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Standard Disclosures

Strategy and Analysis

G4-1 Statement from the most senior decision-maker in the organization.

CR Report page 1.

G4-2 Description of key impacts, risks and opportunities.

We assessed our material topics to be: Customer Satisfaction, Corporate Governance & Integrity, Data Security & Privacy, Risk Management, Employee Health & Wellbeing, Diversity & Inclusion, Responsible Finance, Financial Education, Economic Value, Employee Engagement, Affordable Housing, Climate Change, Product Responsibility, Eco-Efficiency, Access to Banking, Community Investment, Executive Compensation, Sourcing and Tax Policy. See page 6 in the CR Report for more details of this assessment.

See also:

  • Introduction to each material topic in the Corporate Responsibility Report for a description of key impacts and effects on stakeholders.
  • CR Report page 4 - Scorecard and Goals
  • AR - page 66 for Risk Factors That May Affect Future Results
  • AR pages 70-74 for an explanation of how TD approaches Risk Management
  • AR page 100 for an explanation of TD’s approach to Environmental Risk

Organizational Profile

G4-3 Name of organization

TD Bank Group

G4-4 Primary brands, products and services

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group. TD is the sixth largest bank in North America by branches and serves more than 24 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. TD also ranks among the world's leading online financial services firms, with approximately 10.4 million active online and mobile customers. TD had $1.1 trillion in assets as at October 31, 2015. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges.

G4-5 Location of headquarters

Toronto, Canada.

G4-6 Number of countries where the organization operates, and names of countries with either major operations or that are specifically relevant to the sustainability issues covered in the report.

Where We Operate
AMERICAS: Barbados, Canada, United States,
EUROPE: Amsterdam - The Netherlands, Dublin - Ireland, Luxembourg, United Kingdom
ASIA-PACIFIC: Sydney – Australia, Hong Kong, Mumbai – India, Seoul - South Korea, Shanghai –China, Singapore

+ List of Principal Subsidiaries on page 199

G4-7 Nature of ownership and legal form.

The Toronto-Dominion Bank is a chartered bank subject to the provisions of the Bank Act (Canada). It was formed on February 1, 1955 through the amalgamation of The Bank of Toronto, chartered in 1855, and The Dominion Bank, chartered in 1869. The Toronto-Dominion Bank trades on the Toronto and New York stock exchanges under the symbol "TD".

G4-8 Markets served (including geographic breakdown, sectors served, and types of customers/beneficiaries).

TD is the sixth largest bank in North America by branches and serves more than 24 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 CanadaTrust, TD Commercial Banking, TD Auto Finance (Canada), TD Wealth (Canada), TD Insurance

U.S. Retail includes: TD Bank, America’s Most Convenient Bank, TD Auto Finance (U.S.), TD Wealth (U.S.) and TD's investment in TD Ameritrade

Wholesale Banking includes: TD Securities

G4-9 Report scale of the organization.

At the end of the 2015 fiscal year, TD reported over CDN $8.7 billion in adjusted net income, CDN $1,104 billion in assets, 84,909 employees, maintained over 2,500 branches and stores across Canada and the U.S. TD operates internationally through our offices in the Americas, Europe and Asia-Pacific.

For total capitalization – see AR Key Financial Metrics on page 3

For quantity of products or services provided – see Business Segment Analysis AR Business Segment Analysis pages 23 to 37

G4-10 Total number of employees by employment contract and region.
G4-11 Report the percentage of total employees covered by collective bargaining agreements.

While we strive to create a positive working environment where employees don’t feel the need for third-party representation, we respect their right to do so. TD General Insurance has a long-established bargaining unit of approximately 265 employees, or 0.30% of our total employee population, represented by the Teamsters Union at one of our Montreal locations.

G4-12 Describe the organization’s supply chain.

CR Report page 50.

G4-13 Report any specific changes during the report period regarding the organization’s size, structure, ownership or its supply chain.

