The Toronto-Dominion Bank | Advisory Vote on Environmental Policies at The Toronto-Dominion Bank

Status
22.56% votes in favour
AGM date
Previous AGM date
Proposal number
3
Resolution details
Lead filer
Mouvement d'éducation et de défense des actionnaires (MÉDAC)
Resolution ask
Adopt or amend a policy
ESG theme
  • Environment
ESG sub-theme
  • Fossil fuel financing
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
It is proposed that the bank adopt a policy on an annual advisory vote on its environmental and climate action plan and objectives.
Supporting statement
At the 2022 annual meetings, we tabled this proposal, which received significant support at the TD (25.4%), CIBC (22.7%), National Bank (22%), Royal (20.2%), Scotia (19.3%) and BMO (15%) meetings. In addition, Laurentian Bank committed to implementing the non-binding advisory vote on the environment once it has established the baseline for its funded emissions. According to the most recent report published by Rainforest(11), the five major banks provided more than $131 billion to oil companies during 2021 and these financings are up from 2020: Note that these five major banks have lent or underwritten almost $700B to fossil fuel companies since the Paris Agreement was signed in December 2015. Questions arise as to the extent of their plans to honor their commitment to join the Net Zero Banking Alliance (NZBA) launched by former Bank of Canada Governor Mark Carney in 2015 and to play a leading role in financing the climate transition to achieve net zero emissions by 2050. We therefore reiterate our proposal to adopt a non-binding advisory vote so that shareholders can express their satisfaction or dissatisfaction with the Bank’s environmental policy.

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
Anima Sgr For Additional information on the company's plan to reduce its GHG emissions would allow investors to better understand how the company is managing its climate change related risks. Such information would also allow shareholders to express their opinions on the climate risk management practices of the company.

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