GRI 102: General Disclosures 2016
|Reference or Response|
|102-1||Name of the organization|
|TD Bank Group|
|102-2||Activities, brands, products, and services|
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 branches 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 15 million active online and mobile customers. TD had CDN$1.7 trillion in assets on October 31, 2021.
|102-3||Location of headquarters|
|102-4||Location of operations|
Where we operate: TD predominately operates in Canada and the Eastern seaboard of the U.S. which is the focus of TD’s annual ESG Report.
AR page 5 on locations worldwide and page 217, Information on Subsidiaries.
|102-5||Ownership and legal form|
|TD is chartered under the Bank Act (Canada). It was formed on February 1st, 1955 through the amalgamation of The Bank of Toronto, chartered in 1855, and The Dominion Bank, chartered in 1869. TD trades under the symbol ‘TD’ on the Toronto and New York Stock Exchanges.|
TD is the fifth largest bank by total assets in North America by branches and serves over 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, U.S. Retail and Wholesale Banking.
Canadian Retail includes: TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance.
U.S. Retail includes: TD Bank, America’s Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation.
Wholesale Banking includes: TD Securities.
AR pages 27-39 for more detailed information on our markets served.
|102-7||Scale of organization|
At the end of FY2021, TD reported CDN $14,649 million in adjusted net income, up from CDN $9,968 million in FY2020, 89,464 average full-time equivalent employees, maintained 2,209 branches across North America. TD operates internationally through our offices in North America, Europe and Asia-Pacific.
|102-8||Information on employees and other workers|
|ESG Report: 2021 Performance Data pages 84-105|
ESG Report pages 76-79
|ESG Report pages 66-67|
|102-10||Significant changes to the organization and its supply chain|
|There were no significant changes to TD and its supply chain in FY2021|
|102-11||Precautionary Principle or approach|
|ESG Report pages 28-29 on Risk Management|
ESG Report pages 45-46 on Lending
ESG Report pages 47-50 on Investing
|102-13||Memberships and associations|
ESG Reporting Details pages 4-5 for List of Stakeholder Engagements on Environmental, Social and Governance Topics
|102-14||Statement from senior decision-maker|
|ESG Report pages 4-5|
|102-15||Key impacts, risks, and opportunities|
Why it Matters to TD and Our Approach subsections for each material topic in the ESG Report for a description of the key impacts, opportunities and effects on stakeholders.
ESG Report pages 18-20 ESG Scorecard and Goals.
Ethics and Integrity
|102-16||Values, principles, standards, and norms of behaviour|
|Who we are|
TD Code of Conduct and Ethics
|102-17||Mechanisms for advice and concerns about ethics|
|ESG Report page 24 and 81-82|
|Corporate Governance Structure|
Corporate Governance: Committees of the Board
PC page 96-117 Schedule A, Corporate Governance
ESG Report pages 22-27 Corporate Governance and Integrity
|102-20||Executive-level responsibility for economic, environmental, and social topics|
|ESG Report pages 22-27 on Corporate Governance and Integrity|
CAP page 20
2021 CDP Response pages 1-5
|102-21||Consulting stakeholders on economic, environmental, and social topics|
|ESG Reporting Details pages 4-5 for List of Stakeholder Engagements on Environmental, Social and Governance Topics|
ESG Report pages 16 for How We Listen to Stakeholders
|102-22||Composition of the highest governance body and its committees|
Board Diversity (as of October 31st, 2021)
Average tenure: 8 years
|102-23||Chair of the highest governance body|
|The Chair of the Board and the Chief Executive Officer of TD Bank Group are separate roles.|
|102-24||Nominating and selecting the highest governance body|
|PC pages 104-105 for Nomination of Directors|
PC page 105 for Competencies and Skills Matrix
|102-25||Conflicts of interest|
|PC page 104 for Director Conflict of Interest|
|102-26||Role of the highest governance body in setting purpose, values, and strategy|
|Corporate Governance Committee Charter|
AR page 103-104 on Environmental and Social Risk
ESG Report pages 25-37
PC page 27
|102-27||Collective knowledge of the highest governance body|
Citizenship and ESG are a key part of TD’s strategy and is managed within a framework of internal control, governance and risk management process.
|102-28||Evaluating the highest governance body's|
|PC page 116|
|102-29||Identifying and managing economic, environmental and social impacts|
|See feedback from stakeholders in the ESG Report on page 16 and the ESG Reporting Details page 1 for a description of TD’s Materiality Assessment and List of Stakeholder Engagements on Environmental, Social and Governance Topics.|
|102-30||Effectiveness of risk management processes|
|See disclosure GRI 102-26|
Corporate Governance Committee Charter
PC pages 106-108 for Board Assessments
AR pages 72-104 Risk Factors and Management: Managing Risk
AR pages 103-104 Risk Factors and Management: Managing Risk - Environmental and Social Risk
|102-31||Review of economic, environmental, and social topics|
|ESG Report pages 9-10|
PC pages 25-26
|102-32||Highest governance body's role in sustainability reporting|
|The CEO approves the ESG Report.|
|102-33||Communicating critical concerns|
Shareholders, employees and other interested parties may communicate with the Board through the Board Chair.