Significant events in 2015:

  • Restructuring Charges
  • Acquisition of Nordstrom Inc.’s U.S. Credit Card Portfolio

See AR page 14 for details.

There were no significant changes in TD’s supply chain for the 2015 fiscal year.

G4-14 Report whether and how the precautionary approach or principle is addressed by the organization.
  • Risk Management: CR Report, page 59
  • Responsible Finance and Investing: CR Report page 35.
G4-15 List externally developed economic, environmental and social charters, principles, or other initiatives to which the organization subscribes or which it endorses.
  • United Nations Principles for Responsible Investing
  • Equator Principles
  • Principles of Free, Prior and Informed Consent
  • Universal Declaration of Human Rights
  • Leadership in Energy and Environmental Design (LEED)

In every country in which TD operates, we support and respect the protection of human rights, adhering to and in many cases exceeding all applicable labour laws and standards addressing issues such as equal pay, hours of work and child labour. We also share the values reflected in international proclamations about human rights, such as the Universal Declaration of Human Rights.

We have developed our own policies, guidelines and procedures to protect and promote human rights throughout our operations. For example:

  • Our Respectful Workplace Policy articulates our commitment to providing a work environment free from any form of harassment and unlawful discrimination, where every employee, customer, client, independent contractor and third party is treated with dignity and respect.
  • Diversity is a strategic business initiative. Our objective is to be an inclusive bank – one that understands, honours and values the diversity of customers, employees and the communities in which we live and work. We strive to create and nurture a unique and inclusive employee culture.
  • TD educates employees on relevant human rights issues through various communications and learning programs, including diversity and inclusion training. A central corporate group within TD advises our HR practitioners on human rights issues, and our commitment to human rights is reflected in business decisions ranging from the suppliers we choose to the investments we make.

G4-16 List memberships of associations.

See Memberships and Affiliations

Identified Material Aspects and Boundaries

G4-17 a) List all entities included in the organization’s consolidated financial statements or equivalent documents.
b) Report whether any entity included in the organization’s consolidated financial statements or equivalent documents is not covered by the report.

The scope of TD’s Corporate Responsibility Reporting 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.

The scope of TD’s financial reporting includes wholly owned subsidiaries of TD Bank Group. AR List of Significant Subsidiaries –p199

TD has two philanthropic foundations which are not owned and operated by the TD Bank Group and are therefore not part of our consolidated financial statements. These are:

  • TD Friends of the Environment Foundation
  • TD Bank Charitable Trust Foundation

Assurance of financial statements See AR page 113-114
G4-18 a) Explain the process for defining the report content and the Aspect Boundaries.
b) Explain how the organization has implemented the Reporting Principles for Defining Report Content.

We conduct a formal materiality analysis to identify, prioritize and validate the evolving environmental, social and governance issues for TD. This process involves research, media scans, stakeholder consultations and internal sustainability discussions which lead to the filtering and defining of our material topics. This "radar" helps us track stakeholder interests and concerns and identify new issues as they emerge.

The findings drive our corporate responsibility strategy and the information we provide in this report. Report contents are aligned to material topics as identified by key stakeholders.

More Information:

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G4-19 List all the material Aspects identified in the process for defining report content.

See Material Aspects and Boundaries table

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G4-20 For each material Aspect, report the Aspect Boundary within the organization as follows:
  • Report whether the Aspect is material within the organization
  • If the Aspect is not material for all entities within the organization select one of the following two approaches and report either:
    • The list of entities or groups of entities included in G4-17 for which the Aspect is not material or
    • The list of entities included in G4-17 for which the Aspect is material
    • Report any specific limitation regarding the Aspect Boundary within the organization.

See Material Aspects and Boundaries table.

