Reports describe how the Bank accelerated its
efforts and broadened its positive impact in a year of significant
change and disruption
TORONTO and CHERRY
HILL, N.J., March 5, 2021 /CNW/
- 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 (ESG) Report,
Adapting with Purpose, outlines how the Bank accelerated its
efforts, elevated its contributions and enhanced its oversight and
measurement of ESG practices. The 2020 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 of 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%.
For more information about TD's global corporate citizenship
efforts, please visit: www.td.com/esg and
www.td.com/readycommitment.
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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SOURCE TD Bank Group