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For purposes of this Website, the term "Institutional" includes but is not limited to sophisticated non-retail investors such as investment companies, banks, insurance companies, investment advisers, plan sponsors, endowments, government entities, high net worth individuals and those acting on behalf of institutional investors. The Website contains information, material and content about RBC Global Asset Management (collectively, the “Information”).
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Milton Friedman’s assertion in his 1970 New York Times article that the social responsibility of every enterprise was to maximise profit led to a singular focus on shareholder value and the financial capital that supported it. But a sense developed that shareholder value growth was coming at the expense of other stakeholders and so was not truly value-creative in an holistic sense. A more complete assessment of value creation was clearly needed; one that explicitly considered extra-financial risks and opportunities. Various monikers have been tried over the years, but ‘ESG’, Environmental, Social and Governance, has today become established as the prevailing industry term.
