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GRI 102: General Disclosures 2016

Organizational Profile

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 is the fifth largest bank in North America by branches 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, which includes Canadian personal and commercial banking, wealth and insurance businesses, U.S. Retail which includes U.S. personal and business banking, wealth management services, the bank's investment in TD Ameritrade, and Wholesale Banking. TD also ranks among the world's leading online financial services firms, with more than 13 million active digital customers. TD had $1.4 trillion in assets on October 31st, 2019 and 89,031 average full-time equivalent employees in fiscal2019. The Toronto-Dominion Bank trades under the symbol 'TD' on the Toronto and New York Stock Exchanges.

See also:
AR page 26.
AR pages 29-32 (Canadian Retail Business Segment Analysis), pages 33-36 (U.S. Retail Business Segment Analysis), pages 37-39 (Wholesale Banking Business Segment Analysis).

102-3 Location of headquarters

Toronto, Canada

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 this ESG Report.

Americas: Barbados, Bermuda, Cayman Islands, Canada, United States.
Europe: The Netherlands, Ireland, Luxembourg, United Kingdom.
Asia-Pacific: Australia, Hong Kong, India, South Korea, China, Singapore, Japan, Israel.

AR pages 212-213 List of Significant Subsidiaries.

102-5 Ownership and legal form

The Toronto-Dominion Bank 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. The Toronto-Dominion Bank trades under the symbol 'TD' on the Toronto and New York Stock Exchanges.

102-6 Markets served

TD is the fifth largest bank in North America by branches and services more than 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 equity investment in TD Ameritrade.

Wholesale Banking includes: TD Securities.

For more detailed information on our markets served see AR page 26-43.

102-7 Scale of organization

At the end of FY2019, TD reported CDN $12,503 million in adjusted net income, up from CDN $12,183 million in FY2018, 89,031 full-time equivalent employees, maintained 2,332 branches and stores across Canada and the U.S. TD operates internationally through our offices in North America, Europe and Asia-Pacific.

For total capitalization, see AR Financial Highlights on page 15.

For quantity of products or services provided, see the Business Segment Analysis in the AR pages 26-43.

102-8 Information on employees and other workers

ESG Appendix pages 17-19
ESG Report page 53

102-9 Supply chain

ESG Report page 41

102-10 Significant changes to the organization and its supply chain

Significant events in FY 2019:

On November 1, 2018, the bank acquired 100% of the outstanding equity of Greystone Capital Management Inc., the parent company of Greystone Managed Investments Inc. (Greystone).

On January 10, 2019, the bank's long-term loyalty program agreement with Air Canada became effective.

For more information see AR page 19.

There were no significant changes in TD's supply chain for FY2019.

102-11 Precautionary Principle or approach

ESG Report page 10-11 on Risk Management
ESG Report page 26-28 on Responsible Finance
ESG Report page 29-31 on Responsible Investing

102-12 External initiatives
  • Equator Principles
  • Principles of Free, Prior and Informed Consent
  • Universal Declaration of Human Rights
  • BSR Working Group on Human Rights
  • Leadership in Energy and Environmental Design (LEED)
  • Carbon Pricing Leadership Coalition
  • Corporate Buyers Renewable Energy Principles
  • Green Bond Principles
  • RE100
  • United Nations Environment Programme (UNEP) Financial Initiative (North America)
  • United Nations Principles for Responsible Investment (UN PRI)
  • United Nations Principles for Sustainable Insurance (UN PSI)
  • Canadian Bankers' Association (CBA) TCFD Working Group and UNEP FI TCFD Pilots
  • Canadian Standards Association (CSA) Group Green
  • Transition Finance Technical Committee
102-13 Memberships and associations

Memberships and Affiliations
List of stakeholders we engage with: ESG Reporting Details pages 3-4

Strategy

102-14 Statement from senior decision-maker

ESG Report pages 1-2

102-15 Key impacts, risks, and opportunities

Introduction to each material topic in the ESG Report for a description of the key impacts, opportunities and effects on stakeholders.

  • ESG Report pages 8-9 - Scorecard and Goals.
  • AR page 68-73 Risk Factors and Management: Risk Factors That May Affect Future Results.
  • AR page 76-104 Risk Factors and Management: Managing Risks for an explanation on how TD approaches Risk Management.
  • AR page 105 Environmental Risk for an explanation on how TD approaches Environmental Risk.

Ethics and Integrity

102-16 Values, principles, standards, and norms of behaviour

AR page 1
Code of Conduct and Ethics

102-17 Mechanisms for advice and concerns about ethics

ESG Report page 13 and 59

Governance

102-18 Governance structure

Corporate Governance Structure
Corporate Governance: Committees of the Board
ESG Report page 4 Corporate Governance
Diversity Governance

102-20 Executive-level responsibility for economic, environmental, and social topics

ESG Report pages 12-15 on Corporate Governance & Integrity
TCFD Report pages 8-11
2019 CDP Response page 4-12

102-21 Consulting stakeholders on economic, environmental, and social topics

ESG Reporting Details pages 3-4 for List Stakeholder Engagement on Environmental and Social Topics

102-22 Composition of the highest governance body and its committees

Board Diversity (as of October 31st, 2019)
% of female directors: 36%
% of visible minority directors: 14%
% of independent directors: 93%

Average tenure: 7 years

More information:
A full description of the tenure, experience and skills of TD's Board of Directors can be found in our PC page 8-14
PC page 75 for Director Independence
PC page 83-84 for Diversity Policy

102-23 Chair or the highest governance body

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

102-24 Nominating and selecting the highest governance body

PC page 82 for Nomination of directors
PC page 83 for Competencies and Skills Matrix

102-25 Conflicts of interest

PC page 82 for Director conflict of interest

102-26 Role of the highest governance body in setting purpose, values, and strategy

The Corporate Governance Committee has oversight of 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 for environmental and social matters and related reporting, including monitoring its environmental and social performance;
  • Keep abreast of international trends and best practices in corporate disclosure of non-financial performance;
  • Update the Board on social and environmental issues as necessary;
  • Prior to any required Board approval, reviewing the bank's statement on human trafficking and slavery.

