Toronto Dominion (TD) is a Canadian financial services company that operates throughout North America. The bank conducts its business through four segments: Canadian Retail, U.S. Retail, Wholesale Banking, and Corporate. More than 84,000 employees operate the bank’s 2,400 locations and serve over 24 million customers.
Toronto Dominion’s goal is to be “The Better Bank,” and thus it works continuously to improve its environmental and social performance. All of the bank’s financing transactions are reviewed through its Environmental & Social Credit Risk Management process, which includes the Equator Principles. Additionally, TD has issued a $500 million Green Bond, lent $1.6 billion to companies with low carbon operations and has supplied more than $697 million in affordable housing investments and loans. TD Asset Management is also a signatory to the Principles for Responsible Investment and the bank runs a growing division of green products, socially responsible investments and impact funds. TD is 100% carbon neutral and has a 2020 goal to reduce its paper use by 40%. Despite increasing its operations, the bank has also reduced its emissions by 20%, water use by 11%, energy use by 3% and has 173 LEED certified buildings. 100% of TD’s suppliers participate in the bank’s Responsible Procurement survey and are screened for conflict minerals. The bank also emphasizes diversity in the workplace and sets annual goals for inclusionary practices.
Toronto Dominion has been sued in a class-action lawsuit for manipulating Treasury Securities. Additionally, the bank has been accused of short-changing customers via its coin counting machines and enforcing racially discriminatory mortgage-lending policies.
To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 12/31/16 and may not reflect current opinions or subsequent events.