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Toronto-Dominion Bank (TD Bank)Canada
Active
This profile is actively maintained
Last update: 2023-03-03 10:33:58
Toronto-Dominion Bank head office. Photo: Google Earth/Streetview
Active
This profile is actively maintained
Last update: 2023-03-03 10:33:58
About
| Website | http://www.td.com |
| Headquarters |
12th Floor, 55 King St. West
ON M5K 1A2 Toronto
Canada
|
| CEO/chair |
Bharat Masrani Group President and Chief Executive Officer |
| Supervisor | |
| Ownership |
listed on NYSE & Toronto Stock Exchange
TD Bank's shareholder structure can be accessed here. |
The Toronto-Dominion Bank is a Canadian multinational banking and financial services corporation, operating as TD Bank Group. The bank was created in 1955 through the merger of the Bank of Toronto and Dominion Bank, which were founded in 1855 and 1869 respectively. TD Bank Group is now the second largest bank in Canada by market capitalization and deposits, and one of the ten largest banks in North America.
Sustainability
Commitments
Policies
Voluntary standards
TD Bank's most important sustainability commitments can be found at the website sections listed below.
Toronto-Dominion Bank (TD Bank) has committed itself to the following voluntary standards:
Dodgy Deals
Toronto-Dominion Bank (TD Bank) is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Toronto-Dominion Bank (TD Bank)'s link to these deals.
Campaigns
Banks and Climate
The 2022 Banking on Climate Chaos report showed that Toronto-Dominion Bank provided US$ 140.88 Billion in financing to the fossil fuel industry between 2016 and 2021. Find further details on Toronto-Dominion Bank fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.
Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in the Coal Policy Tracker and Oil and Gas Policy Tool. Find further details on their assessment of Toronto-Dominion Bank fossil fuel policy below.
Banks and Human Rights
BankTrack assessed Toronto-Dominion Bank in its 2022 Global Human Rights Benchmark, where it achieved 4.5 points out of 14 and was ranked as a follower. In addition, Toronto-Dominion Bank scored 0 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the "Accountability" section of this profile.
Global Human Rights Benchmark 2022
BankLast update
Country
Score
Ranking
Details
Toronto-Dominion Bank (TD Bank)
CAN
4.5
Follower
0
Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6.5 points
7 - 10 points
10.5 - 14 points
For more details see this page.
Banks and Nature
Toronto-Dominion Bank’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 2.8 out of 10 and ranking it as a follower. TD Bank achieved a score of 0.3 out of 10 specifically for its policies related to the beef sector and 3.1 out of 10 for its policies related to the palm oil sector. Between 2016 and 2022, TD Bank provided USD 71 million in credit to companies operating in these forest-risk sectors and held investments amounting to USD 28 million as of 2022. For more information, see the links below.
Forest & Finance Policy Assessment 2022: Overall scores
BankLast update
Country
Score
Ranking
Details
TD
2022-09-27
CAN
2.8
Follower
0
Explanation
A bank can obtain a total of 10 points for the quality of its policies. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Forest & Finance Policy Assessment 2022: Beef
BankLast update
Country
Score
Ranking
Details
TD
2022-09-29
CAN
0.3
Laggard
0
Explanation
A bank can obtain a total of 10 points for the quality of its beef policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Forest & Finance Policy Assessment 2022: Palm Oil
BankLast update
Country
Score
Ranking
Details
TD
2022-09-29
CAN
3.1
Follower
0
Explanation
A bank can obtain a total of 10 points for the quality of its palm oil policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Tracking the Net Zero Banking Alliance
Toronto-Dominion Bank is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.
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Accountability
Grievances
Response
tracking
TD Bank's whistleblower hotline can be used by individuals and communities to raise complaints regarding human rights issues.
Stakeholders may also raise complaints via the OECD National Contact Points (see OECD Watch guidance).
This page evaluates Toronto-Dominion Bank (TD Bank)'s responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".
Impacts reviewed
Responded?
Total score
Response
Action
Monitoring
Myanmar: Equity exposure to companies linked to the military regime, October 2021
0
0
0
0
Response
0
Out of 1
Rationale for score
The bank responds publicly but without acknowledging the bank's link. Action
0
Out of 1
Rationale for score
The bank does not engage with the allegations and do not mention appropriate measures of action. It only states general ESG policies. Monitoring
0
Out of 1
Rationale for score
No information available about whether the bank monitored progress. More info
Rio Tinto's Jadar mine, Serbia (Letter, Dec 2021)
0
0
0
n/a
Response
0
Out of 1
Rationale for score
The bank did not respond. Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action. Monitoring
n/a
Rationale for score
The impact was not raised over a year ago and therefore is not scored on monitoring progress. More info
Average
50%
0
0
0
0
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