EnvironmentWorkplace CommunityResponsible Banking Governance
Enriching the lives of our customers,
communities and colleagues.
2016 Corporate Responsibility Report
MENU 2016 TD Corporate Responsibility Report
EnvironmentWorkplace Community GovernanceResponsible Banking
About This Report
Reporting Scope
This report presents the material issues and impacts of our activities during the fiscal year ending
October 31, 2016. Reports from previous years are available online: www.td.com/responsibility
The scope of this 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.
Throughout this report, ”TD” or the ”bank” refers to TD Bank Group. ”TD Bank” refers to
TD Bank, America’s Most Convenient Bank
. All currency is in Canadian dollars unless otherwise
noted. All restatements and significant changes from the previous report are described in the
performance data footnotes.
Reporting Frameworks
TD has used the Global Reporting Initiative (GRI) framework for corporate responsibility
reporting since 2007. TD’s 2016 Corporate Responsibility Report is written in accordance with
the G4 framework and fulfils the requirements for a Core report. In addition to GRI, we continue
to monitor international reporting trends, including the work of the Sustainability Accounting
Standards Board (SASB).
Aspect Boundary Table
Online GRI Index
External assurance reports
Selected performance indicators were independently assured by Ernst & Young LLP. Ernst
& Young performed a limited assurance engagement for a selection of TD’s social and
environmental performance indicators, including TD’s greenhouse-gas emissions and Carbon
Neutral Schedule.
Assurance Statement for the 2016 Corporate Responsibility Metrics, Greenhouse
Gas Emissions and Carbon Neutral Schedule
Assurance Statement for the 2016 Green Bond Schedule
Ways to Reach Us
With teams across TD dedicated to maintaining
relationships, we interact with several stakeholder
groups on a daily and/or weekly basis, responding
to the issues and concerns brought to our
attention. If you would like to contact TD with
feedback, here are a few ways to reach us:
Customers: customer.service@td.com
Shareholders: tdshinfo@td.com
Investors: tdir@td.com
Suppliers: tdsource@td.com
Community groups: td.communitygiving@td.com
Feedback on this report: crreport@td.com
On Twitter: @TD_Canada or @TDBank_US
By text: TDHELP (834357)
Symbol Key
Table of contents
Supporting content (external links)
Navigate to a different section
Facts and figures for which Ernst & Young
LLP provided limited level of assurance
Indicates a GRI disclosure. Click to
view the full GRI Index online.
Analyst Corner: Links to additional policies
and references.
Introduction 1
CEO’s Message 1
The Value We Bring 2
Feature Stories
TD Rallies for Fort McMurray 3
Enriching Lives Through Inclusion 4
How We Listen to Stakeholders 5
Our Material Topics 6
Corporate Responsibility at TD 8
Scorecard and Goals 9
Responsible Banking 10
Customer Experience 11
Product and Service Responsibility 14
Financial Access and Inclusion 16
Financial Education 18
Community 46
Strategic Philanthropy 47
Community Capacity Building 50
Economic Value 52
Workplace 20
Employee Engagement 21
Inclusion and Diversity 25
Health and Well-Being 29
Governance 55
Corporate Governance and Integrity 56
Risk Management 58
Data Security and Privacy 59
Approach to Reporting 60
Environment 32
Climate Change 34
Responsible Finance 37
Responsible Investing 39
Eco-Efficiency 42
This publication is part
of our reporting suite.
For more information about
TD and our activities, please
read our other reports:
Annual Report
Over $62 million given to non-profits 1
Promoting financial literacy across generations 4
Celebrating 25 years: TD Friends of the Environment Foundation 6
TD volunteers making an impact 8
Largest donation in TD’s history targets Aboriginal literacy 10
This is how we are
strengthening our communities
Community Snapshot 2015 – Canada
Appendix: ESG
Community SnapshotProxy Circular
Table of Contents
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1.1 Group President and CEOs Message
Enriching lives
This year, we launched the new TD Framework, which acts
to guide our behaviour, shape TD’s culture and drive our
performance. Its development generated much reflection
and frank discussion among my leadership team about
TD’s purpose – to enrich the lives of our customers,
communities and colleagues – as well as the shared
commitments that enable us to deliver on that purpose.
