Speaking at the bank’s annual general meeting on Thursday, CEO Dave McKay said the new growth fund will back Canadian companies, while the lender will also continue to make direct equity investments to help domestic businesses scale and expand internationally. (The Logic)

Talking point: McKay said RBC is also planning to expand hiring in sectors of “national importance,” including defence, while building out the country’s infrastructure and project finance capabilities, with a particular focus on the Arctic and Indigenous partnerships. RBC’s research estimates that Canada will need $1.8 trillion in capital investment over the next decade to unlock its economic potential and finance major domestic projects. McKay said the bulk of that investment will need to come from the private sector, adding that “the government simply cannot—and should not—fund it alone.” RBC is the first of the Big Six banks to hold its annual general meeting this spring. Shareholders voted down all 11 proposals submitted by Mouvement d’éducation et de défense des actionnaires—the only advocacy group to submit proposals this year—including measures related to AI governance and ESG disclosure.