AR page 222-223, Shareholder and Investor Information
|PC pages 21-22 for full details on Directors and pages 37-38 Executive Compensation|
ESG Report pages 27 for Linking ESG Factors in Executive Total Rewards
TD’s Approach to Total Rewards
|102-36||Processes for determining remuneration|
|PC pages 39-76|
|102-37||Stakeholders' involvement in remuneration|
|PC page 39|
At TD’s Annual General Meeting, shareholders may cast a non-binding advisory vote on executive compensation. The results can be found on our website.
|102-40||List of stakeholder groups|
TD’s primary stakeholders include: customers, employees, shareholders/investors and government regulators. Our secondary stakeholders include: community organizations, industry associations, suppliers and non-governmental organizations.
|102-41||Collective bargaining agreements|
|TD General Insurance has a long-established bargaining unit of approximately 210 employees, or 0.23% of our total employee population, represented by Teamsters Union at one of our Montreal locations.|
|102-42||Identifying and selecting stakeholders|
|In 2020, we conducted a comprehensive materiality assessment to identify and prioritize the ESG topics most important to our stakeholders and TD, which shape TD’s ESG reporting. Our process involved four stages: research and benchmarking, impact mapping, stakeholder interviews and a validation workshop to discuss the assessment findings.|
ESG Reporting Details page 1 for details on our stakeholder engagement
|102-43||Approach to stakeholder engagement|
|ESG Reporting Details page 1 for the Details of TD’s Materiality Assessment Process and Approach to Stakeholder Engagement|
ESG Report page 16 for How we Listen to Stakeholders
|102-44||Key topics and concerns raised|
TD conducts a comprehensive materiality assessment every two years, with the last one being conducted in 2020. Between comprehensive years, we employ a dynamic materiality approach, leveraging the cloud-based analytics platform Datamaran, to validate the relevancy of our topics and monitor and identify trends in our material topics. No significant departures from our 2020 materiality matrix and ESG material topics were observed. Key topics identified through our 2020 comprehensive assessment were: Climate change, Risk Management, Sustainable Finance, Customer Service, Talent Attraction, Development and Retention, Corporate Governance, Data Security and Privacy, Financial Inclusion, Diversity and Inclusion, Ethics and Integrity and Social Inclusion.
|102-45||Entities included in the consolidated financial statements|
|AR page 217, Information on Subsidiaries.|
TD has two philanthropic foundations which are not owned and operated by TD and are therefore not part of our consolidated financial statements. These are:
TD Friends of the Environment
TD Bank Charitable Foundation
AR pages 120-134 for Management’s Responsibility for Financial Information and Assurance of Financial Statements
|102-46||Defining report content and topic boundaries|
The boundary of TD’s ESG Report encompasses all of TD’s wholly-owned operations and activities which are organized around the following operating business segments: Canadian Retail, U.S. Retail and Wholesale Banking.
|102-47||List of material topics|
|ESG Report page 17|
ESG Reporting Details page 3
|102-48||Restatement of information|
|Restatements are provided in the text and footnotes of the ESG Report as well as in the footnotes of the 2021 Performance Data section of the ESG Report.|
|102-49||Change in reporting|
|There have been no significant changes in the list of material topics or topic boundaries.|
|TD’s Fiscal Year: November 1, 2020 - October 31, 2021|
|102-51||Date of most recent previous report|
|TD’s 2020 Environment, Social and Governance (ESG) Report published March 2021|
|102-53||Contact point for all questions regarding the report|
|Email address for questions about our ESG Reporting and performance: firstname.lastname@example.org|
|102-54||Claims of reporting in accordance with the GRI Standards|
|This report is written in accordance with the GRI Standards: Core option.|
|102-55||GRI content index|
Ernst & Young LLP performed a limited assurance engagement for a selection of TD’s social and environmental disclosures including TD’s GHG emissions and Carbon Neutral Schedule. Ernst and Young LLP is the bank’s sole independent external financial auditor. The Audit Committee is accountable for supervising the quality and integrity of the bank’s financial reporting and compliance requirements.