TORONTO — Royal Bank of Canada says it is dropping its partnership with We Charity and will no longer sponsor or donate to the organization.
Bank spokeswoman Gillian McArdle says in an email to The Canadian Press that the two are parting ways through a mutual agreement.
RBC started reassessing its ties to WE last week following an ongoing controversy over a deal to run a $900-million student volunteer program.
Prime Minister Justin Trudeau and Finance Minister Bill Morneau face ethics probes after failing to recuse themselves from discussions about the contract, which was awarded to WE but later aborted.
The Toronto-based charity’s We Global Learning Centre was brought to life with fundraising from a group of well-known philantrophists including RBC executive Jennifer Tory and RBC chief executive Dave McKay served as co-chairman of last year’s We Day.
RBC backing away from the charity comes after Virgin Atlantic Airways has already suspended its sponsorship of the embattled organization