Customers, communities, colleagues
It’s vital that we listen to our customers and make it easier
for them to bank with us. We are simplifying the way we
do things and empowering our people – all with the aim to
be more responsive and more relevant in what we offer.
TD MySpend is a great example. It easily tracks the spending
habits of customers in real time, empowering them to
make better-informed decisions about their financial well-
being. Close to 1,000,000 Canadians have signed up for
this service since its launch last spring.
We are helping to support the transition to the lower-
carbon economy. To date, TD’s financing of the low-carbon
sector totals $10.8 billion since 2006. As a recognized
leader in green bond financing, last year alone, TD
Securities participated in the underwriting of $5.4 billion
in green bonds. And we continue to grow our business
in green products, such as insurance discounts for
hybrid vehicles, to enable customers to reduce their own
environmental impact.
We are only as successful as the communities we serve.
Helping them thrive is a business imperative for us. In
2016, TD invested over $102 million into programs that
make our communities stronger and more vibrant. We
also continue to prioritize our work in financial education
to make a meaningful impact, with over 440,000 people
across North America participating in a TD-sponsored
financial education program in 2016.
Our efforts took on special meaning in Fort McMurray,
Alberta, last year, with the quick deployment of insurance
claims advisors, mobile banking units and emergency
supplies and with raising funds through benefit concerts –
all to help Fort McMurray residents rebuild their lives and
restore their community.
TD works hard to create a workplace where our 86,000
colleagues can be their best and do their best. We do this,
in large part, by creating an inclusive environment where
meaningful work and growth opportunities abound. We
pay special attention to the next generation of leaders.
We offer wide-ranging programs – from internships
to mentorships – that help recent graduates gain the
experience and, in turn, the momentum to succeed. We
are proud to stand out as an employer of choice on both
sides of the border.
We know our great brand comes with great expectations
and that our actions impact the lives and livelihoods of
those we serve. We are here to listen to our customers,
to help them achieve their financial goals and feel more
confident about their future. We ensure our communities
are strong and vibrant and provide our colleagues with
meaningful opportunities to grow and develop.
We will stay true to our purpose and the promises we
make to bring it to life.
Bharat Masrani
Group President and Chief Executive Ofcer
Group President and
Chief Executive Ofcer
Our shared commitments
Think like a
customer; provide
experiences and
trusted advice
Act like an owner;
lead with integrity to
drive business results
and contribute to
Execute with speed
and impact; only
take risks we can
understand and
Innovate with
purpose; simplify
the way we work
Develop our
colleagues; embrace
diversity and respect
one another
The TD Framework
Enriching the lives of our customers, communities and colleagues, speaks to
the purpose that underpins what we do each and every day. It is part of the
new TD Framework, which guides our behaviour, shapes our culture and
drives our performance.
1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard
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1.2 The Value We Bring
$9.3 billion
in salaries/benefits
$3.8 billion
in cash dividends
$6+ billion
in procurement
$3.5 billion
corporate and
$102+ million
in donations and over 127,000
hours volunteering
a Better
Value reinvested
for future growth
We are 86,000+ employees
Every day, TD touches the lives of millions of people
throughout our value chain who rely on us to perform
seamless and accurate transactions on their behalf.
Customers served
around the globe.
5,100 +
Retail locations across
North America.
11m +
digital customers
Banking and Advice for Business
We provide access to credit to help
generate economic growth.
Banking and Advice for People
We help our customers enrich their
lives by making better decisions
about their money.
1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard
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1.3 TD Rallies for Fort McMurray
On-the-ground assistance
Recognizing that Fort McMurray residents were stranded
often with only the clothes on their backs and a half tank
of gas, we dispatched the TD Mobile Branch, outfitted
with an ATM, to provide easy access to cash at evacuee
reception centres in Lac La Biche, Edmonton and Calgary.
We activated the Fort McMurray TD Helps program,
enabling affected customers to defer loan or mortgage
payments and receive relief on fees or access flexible
credit options.
