Brian M. Levitt, Chairman of the Board
In 2015, TD Bank Group once again demonstrated its strength and resilience by delivering a strong financial performance in the face of subdued economic performance in Canada and the United States, while honouring TD's commitment to our employees, customers and shareholders to be the even Better Bank.
Bharat Masrani completed a very successful first year as TD’s Group President and CEO. The Bank delivered record adjusted earnings. Decisive steps were taken with a view to speeding up decision-making in the Bank; reallocating resources to growth businesses and channels; and adapting to a slower growth environment.
Fortune magazine named TD one of the World’s Most Admired Companies for 2015. TD was also named one of the World’s Safest Banks by Global Finance in 2015 for the 5th year in a row, as well as the Safest Bank in Canada and the World’s Safest Commercial Bank. TD became the only Canadian bank to be recognized on the Dow Jones Sustainability World Index list, the benchmark for global leaders in economic, environmental and social responsibility.
TD is committed to being a leader in corporate governance practices, and a key element of such practices is strategic Board renewal. This year we were pleased to welcome new directors to TD in anticipation of impending retirements in 2016. Brian Ferguson is President and Chief Executive Officer and a director of Cenovus Energy Inc. Claude Mongeau is President and Chief Executive Officer and a director of Canadian National Railway Company. Jean-René Halde was most recently President and Chief Executive Officer of the Business Development Bank of Canada. Each of these directors brings extensive executive and strategic leadership skills, business acumen and industry experience, and we look forward to their contribution to TD’s Board.
While we expect continued challenges in the economic environment in 2016, we are confident that the changes under way across the Bank, including those focused on improving productivity and enhancing mobile and digital technology capability and offerings, will underpin continuing strong performance.
On behalf of the Board, I would like to thank TD’s employees for their continued support and dedication. They go above and beyond for our customers and clients every day to provide legendary service and convenience – they make TD. And they do this while giving back to the communities in which they live and work, including generously sharing their time through the TD Volunteer Network.
In closing, on behalf of the Board I would also like to thank our customers and clients for their ongoing patronage and our shareholders for their continuing support.
Brian M. Levitt
Chairman of the Board