The Toronto-Dominion Bank | Fighting Against Forced Labor and Child Labor in Lending Portfolios at The Toronto-Dominion Bank

Status
Filed
AGM date
Previous AGM date
Proposal number
2
Resolution details
Lead filer
Mouvement d'éducation et de défense des actionnaires (MÉDAC)
Resolution ask
Report on or disclose
ESG theme
  • Social
ESG sub-theme
  • Decent work
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
It is proposed that, starting in 2026, the Bank should provide a report to its shareholders and interested parties (stakeholders) on the measures taken during the previous financial year to prevent and reduce the risk of loans being granted to companies that use forced labor and child labor in the production of goods produced, purchased or distributed by its clients who use the Bank to finance their activities.
Supporting statement
On May 11, 2023, the Fighting Against Forced Labour and Child Labour in Supply Chains Act(1) came into force. This Act requires certain companies to file reports on their efforts to combat forced labor and child labor. The first of these reports must be filed by May 31, 2024. While this Act aims to protect children from exploitation and human rights violations in supply chains, we propose that the Bank take a proactive stance on this issue by committing, as a good corporate citizen, to prevent and reduce the risk that its loan portfolio includes any form of support for companies that use forced labor or child labor in their business activities. According to a report by the International Labour Organization (ILO) and UNICEF, the UN agency responsible for children’s welfare(2), 160 million children were forced to work in 2020, an increase of 8.4 million in four years. Even more worrisome is the rise in the number of children between aged between 5 and 17 who do hazardous work, i.e. work that can have a direct effect on their development, education or health. This includes dangerous sectors such as mining or fishing, or working more than 43 hours a week, which makes schooling virtually impossible. Other sectors which should also be mentioned include textiles and clothing, electronics, forestry, etc. This report should provide all the necessary information to reassure shareholders and stakeholders of the Bank’s willingness to reduce its financial support to companies that force children to work. Combating forced and child labour in loan portfolios.

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