TD Insurance rapidly deployed Mobile Response Units
across the region to provide immediate support to more
than 3,000 customers. Employees were on-hand to answer
urgent questions about finances and claim procedures. We
also staffed up our insurance claims operations team with
500 employees ready to handle more than 4,000 calls from
impacted customers on a 24/7 basis. These actions enabled
TD to quickly dispense millions of dollars in temporary living
expenses to secure temporary accommodation for those
left homeless.
Across the organization, we stepped up to do the right
thing for our customers. At the top of the house, TD
executives responded immediately to oversee emergency
support and quickly reviewed how our policies respond
to an event like this, regardless of the size of the specific
claims, such as immediate distribution of funds to support
the early costs of the evacuation. On the ground, regional
TD employees united to form the ‘TD Comfort Crew’, with
volunteers driving vans to distribute water, food, clothing,
toiletries and other essentials to evacuees at 10 TD
branches and four emergency shelters.
Mobilizing aid for rebuilding
Generating aid for the relief efforts, TD donated $240,000
to the Canadian Red Cross. The generosity of TD employees
and customers played a significant role in raising $6 million
in donations through our branch and business networks.
TD was the lead sponsor of four benefit concerts in Atlantic
Canada and provided $500,000 to support a musical
fundraiser in Edmonton, Fire Aid for Fort McMurray. More
than 30,000 people filled Edmonton's Commonwealth
Stadium to enjoy Canadian music and express gratitude for
the actions of first responders and volunteers. By raising
more than $2 million for residents of Fort McMurray and
Wood Buffalo, and with TD paying the admission tickets
for 1,000 first responders, this concert showcased public
solidarity for the daunting rebuilding effort that lay ahead.
What started as a regular day in a
remote community, north of Edmonton,
ended with dramatic images of cars and
trucks evacuating a town engulfed in
flames. These images made headline
news around the world, as the 80,000
residents of Fort McMurray packed a
few items and left, some with just a few
minutes warning. For TD, it was a call
to action, to help and support the
community, our customers and the 30 TD
employees who call Fort McMurray home.
TD will continue to rally behind this
community, and we want Fort McMurray
to know that we’re in this together and
we’re in it for the long haul.
View Claude’s story
1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard
Fort McMurray resident
Zack Bennett lost his home
to the fire on that fateful
day in May. Zack reflects on
his experience while moving
furniture into his new home.
View Zack’s story
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1.3 Enriching Lives Through Inclusion
Ten years ago, we pioneered an Assistive Technologies
program to provide technology tools and support to
customers and employees with disabilities. TD is the
only bank in Canada that has established dedicated
labs to consistently research, develop and test
assistive technologies.
Culture shift: Rethinking disability
The way we treat our colleagues and customers can
make a big impact, and we're moving beyond just
accommodation to apply a number of inclusion best
practices that help us build a deeper emotional connection
with people with disabilities. ”It’s about embracing
differences, not just accommodating,” explains Paul Clark,
Chair of TD’s Persons with Disabilities Committee and
President of TD Direct Investing.
We are working to make TD truly inclusive by:
• Building allies through education
• Placing greater accountability on our business leaders
• Providing additional training
• Embracing ‘invisible’ disabilities
Helping people feel comfortable in disclosing
their disability
• Extending our efforts via philanthropy
Cindy Robinson, a
specialist at TD, is among
the employees who benefit
from accommodation
assessments. She
uses magnification
software, specialized
equipment that empower
her to quickly and efficiently
answer customer inquiries.
1 http://www.diversityjournal.com/9413-fact-or-fiction/, http://www.diversityjournal.com/9404-recognizing-ability-in-disability/
Improving the workplace and marketplace
Our efforts have been recognized by the American
Association of People with Disabilities (AAPD). For two
consecutive years now, the AAPD has singled out TD for
having progressive practices around disability inclusion,
giving us a score of 100% on their Disability Equality Index
(DEI). This is a point of pride since only 75 North American
companies were included on the index.
We are making progress in terms of hires and retention,
thanks in part to strategic partnerships with employment
outreach organizations such as Lime Connect Canada and
our involvement in Going for the Gold, an initiative of
the U.S. Business Leadership Network to encourage and
facilitate hiring people with disabilities.
