RBC has released a Supplier Code of Conduct, after completing a review of supplier arrangements and policies.
This principles-based code sets out RBC's expectations of suppliers to ensure their behaviour aligns with RBC standards. It also formalizes and standardizes the bank’s approach to responsible procurement, RBC said in a release.
As part of the code, suppliers must:
• Adhere to human rights, labour and employment standards legislation.
• Treat their employees fairly and with respect, including respect for diversity.
• Not hire foreign workers from outside of Canada, when performing services on behalf of RBC, where a worker eligible to work in Canada is available and able to perform the service.
RBC will monitor compliance with the code and ensure contractual commitments are secured through master service agreements.
As part of RBC's annual corporate responsibility reporting, RBC will report on compliance with the code and engage objective parties as part of an independent review.
Offshoring and Temporary Foreign Worker Program
As part of its supplier review, RBC looked at the types of work the bank will and will not outsource to suppliers that execute all or part of the work offshore to ensure suppliers support RBC's focus on creating Canadian jobs and prosperity.
RBC will only offshore to suppliers when their investment in scale, technology or operational knowledge provides superior skill sets and capabilities that RBC cannot duplicate inside its own business or in Canada.
RBC will not offshore work where salary savings is the primary reason and will make every effort to source in Canada, it said.
RBC uses the Temporary Foreign Worker Program (TFWP) on a very limited basis for executives and for workers with highly specialized skills and will not use the “low skills workers” program to fill jobs in Canada, it said.
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