In carrying out its responsibilities, the committee focused on the following initiatives regarding corporate responsibility for environmental and social matters:

  • Reviewing the bank’s annual Environmental, Social and Governance Report with management focusing on enhanced disclosures on environmental and social issues.
  • Receiving management’s presentation on international ESG trends, including an update on the bank’s enhanced ESG performance data and disclosure strategy.
  • Receiving updates on the implementation of the TD Ready Commitment including the bank’s involvement in contributing to sustainable development goals and community giving.

The Corporate Citizenship Council (CCC) composed of senior executives from the bank's main business segments and corporate functions. The CCC is responsible for approving environmental strategy and performance standards and communicating these throughout the business.

Corporate Governance Committee Charter
AR page 105 on Environmental Risk

102-27 Collective knowledge of the highest governance body

Citizenship and ESG are key parts of TD's strategy and are managed within a framework of internal control, governance and risk management process.

More information:
ESG Report pages 14-15
Diversity Governance

102-28 Evaluating the highest governance body's performance

PC page 85

102-29 Identifying and managing economic, environmental and social impacts

Feedback from stakeholders is reviewed and discussed at the ESG Steering Committee and the Corporate Citizenship Council. See also the feedback from stakeholders in the ESG Report on page 6 and ESG Reporting Details pages 3-4 for a List Stakeholder Engagement on Environmental and Social Topics.

102-30 Effectiveness of risk management processes

See disclosure GRI 102-26
Corporate Governance Committee Charter
PC pages 84-85 for Board Assessments
AR pages 73 and 105

102-31 Review of economic, environmental, and social topics

ESG Report page 4
PC page 32 and 90

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.

By mail:
Mr. Brian M. Levitt
Board Chair
The Toronto-Dominion Bank
P.O. Box 1, Toronto-Dominion Centre
Toronto, Ontario M5K 1A2

By email:
c/o TD Shareholder Relations to tdshinfo@td.com

102-35 Remuneration policies

PC page 27-51 for full details on executive compensation

102-36 Processes for determining remuneration

PC pages 27-51

102-37 Stakeholders' involvement in remuneration

PC page 27
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.

Stakeholder Engagement

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.

More information:
ESG Report page 6 'How we listen to stakeholders'
ESG Reporting Details page 1 for a list of external stakeholders TD engages with for the purposes of our annual
ESG Reporting Details pages 3-4 for a list of stakeholders that TD engages with on a wide range of topics

102-41 Collective bargaining agreements

TD General Insurance has a long-established bargaining unit of approximately 195 employees, or 0.22% of our total employee population, represented by Teamsters Union at one of our Montreal locations.

102-42 Identifying and selecting stakeholders

Every two years we conduct a formal materiality assessment 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 out material topics.

ESG Reporting Details page 1 for an explanation of our stakeholder engagement

102-43 Approach to stakeholder engagement

ESG Reporting Details page 1 on the materiality assessment for a list of stakeholders TD engaged with for the purposes of the ESG report and our approach to engagement.

102-44 Key topics and concerns raised

TD conducts a materiality assessment every two years, the last one was conducted in 2018. For 2018, key topics were: Customer Experience, Data Security and Privacy, Social and Economic Inclusion, Product and Service Responsibility, Climate Change, Responsible Financing, Inclusion and Diversity, Talent Attraction, Engagement and Retention, and Human Capital Development.

Reporting Practice

102-45 Entities included in the consolidated financial statements

AR pages 212-213 for a list of significant subsidiaries

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

AR pages 122-126 for 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.

We conduct a formal materiality analysis every two years 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 process helps us track stakeholder interests and concerns and identify new issues as they emerge.

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

Ways in which TD uses GRI's Reporting Principles for Defining Report Content:
Stakeholder Inclusiveness: TD engages with a wide variety of stakeholders through various channels and for many purposes including input on topics for the annual ESG report. TD identifies its stakeholders for the reporting process based on their relationship with TD, influence or knowledge on current and emerging ESG topics.
Sustainability Context: TD develops initiatives and projects that look to address larger scale sustainability issues (such as the shift to a low-carbon economy).
Materiality: TD reports on sustainability topics which are of significant importance to its stakeholders and topics that may impact TD. Completeness: This report covers material topics and their Boundaries for the 2019 reporting cycle. Topics have been prioritized and presented in order to provide a comprehensive picture of TD's activities and impacts in the reporting year.

ESG Report pages 6 and 7
ESG Reporting Details pages 1-2

102-47 List of material topics

ESG Report page 7
ESG Reporting Details page 2

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 ESG Appendix.

102-49 Change in reporting

There have been no significant changes on the list of material topics or topic Boundaries.

102-50 Reporting period

TD's Fiscal Year: November 1, 2018-October 31, 2019

102-51 Date of most recent previous report

TD's 2018 Environment, Social and Governance (ESG) Report published May 2019

102-52 Reporting cycle

Annual

102-53 Contact point for all questions regarding the report

Email address for questions about our ESG Reporting and performance: crreport@td.com

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

This table.

102-56 External Assurance

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 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.
2019 Assurance Statement
2019 Assurance Statement on the Green Bond Schedule