While we’ve improved our ability to open the doors of
opportunity for people with disabilities, it's a continuing
effort to dispel myths, value differences and remove
barriers. And to guide us, we will use the insights and
ideas of our new stakeholder panel of customers and
employees with a wide variety of disabilities. Their input
will inform our products and services offering and help
ensure that future developments will continue to increase
inclusion and enrich lives.
More in this report:
Financial Access and Inclusion
Workplace Inclusion and Diversity
People with disabilities face many
challenges in our world, including
an unemployment rate nearly double
that of people without disabilities.
But TD is working hard to open the
doors of opportunity in our workplace,
in the ways we serve customers
and by creating greater accessibility
in our communities.
1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard
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Stakeholder Group Ways We Interact Key Topics in 2016
Customers • Solicit feedback by phone and online
• Formal process for handling complaints
• TD Ombudsman
• Consumer associations
• Social media team
• Fee changes
• Processing delays
• Credit decisions
• Access to banking
• Financial education
Employees Employee surveys, focus groups and
HR meetings
Executive leadership visits
Intranet comment engine and online
communities (Connections)
Employee Ombudsman (Between Us)
Employee Assistance Program
Whistleblower Hotline
• Improving work processes
• Career development
• Diversity and inclusion in the workplace
• Increased emphasis on employee wellness
• Sales practices (early 2017)
Shareholders and
Annual meeting and quarterly
earnings calls
Shareholder proposals
Shareholder Relations team
Regular meetings with investors
Investor Relations website
Industry conferences
Oil and gas exposure and the indirect
financial impacts
Interest rates
Regulatory environment as it relates to capital
levels and liquidity
Approach to competition from non-traditional
players in the banking sector
Government Government Relations teams for Canada and
the U.S.
Ongoing dialogue with regulators
and policy-makers
Progress on implementing regulations such
as the Dodd-Frank Act, Foreign Account Tax
Compliance Act, etc.
Evolving credit card and payments landscape
Working to create greater financial literacy,
to empower citizens
Suppliers • Website for prospective suppliers
• Email responses to supplier questions
Increased regulatory scrutiny over third-party
Increasing accessibility for diverse suppliers
• Industry association memberships
Memberships with various multi-stakeholder
• Participation in financial centre bodies
Meeting needs of customers and evolving
customer expectations
Coordination among authorities for more
workable regulation
Oversight of unregulated and under-regulated
financial institutions
Communities Community Relations teams in Canada, U.S.
and U.K.
Ongoing dialogue with community
Volunteering network
TD Friends of the Environment Foundation
local chapters
Financial education
LGBTQ rights
Indigenous communities
Opportunities for young people
Natural capital
Canada 150
Disaster support
Meetings, phone calls, face-to-face
• Funding research projects
• Conferences and forums
Over 250 engagements on environmental
Environment and climate change
Low-carbon economy
Financing of fossil fuel energy developments
Sustainable investing
Livable cities and urban green space
Free prior and informed consent
Natural capital
Critical habitat conservation
1.4 How We Listen to Stakeholders
Analyst Corner
List of Environmental
Stakeholder Groups
and Discussion Topics
List of External
List of Memberships
and Affiliations
2016 Public Policy
and Political
There are many environmental, social and governance issues that demand our attention. We give more
importance to those risks or opportunities that directly relate to TD’s core business, are stated priorities
for our stakeholders and are areas where we can effect change.
We understand
the importance
of not only
listening to
but using that
feedback to
take action and
1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard
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1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard
1.5 Our Material Topics
High Priority
Material Topics
Emerging Topics
(not material)
High Priority
Medium Priority
Medium Priority
Analyst Corner
Details of TD’s
Assessment Process
Responsible Banking
1 Customer Experience
2 Product and Service Responsibility
3 Financial Access and Inclusion
4 Financial Education
5 Employee Engagement
6 Inclusion and Diversity
7 Health and Well-Being
8 Human Rights
9 Employee Relations
10 Climate Change
11 Responsible Financing
12 Responsible Investing
13 Eco-Efficiency
14 Strategic Philanthropy
15 Community Capacity Building
16 Economic Value
17 Affordable Housing
18 Indigenous Peoples
19 Sourcing
20 Tax
21 Volunteerism
22 Corporate Governance and
23 Risk Management
24 Data Security and Privacy
In 2016, we refreshed our materiality assessment to update and prioritize
the topics that shape TD's corporate responsibility reporting. Our process
involved research and benchmarking, impact mapping, stakeholder
interviews and a validation workshop to discuss the assessment findings.