G4-21 For each material Aspect report on the Aspect Boundary outside the organization, as follows:
  • Report whether the Aspect is material outside of the organization
  • If the Aspect is material outside of the organization, identify the entities, group of entities or elements for which the Aspect is material. In addition, describe the geographical location where the Aspect is material for the entities identified
  • Report any specific limitation regarding the Aspect Boundary outside of the organization

See Material Aspects and Boundaries table.

G4-22 Report the effect of any restatements of information in previous reports, and the reason for restatements.

All restatements are provided in the footnotes.

G4-23 Report significant changes from previous reporting periods in the Scope and Aspect Boundaries.

There have been no significant changes to the scope of aspect boundaries of this report from previous periods.

Stakeholder Engagement

G4-24 Provide a list of stakeholder groups engaged by the organization.

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.

More Information

  • How we listen to stakeholders: CR Report page 5

G4-25 Report the basis for identification and selection of stakeholders with whom to engage.

We conduct a formal materiality analysis to identify, prioritize and validate the evolving material issues we face. This process involves research, media scans, stakeholder consultations and internal sustainability discussions which lead to the filtering and defining of our material topics.

More Information:

G4-26 Report the organization’s approach to stakeholder engagement, including frequency of engagement by type, stakeholder group and an indication of whether any of the engagement was undertaken specifically as part of the report preparation process.
G4-27 Report key topics and concerns that have been raised through stakeholder engagement, and how the organization has responded to those key topics and concerns including through its reporting. Report the stakeholder groups that raised each of the key topics and concerns.

We assessed our material topics to be: Customer Satisfaction, Corporate Governance & Integrity, Data Security & Privacy, Risk Management, Employee Health & Wellbeing, Diversity & Inclusion, Responsible Finance, Financial Education, Economic Value, Employee Engagement, Affordable Housing, Climate Change, Product Responsibility, Eco-Efficiency, Access to Banking, Community Investment, Executive Compensation, Sourcing and Tax Policy.

More Information:

Report Profile

G4-28 Reporting period

November 1, 2014 to October 31, 2015.

G4-29 Date of most recent previous report.

2014 Corporate Responsibility Report.

G4-30 Reporting cycle

Our reporting cycle is annual.

G4-31 Provide contact point for questions regarding the report or its contents.

Email address for questions about our corporate responsibility activities and performance: crreport@td.com

G4-32 Report the ‘in accordance’ option the organization has chosen

TD has used the Global Reporting Initiative (GRI) framework for corporate responsibility reporting since 2007. TD’s 2015 Corporate Responsibility Report is written in accordance with the G4 framework and fulfills the requirements for a Core report.

G4-33 Report the organization’s policy and current practice with regard to seeking external assurance for the report.

Selected performance indicators were independently assured by Ernst & Young LLP. Ernst & Young performed a limited assurance engagement for a selection of TD’s social and environmental performance indicators including TD’s greenhouse-gas emissions and Carbon Neutral Schedule, and TD’s paper-usage figures.

+ Assurance Statement for the 2015 Paper Reduction Schedule, Corporate Responsibility Metrics, Greenhouse Gas Emissions and Carbon Neutral Schedule

+ Assurance Statement for the 2015 Green Bond Schedule

Ernst and Young LLP is the bank’s financial auditor.  The Audit Committee is accountable for audit services conducted across the bank.

Governance

G4-34 Governance structure of the organization. Identify any committees responsible for decision-making on economic, environmental and social impacts.

The Board of Directors and its committees.

More information:

G4-38 Report the composition of the highest governance body and its committees.

Board Diversity (As of October 31, 2015.)

  • % of female directors: 36%
  • % of visible minority directors: 14%
  • % of independent directors: 93%

More information:

  • A full description of the tenure, experience and skills of TD’s Board of Directors can be found in our Proxy Circular from page 7-13
  • Director Independence: PC page 66
  • Diversity Policy: PC page 74

G4-39 Whether the Chair of the Board is also an executive officer.

The Chairman of the Board and the Chief Executive Officer of TD Bank are separate roles.

