TORONTO — Scotiabank and RBC have joined the growing list of companies that have announced their intention to stop advertising on Facebook in July, because of the social media giant’s failure to stop the spread of hateful content.
On Wednesday, both banks confirmed their plans to temporarily pause advertising on Facebook platforms for the month of July.
“This decision was made based on our fundamental belief and practice in creating inclusive environments for our employees, customers, shareholders and communities,” a spokesperson for Scotiabank said in an emailed statement to CTVNews.ca.
AJ Goodman, a spokesperson for RBC, said the bank “believes wide-spread, systemic racism has disadvantaged Black, Indigenous and People of Colour (BIPOC) by significantly impeding their ability to compete equally in opportunities for economic and social advancement.” He added RBC’s purpose is to “help clients thrive and communities prosper” and to achieve this they must work toward eliminating systemic racism and unconscious bias.
“One way we can do that is by standing against misinformation and hate speech, which only make systemic racism more pervasive,” Goodman said in an emailed statement on Wednesday. “In response to recent events, effective July 1, RBC will pause all paid advertising on Facebook and Instagram for the month of July.”
The banks are just the latest in a long list of international brands taking part in the boycott as part of the #StopHateForProfit campaign, which is being led by civil rights groups, including the Anti-Defamation League and the National Association for the Advancement of Colored People.
The coalition of groups accused Facebook of repeatedly failing to “meaningfully address the vast proliferation of hate on its platforms” when it called on corporations earlier this month to boycott the platform for the month of July.
Other Canadian companies that have joined the boycott include Lululemon Athletica, Mountain Equipment Co-op, Arc’teryx, and Moosehead Breweries.
International brands taking part in the campaign include Coca-Cola, Ben & Jerry’s, Eddie Bauer, Hershey’s, Honda, and Patagonia.
CTVNews.ca has reached out to other major Canadian banks to find out if they will be following suit, but did not hear back by the time of publication.
With files from The Canadian Press