TD's materiality process was facilitated by an independent third party, BrownFlynn. Through a series of
interviews, internal and external stakeholders were asked to rank the importance of various corporate
responsibility topics by the level of risk, opportunity and impact for TD.
The matrix below reflects our understanding of the importance of each topic to our stakeholders and to our
business. The top material topics have been grouped into five themes that drive the content, structure and
scope of our reporting.
The topics emerging on the bottom left corner of the matrix are addressed as sub-topics in this report.
Trend History: Showing how topics have increased, decreased or remained stable in relevance compared to TD’s last materiality analysis in 2014.
New topic in 2016.
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What We Heard
Climate change has the potential to challenge the
development of accurate risk models, disrupt mortgage
payments due to severe weather, reduce lending volumes
due to lower levels of economic activity, stranded carbon
assets and increase the rate of insurance claims. Stakeholders
expect the importance of environmental, social, governance
(ESG) criteria in financing to grow, so how TD demonstrates
its commitment to both the Equator Principles and the United
Nations Principles for Responsible Investing will shape investor
decision making and public opinion.
Climate change will alter the
financial services industry
See Climate Change on page 34
The risks associated with climate change could be quite
strong as banks are closely tied to the economy through
financing. Banks should be prepared for carbon taxes and
other changes.
There is an opportunity to help society transition to the low-
carbon economy through TD’s retail and wholesale offerings.
This should be more of a focus.
With more non-traditional players offering financial products
and services, participants agreed that TD’s current focus on
business transformation and digital innovation is a necessary
strategic move. Linked to this is the need to retain employees
with the technical skills required for future innovation.
TD’s culture of strong corporate governance and ethics was
seen as a strength by stakeholders. They believe TD has
taken a systemic approach to sustainability, as evidenced
by accountability at the board level, the presence of cross-
functional, sustainability-oriented steering committee and
roles focused on sustainability management. This puts TD in
a strong position to further integrate sustainability into the
core of the company’s business strategy.
Business transformation will help TD
stay ahead of the Fintech disruption
Integrating sustainability into the
core business strategy is a vital part
of future-proofing business
See Customer Experience on page 11
See Employee Engagement on page 21
See page 8 to learn more about TD’s corporate
responsibility approach.
In the interviews, stakeholders were asked to rank the importance of various
corporate responsibility topics by the level of risk, opportunity and impact for TD.
We’re seeing major shifts in the Canadian labour market,
and it’s increasingly important for TD to attract and retain
top employees.
If a financial institution sets a goal and fails, but had great
transparency in its approach, that to me, is greater leadership.
1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard
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Corporate Responsibility
Governance Structure
The Corporate Governance Committee:
Oversees TDs corporate responsibility strategy
and performance.
Stays informed about international trends and
best practices in corporate disclosure of non-
financial performance.
Includes board-level competency on
sustainability topics.
Executive Leadership:
Bharat Masrani has primary responsibility for
ensuring TD acts as an exemplary corporate citizen.
Colleen Johnston, a member of TD’s Senior Executive
Team reporting to the CEO, leads the direction of
TD’s corporate responsibility strategy and reporting.
Corporate Citizenship Council:
Represents business group heads from Canadian
and U.S. Retail, Wholesale, Compliance, Human
Resources, Legal, Marketing and Corporate
Discusses corporate responsibility topics and
provides guidance on TD’s strategy, current
performance and future direction.
Stays informed on emerging environmental and
social issues and the impact on stakeholders.
The Corporate Responsibility Steering Committee:
Operates at the vice-president level and includes
many functions across TD.
Directs the ongoing development of TD’s corporate
responsibility strategy and program improvements.
