TORONTO, March 4, 2021 /CNW/ - Royal Bank of Canada (TSX: RY) (NYSE: RY) today announced that Heather Munroe-Blum and Michael McCain are retiring from the board of directors and will not stand for re-election at the annual meeting of common shareholders, as disclosed in the 2021 management proxy circular.
"On behalf of the board, I would like to thank Heather and Michael for their years of dedicated service and strategic counsel as stewards of the bank," said Katie Taylor, Chair of the Board, Royal Bank of Canada. "RBC has benefited greatly from Heather's distinguished corporate governance and public policy leadership, and from Michael's executive perspective as an active CEO leading a consumer-focused company with cross-border operations."
Mr. McCain and Ms. Munroe-Blum have served on RBC's board of directors since 2005 and 2011, respectively. RBC's tenure policy outlines term limits in order to balance the benefits of experience with the need for new perspectives and to achieve ongoing board renewal. A director's term generally lasts 15 years or until they reach the age of 70, whichever comes first.
In 2020, Maryann Turcke and Cynthia Devine were appointed to RBC's board of directors, and Frank Vettese was appointed in 2019, as part of the ongoing process of board renewal and succession planning.
"RBC's board of directors actively engages in robust succession practices to ensure a balanced and diverse board with experienced, focused and talented directors who provide effective guidance to, and sound oversight of, management. The board is steadfast in its commitment to enabling RBC in its Purpose-led approach to creating long-term value for its clients, communities, shareholders, and employees," added Ms. Taylor.
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
SOURCE Royal Bank of Canada
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