The federal government is extending public consultations on Royal Bank of Canada’s proposed takeover of HSBC Canada for two additional weeks after some emailed submissions were lost due to technical difficulties.
Some Canadians who wrote to the Department of Finance to share their views on the pending $13.5-billion acquisition received emails on Friday informing them of the situation and asking them to re-submit by July 21, “to ensure we can hear from you and all interested Canadians.”
The government is seeking input from “market participants, academics, civil society groups, and members of the public” on information they would like considered during the process.The proposed sale has drawn criticism from environmentalists who are concerned about RBC’s comparatively poor record on sustainability and its financing of fossil fuels.in an annual report by environmental groups.
Alcock plans to re-submit her letter, but she told BNNBloomberg.ca she was disappointed by the situation, given the “significant effort” she and other Canadians took to learn about the consultation process and share their perspectives. Ellis said he is glad the consultation period is being extended and he plans to remind people to re-submit – noting that the volume of submissions may have been more than what the government anticipated.
Environmental Defence asked that Freeland either reject the sale or approve it with the conditions that RBC implements a “credible climate plan” and commit to “meeting or exceeding HSBC’s international commitments to ending investments in fossil fuels.”
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