G4-40 Nomination process including diversity, independence, skills, stakeholder engagement.
  • Nomination of directors: PC page 73
  • Competencies and Skills Matrix: PC page 74
G4-41 Board conflicts of interest
  • Director conflict of interest: PC page 73
G4-43 Report the measures taken to develop and enhance the highest governance body’s collective knowledge of economic, environmental and social topics.

Corporate responsibility is a key part of TD’s strategy and is managed within a framework of internal control, governance and risk-management processes.

See Corporate Responsibility Governance Structure

More Information:

G4-45 Report the highest governance body’s role in the identification and management of economic, environmental and social impacts, risks, and opportunities.

See Corporate Responsibility Governance description in G4-43.

See also the 2014 Stakeholder Panel Report. Feedback from the stakeholder panel is reviewed and discussed at the Corporate Responsibility Steering Committee and the Corporate Citizenship Council.

G4-46 Report the highest governance body’s role in reviewing the effectiveness of the organization’s risk management processes for economic, environmental and social topics.

The Corporate Governance Committee has oversight of the TD’s corporate responsibility strategy and performance. The following responsibilities are included in the committee charter:

  • reviewing and assessing the Bank’s corporate responsibility strategy and reporting, including monitoring its environmental and social performance; and,
  • keeping abreast of international trends and best practices in corporate disclosure of non-financial performance and updating the Board on social and environmental issues, as necessary.

More information

G4-48 Report the highest committee or position that formally reviews and approves the organization’s sustainability report and ensures that all material Aspects are covered.

The CEO approves the corporate responsibility report.

G4-49 Process for communicating critical concerns to the highest governance body.

Shareholders and employees and other interested parties may communicate with the Board of Directors through the Chairman of the Board, By mail to:
Mr. Brian M. Levitt
Chairman of the Board
The Toronto-Dominion Bank
P.O. Box 1, Toronto-Dominion Centre
Toronto, Ontario M5K 1A2

G4-51 Board remuneration and link to ESG.
  • See Executive Compensation: CR Report page 56.
  • Full details on executive compensation: PC starting on page 24.
G4-52 Process for determining Board remuneration.
  • PC starting on page 24.
G4-53 Process to seek stakeholder views on remuneration, including the results of votes on remuneration policies and proposals.
  • PC starting on page 24.
  • At TD’s AGM, shareholders may cast a non-binding vote on the advisory to executive compensation. The results can be found on our website. For 2015, the motion received 95% support.

Ethics and Integrity

G4-56 Describe the organization’s values and principles.
G4-57 Report the internal and external mechanisms for seeking advice on ethical and lawful behavior, and matters related to organizational integrity, such as helplines or advice lines.

Employees are encouraged to use the Employee Complaint Resolution Process to address any issues and concerns. Clearly defined and easily accessible through our intranet, the process ensures that the complaint is formally documented, received by the right people and handled quickly without fear of reprisal.

For employees who may not be comfortable speaking directly with their manager or human resources, our TD Whistleblower Program is an alternate confidential communication channel. Employees can anonymously report any concerns regarding the integrity of TD accounting, internal accounting controls or auditing matters, as well as any concerns relating to ethical business or personal conduct, integrity and professionalism.

Our Employee Ombuds Office offers employees a safe place to be heard, providing confidential, neutral, off-the-record assistance on work-related issues.

G4-58 Report the internal and external mechanisms for reporting concerns about unethical or unlawful behavior, and matters related to organizational integrity.

The TD Whistleblower Hotline, an independent, confidential and anonymous (except where prohibited by law) reporting channel for your financial and ethical concerns. Members of the public who become aware of or suspect any breach of the Code or who have complaints concerning other ethical, legal or regulatory matters are also encouraged to report such concerns through the whistleblower hotline.

EthicsPoint is an independent, third party supplier that has been selected to provide a confidential and anonymous communication channel.