Toronto / Cherry Hill, March 5, 2021 – In a world disrupted by COVID-19, TD directly contributed to positive change and societal progress to help promote a better, more sustainable and inclusive tomorrow.
TD's 2020 Environmental, Social and Governance Report, Adapting with Purpose, outlines how the Bank accelerated its efforts, elevated its contributions and enhanced its oversight and measurement of ESG practices. The TD Ready Commitment Report highlights the progress and impact TD has achieved through its corporate citizenship platform with a focus on financial health, social inclusion, equitable health outcomes and the environment to create the conditions for everyone to succeed in an ever-changing world. Together, these reports demonstrate how the Bank is fulfilling its promise – to enrich the lives of our customers, communities and colleagues.
Commencing in 2021, TD will link senior executive compensation with the Bank's ESG performance, further reinforcing the importance of ESG as a core component of TD's business globally.
"TD's purpose, to enrich the lives of our customers, colleagues and communities is the foundation of all we do", said Norie Campbell, Group Head and General Counsel, TD Bank Group. "The challenges that came with 2020 have further strengthened our resolve to build a more sustainable and inclusive future. Through our strong commitment to ESG, the actions we are taking will support long-term prosperity and growth, creating opportunity for all to succeed in a rapidly changing world."
Also released today, the 2020 Managing Climate-Related Risks and Opportunities Report covers TD’s progress implementing recommendations from the Task Force on Climate-related Financial Disclosures (TCFD). This report shares how the Bank is continuing to embed climate-related considerations into its business as part of its broader commitment to environmental transparency and accountability.
Key highlights described in the Bank's reports include:
- The launch of TD's global Climate Action Plan, which includes:
- A target to achieve net-zero greenhouse gas (GHG) emissions associated with its operations and financing activities by 2050, aligned to the associated principles of the Paris Agreement.
- An intention to establish GHG emissions baselines across its business and financing portfolio and to work closely with clients as it sets interim GHG reduction goals on the path towards 2050. The Bank will report on its progress starting with 2021.
- The establishment of a Sustainable Finance and Corporate Transitions Group within TD Securities to provide clients with advisory services and important transition and sustainability-focused financing globally. The Bank will continue to work with clients, including those in the energy sector, to deliver advice, financing and support as they build their transition strategies for a low-carbon future.
- A commitment not to provide new project-specific financial services, including advisory services, for activities that are directly related to the exploration, development, or production of oil and gas within the Arctic Circle, including the Arctic National Wildlife Refuge (ANWR).
- A focus on developing and promoting measurement and tracking methodologies, alongside national, industry and global organizations, to help measure its progress toward our 2050 targets.
- TD was listed on the Dow Jones Sustainability World Index for the seventh consecutive year; now the only North American-based bank on the World Index.
- Over $130 million CAD invested to support non-profit organizations in 2020 across our global footprint, through the TD Ready Commitment, contributing to a target of $1 billion in philanthropy by 2030. This included the launch of the TD Community Resilience Initiative, allocating $25 million to support non-profits and health-care providers across our operating footprint in the wake of COVID-19.
- In 2020, TD engaged in challenging conversations on racism, opening the door for meaningful change and inspiring us to take additional action. TD encouraged open dialogue, delivered new training initiatives across the enterprise and we challenged ourselves to do more. For example, TD funded and formed deeper relationships with organizations that support diverse talent and economic inclusion in the community and established new targets for minority executive representation across the Bank, with a specific focus on Black and Indigenous communities.
- As at October 31, 2020, women comprised 38% (5 of 13) of all Directors. Further, 31% (4 of 13) of all Directors voluntarily self-identified as a visible minority, a person of Indigenous or Aboriginal heritage, LGBTQ2+ or a person with a disability. At the end of 2020, the Bank met its goal of increasing the level of women holding titled vice president and above roles in Canada to 40%.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by assets and serves over 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 14 million active online and mobile customers. TD had CDN$1.7 trillion in assets on January 31, 2021. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
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