Toronto Dominion Bank

Toronto Dominion Bank publicly commits to gender equality and women’s empowerment. In terms of female representation in leadership positions, the financial institution has a gender-balanced board of directors where six out of 15 members are women. Moreover, the financial institution identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders. It also discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.

Toronto Dominion Bank has set a target of net-zero financed emissions by 2050. The financial institution discloses that it collectively engages with its clients on the topic of climate change.

Toronto Dominion Bank has a publicly available policy statement committing it to respect human rights. The financial institution discloses the proportion of women in its total direct operations workforce for each employee category. The bank also discloses the amount of finance it directs towards usually excluded groups. Furthermore, it has a grievance mechanism accessible to all workers, external individuals, stakeholders and communities to raise complaints or concerns regarding human rights and bribery or corruption. Toronto Dominion Bank has a publicly available policy statement which shows it is committed to respecting the health and safety of workers. It also has a policy prohibiting bribery and corruption. Besides, it discloses a public commitment to protect personal data and its approach to lobbying and political engagement in a public policy statement.

In terms of its approach to senior leadership accountability, Toronto Dominion Bank has an opportunity to assign responsibility for sustainability to its highest governing body and link the remuneration of its executive or management teams to sustainability performance criteria. The financial institution has an opportunity to disclose the ratio of basic salary and remuneration of women to men in its total direct operations workforce for each employee category as well as how how it addresses any pay gaps. It also has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients.

There is an opportunity for Toronto Dominion Bank to disclose absolute interim financed emissions reduction targets, rather than intensity-based targets. It could disclose key sectors or companies identified as priorities to engage with on climate issues, specifically alignment with the Paris Agreement. For instance, there is no evidence that the financial institution discloses alignment with the Paris Agreement as one of its engagement priorities with companies to which it provides financial services. Furthermore, even if Toronto Dominion Bank discloses the aggregate amount of finance it devotes to climate solutions, it has an opportunity to disclose what the climate solutions are. It could disclose time-bound targets explicitly for its climate solutions and progress against these targets. Regarding nature and biodiversity, no evidence was found that the financial institution is committed to minimising its negative impacts or financing regenerative solutions.

Toronto Dominion Bank has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. The financial institution discloses the ages of its employees and board members but has an opportunity to disclose this information for each employee category. Furthermore, it could disclose the amount of finance directed towards SMEs and low-income developing countries.