Chaired by the Vice President of Community
1.6 Corporate Responsibility at TD
Be The
Responsible Banking
Deliver legendary customer experiences
Provide responsible products and services
Improve access to banking
Be the bank of choice for
diverse communities
Resolve complaints fairly and quickly
Increase financial literacy
Build An
Be a Best Employer
Foster a diverse and inclusive
Employ a highly engaged workforce
Attract and retain great talent
Create opportunities for
Build future leaders
Be an Environmental
Continuously improve our
environmental footprint
Embed the environment into
our financing decisions
Provide green product and
service options for customers
Engage stakeholders
Strengthen Our
Create value in the economy
Give financial support to
create change
Encourage employees
to volunteer
Collaborate with community
Influence suppliers to use
responsible practices
The TD Framework / Code of Conduct
Ethics and Integrity / TD’s Risk Appetite
Corporate responsibility is a key part of TD’s strategy and is managed
within a governance structure that balances broad engagement across
the organization while also providing line-of-sight accountability.
Our Corporate Responsibility Strategy
is built on four themes that contribute
to TD’s overall vision.
1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard
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1.7 Scorecard and Goals
This table summarizes the key performance indicators that help us track our progress compared to
our corporate responsibility objectives. All data represents the fiscal year ending October 31, 2016.
Objective 2015 Results 2016 Results
(target in brackets)
2017 Target
Responsible Banking
Deliver legendary customer service Legendary Experience Index –
TD Composite Score
46.4% 45.3% (46.5%) 43.8%
Create value in the real economy Distributed economic value
$19,883 $21,586
Increase financial literacy Questions answered through TD Helps 72,651 49,450
Number of participants in a TD-sponsored
financial education program
247,900 441,000 (250,000) 500,000
Build an Extraordinary Workplace
Provide a great place to work Increase Employee Engagement Index 81% 81% (increase
year over year)
Reduce average global turnover 21.34% 20.08% (reduce
year over year)
Reduce year over
Be diverse and inclusive to reflect the
communities we serve
Women on Board 36% 36% At least 30%
of independent
Women in leadership
(% in Canada) 35.7% 37.3% 40% by 2020
Minorities in leadership
(% in Canada) 12.7% 14.7%
People with disabilities (% in Canada) 5.9% 5.9%
Aboriginal Peoples (% in Canada) 1.3% 1.3%
Be an Environmental Leader
Embed the environment into our
financing decisions
Transactions reviewed according to
TD’s Environmental & Social Credit Risk
Management process, which includes the
Equator Principles
100% 100% (100%) 100%
Reduce our environmental footprint Be carbon-neutral Yes Yes Be carbon neutral
Reduce paper use (relative to 2010 baseline) 16.4% reduction 35% reduction
(40% by 2020)
40% reduction
by 2020 vs. 2010
Strengthen Our Communities
Give financial support to create change Total donations (millions) $92.5 $102.8 At or above 1%
Imagine Canada
Encourage volunteerism in our communities Hours volunteered by TD employees 118,971 127,888 (increase
year over year)
Increase year over
Influence suppliers to use responsible practices Number of suppliers assessed for
responsible practices
211 276
1 In 2017 the calculation for the TD Bank Group composite score was modified to account for the TD Canada Trust Branch Banking weight change and TD Canada Trust Business Banking inclusion. Results in 2017 will not be
comparable and the target reflects this adjustment.
2 Economic value distributed as defined by the Global Reporting Initiative. Please see page 52 for more details.
3 In 2016 we saw a decline in the number of customers accessing the TD Helps web page. Customer contact preferences have migrated to social media channels including messaging and chat boxes. We are currently developing
alternative metrics to capture TD's efforts to increase financial education for our customers.
4 Senior Management includes TD job levels Vice President and above who have signing authority.
1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard
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#1 in Customer
Service Excellence
TD Canada Trust retained
the #1 spot in ”Customer
Service Excellence” among
the Big 5 Canadian banks
for the 12
year according to Ipsos.
#1 in Canadian
Mobile Banking
TD ranked first in
Canadian mobile banking
with the highest number
of unique mobile visitors
according to comScore.
Retail locations in
North America and
4,926 ATMs.
Languages in which
TD provides customer
service to meet
diverse needs.
