueBay), into RBC GAM-UK. Signatory status falls under the RBC Global Asset Management’s (RBC GAM) group membership as of April 2023 onwards and is not related to funds. Up until this period, both RBC GAM and its affiliate, BlueBay Asset Management LLP (BlueBay) were signatories (signatory year being 2015 for RBC GAM, and 2013 for BlueBay). Both entities separately filed annual transparency reports (where RBC GAM’s one included affiliates RBC Global Asset Management (UK) and BlueBay). With the merger of RBC Global Asset Management (UK) and BlueBay in April 2023, BlueBay’s separate PRI signatory status has lapsed (including its annual reporting obligations).

US SIF - The Forum for Sustainable and Responsible Investment -  Signatory since: 2013

RBC GAM is an institutional member of US SIF: The Sustainable Investment Forum (US SIF). US SIF states (source) it is the leading voice advancing sustainable, responsible and impact investing across all asset classes in the US.

SDR Labelling:

Not eligible to use label (out of scope)