TORONTO, Sept. 16, 2021 /CNW/ - TD Bank Group (TD)
announced today a CDN $10 million
commitment over the next five years to the Black Opportunity Fund
(BOF). This donation is among the largest
contributions in Canada to a
Black-focused, Black-led and
Black-serving organization.
Established in 2020, BOF was founded and is led by a team
of diverse Black Canadian professionals to help establish a
$1.5 billion fund, one
of the largest in the world, that is designed to dismantle the
structural barriers that for generations have prevented many Black
Canadians from achieving economic success.
"At TD, we believe that we can be a catalyst for positive change
as we strive to enrich the lives of our customers, communities and
colleagues," says Bharat Masrani, Group President and CEO, TD Bank
Group. "Economic inclusion can be instrumental in
reversing the impacts of systemic racism and bias, and
together with Black Opportunity Fund, we are committed to
continuing to help meet the needs of Black communities while
contributing to the creation of an equitable society and
better future for all."
Built on the understanding that a significant number
of Black-focused, Black-led and
Black-serving organizations continue to be under-resourced and
under-funded in Canada, the work
of BOF directs stable and long-term financing and resources into
the community.
As part of TD's financial commitment, BOF will
establish a philanthropic granting pool totaling $400,000 per year to fund
Black-serving community and non-profit organizations
focused on areas of financial security, inspired by one of the
four drivers of the TD Ready Commitment, the Bank's
corporate citizenship platform. TD's financial commitment will
also be applied to BOF's endowment fund, designed to support the
long-term sustainability and permanency of the
Fund.
In addition to its financial contributions, TD intends to
provide its people the opportunity to harness their passion and
talent to support the work that BOF is leading. Every year,
two positions will be created for TD colleagues who can
apply to be seconded to BOF to work on selected
BOF projects and initiatives that support the organization's
mission to help dismantle the effects of anti-Black
racism. Further, a wide-range of BOF volunteer opportunities,
including skill-based projects, will be available to TD
employees through the TD Ready Commitment Network, the
Bank's internal engagement platform.
"Black Opportunity Fund is pleased to accept this incredible
show of confidence in our mission and objectives from one of
North America's largest Banks,"
said Craig Wellington, Executive
Director of Black Opportunity Fund. "We believe this historic
commitment from TD will translate into real change including social
and economic empowerment for many Black Canadians," said
Wellington. "Our goal with this financial gift – as well as
the volunteer contributions from TD - is to positively
impact Black-led community organizations and Black
entrepreneurs, who have consistently struggled to realize their
potential in Canada due
to systemic discrimination and a historic lack of
access to capital."
TD will work with BOF to better understand and address the
barriers that Black banking customers face by using
insights from BOF. Both organizations are committed to reducing
systemic bias and discrimination and believe that this work will
help the Bank to build a more inclusive culture and support
the specific needs and financial aspirations of Black communities
across Canada.
The collaboration with BOF is just one of the many initiatives
underway at TD as part of its broader commitment to further advance
its inclusion and diversity priorities, such as doubling the
representation of Black executives by the end of 2022, as well as
increasing minority executive representation across the Bank by 50%
by 2025. At the same time, through the TD Ready Commitment, TD has
contributed a total of $17.5 million
in Canada and the U.S. in 2020 to
address the immediate and longer-term impacts of racism and advance
related goals, including $12.1
million in support of Black-led and Black-focused
organizations.
Through these initiatives, TD is proud to continue to help drive
progress toward a more inclusive, equitable tomorrow
harnessing the scale of its business, philanthropy, and
people.
To learn more about the Black Opportunity Fund, please
visit www.blackopportunityfund.ca.
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 more than 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 15
million active online and mobile customers. TD had
CDN$1.7 trillion in assets on
July 31, 2021. The Toronto-Dominion
Bank trades under the symbol "TD" on the Toronto and New York Stock
Exchanges.
About the TD Ready Commitment
TD has a long-standing
commitment to enriching the lives of its customers, colleagues and
communities. As part of its corporate citizenship platform, the TD
Ready Commitment, TD is targeting CDN $1
billion (U.S. $775 million) in
total by 2030 towards community giving in four areas
critical to opening doors for a more inclusive and sustainable
tomorrow – Financial Security, Vibrant Planet, Connected
Communities and Better Health. Through the TD Ready Commitment, TD
aspires to link its business, philanthropy and human capital to
help people feel more confident - not just about their
finances, but also in their ability to achieve their personal goals
in a changing world. For further information, visit
td.com/tdreadycommitment.
About Black Opportunity Fund
The Black Opportunity Fund is a dynamic partnership between
philanthropists, foundations, businesses and the
Black community to combat the impact of anti-B lack
racism in Canada.
The fund will catalyze cultural, economic, and political growth to
enable Canada's institutions,
governments, and businesses to embrace greater diversity at all
levels. The fund will broadly prioritize initiatives around
education, healthcare, youth, women, social justice, immigration,
technology, entrepreneurship, and government that impact the
quality of life in the Black community.
SOURCE TD Bank Group