1 TD Canada Trust achieved leadership in banking excellence in the following channels in the 2016 Ipsos Best Banking Awards: Automated Teller Machine, Online and Mobile. Leadership is defined as either a statistically
significant lead over the other Big 5 Canadian banks (at a 95% confidence interval) or a statistically equal tie with one or more of the Big 5 Canadian banks. Ipsos 2016 Best Banking Awards are based on ongoing quarterly
Customer Service Index (CSI) survey results. Sample size for the total 2016 CSI program year ended with the August 2016 survey wave was 47,305 completed surveys yielding 67,678 financial institution ratings nationally.
2 comScore reporting current as of August 30, 2016. TD had the highest number of unique mobile visitors accessing financial services over the past three months, over the full year to date and over the third quarter of 2016.
3 As of October 31, 2016. Total ATMs excludes mobile and TD-branded ATMs.
Think like a customer” is central to everything we do at TD.
We aim to deliver legendary customer experiences and trusted
advice, while providing our products and services responsibly,
safely and seamlessly – whether online, in our branches and
stores or in our contact centres.
Material topics in this chapter:
Customer Experience
Product and Service
Financial Access and Inclusion
Financial Education
Responsible Banking
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2016 TD Corporate Responsibility Report Page 11
To foster ongoing personal and proactive interactions,
we need to deliver exceptional experiences across
multiple platforms. Technology is rapidly changing the
way our customers bank, as more people switch to
mobile every day, and customer expectations about
service, convenience and speed continue to rise.
In both Canada and the U.S., we have a Customer
Experience Committee. These groups help ensure that
efforts are fully coordinated to deliver the best outcomes
each and every time a customer does business with us.
Performance in 2016
Legendary Experience Index
The Legendary Experience Index (LEI) is the metric we use
to capture the ”voice” of the customer. It measures how
we are doing when it comes to delivering a legendary
customer experience. On a daily basis, we contact
customers to get their feedback regarding their most
recent interaction with TD. Customers rate their experience
on a number of attributes, that were developed based
on input from customer focus groups and research on
what is most important to our customers. The LEI results
are communicated regularly with employees to improve
our performance, and they have an impact on employee
compensation. In 2016, more than 600,000 customers
across North America provided feedback through this
survey measurement program.
Management Approach
Legendary customer service is at the heart of TD’s
business strategy and a central part of our brand
promise to customers. We are making significant
investments to enhance the customer experience, to
ensure we’re there for our customers when, where
and how they need us. We continue to build customer-
centricity across the organization:
Through regular research and monitoring of
customer interactions with TD, we seek feedback
through multiple channels to understand customer
needs and then use these insights to drive
performance improvements.
We look for opportunities to make banking simple,
fast and easy for our customers and strive to create a
seamless experience whether customers are visiting
a branch or using a tablet, phone, computer or
wearable device.
We aim to provide personal, proactive and timely
resolutions when customers contact us with a problem
or a question.
To meet the evolving needs of todays digital customers,
we are harnessing digital technology and partnerships
to create innovative seamless solutions that go beyond
traditional banking.
2.1 Customer Experience
Why It’s Material to TD
People don’t live to bank – they bank to live.
And our job is to help them achieve their goals
and make their lives better. We need to deepen
our insights to ensure we’re operating with
a customer-centric mentality and that every
experience delivers on our brand promise. It’s
about finding more ways to create value by
removing irritants and finding ways to get closer
to each of our customers.
Objective 2015 Results 2016 Results
(target in brackets)
Progress 2017 Target
Deliver legendary
customer service
Experience Index –
TD Composite Score
46.4% 45.3% (46.5%) 43.8
1 In 2017 the calculation for the
TD Bank Group composite score
was modified to account for the
TD Canada Trust Branch Banking
weight change and TD Canada Trust
Business Banking inclusion. Results
in 2017 will not be comparable and
the target reflects this adjustment.
Met Did not meetOn track
2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education
Analyst Corner
To Our Customers
Codes of Conduct
and Public
TD Ombudsman
Annual Report
Problem Resolution
2016 TD Corporate Responsibility Report Page 12MENU
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After winning the top spot in the annual J.D. Power
customer satisfaction survey among the big 5 Canadian
banks for 10 years in a row, our ranking slipped to second
place in 2016 by a narrow margin. In recent years we have
seen the gap between us and our competitors narrow,
reflecting an increasingly competitive market where
many financial institutions are focused on improving
their customer experience. While this increased focus
on experience is clearly a win for customers, the loss
was a disappointment for us and served to reinforce our
commitment to continuously improve our performance as
a customer-centric organization.
Digital Innovation and Leadership
We are focused on leading the way in the digital age
and in recent years have introduced innovations that
offer best-in-class digital customer service. TD is ranked
among the worlds leading online financial services firms,
with approximately 11 million active digital customers.
In Canada, TD is the leader in mobile banking with the
highest number of unique mobile visitors accessing
financial services.
Digital Enhancements in 2016
The year 2016 marked new digital milestones for TD, as
we continued to collaborate and innovate to elevate the
customer experience:
TD was the first bank in the world to pioneer customer
service through Facebook Messenger. Once on
Messenger, customers can connect directly with our TD
live agents for general product and account questions.
We launched TD MySpend, which enables customers
to easily track their spending habits in real time. See the
case study on page 19.
We unveiled the TD for Me mobile service. Another first
in Canadian banking, TD for Me enhances our popular
TD app with a ”digital concierge” feature that provides
customers with personalized content, such as special
nearby offers, helpful tips and details on local events.
We launched Apple Pay, giving customers more
convenience and the choice to use iPhone, iPad or Apple
Watch to make purchases both in-store and within apps.
In our branches, we rolled out iPads for employees to use
with their customers. We also created the Digital Advice
Lounge, an internal resource centre that provides our
branch staff with everything they need to know about
having digital advice conversations with our customers.
We’re fostering an innovation ecosystem and teaming
up with a growing number of digital partners, from
entrepreneurial start-ups to established tech players,
to help us advance financial innovation, acquire digital
knowledge and test new approaches. In 2016, for
TD and Cisco announced an agreement to collaborate
on technology solutions to create enriched customer
and employee experiences through the TD-Cisco Lab,
located in Cisco’s Toronto Innovation Centre.
TD became the first Canadian bank to join Silicon
Valley’s Plug and Play Tech Center, the largest global
technology accelerator, as a corporate collaborator in
its Fintech program. The program runs twice a year and
connects a select group of start-ups from around the
world with participating financial institutions.
For this year’s #TDThanksYou customer appreciation
campaign – an initiative first launched in 2014 – we
created the ”TD Thank Account.” We surprised millions
of customers across North America – in branches and
over the phone – with personalized messages of thanks.
1 comScore reporting current as of August
30, 2016. TD had the highest number of
unique mobile visitors accessing financial
services over the past three months, over
the full year to date and over the third
quarter of 2016.
2 J.D. Power 2016 Canadian Retail
Banking Satisfaction Study.
TD Canada Trust
was named second
place in ”Highest
in Customer
Satisfaction Among
the Big Five Retail
Banks” by J.D. Power
in the Canadian
Retail Banking Study
2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education
The TD logo and other trade-marks are the property of the Toronto-Dominion Bank.
Follow #TDThanksYou to join in
We know the greatest customers in the
world and we want to thank you.
Great customers inspire great customer service.
It’s why we work hard every day to make banking
more comfortable. And why it’s easy for us to
deliver exceptional customer service. Join us for a
month-long celebration to say Thank You ...to you.
Watch one amazing
day in 2016
2016 TD Corporate Responsibility Report Page 13MENU
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Problem Resolution
In 2016, we enhanced the complaint escalation process
to help branch employees and customer care specialists
resolve problems more quickly. TD was the first bank in
Canada to offer a dedicated social customer service team
on Twitter and Facebook. We quickly address customer
feedback provided through these sites and monitor our
response times seven days a week, 24 hours a day –
including holidays.
Customer Problem Resolution
2016 2015 2014
Number of problems referred to Branch Banking Customer Care 7,723 6,447 6,280
Number of customers who contacted the TD Office of the Ombudsman 4,331 3,922 3,086
Number of complaints requiring investigation by TD Ofce of the Ombudsman
749 637 383
Percentage of problems resolved by TD Ombudsman within 90 days (target 90%) 95% 98% 99%
Problems investigated by the OBSI and ADR Chambers Banking Ombuds Ofce 176 106 116
Total number of problems referred to the Chairman’s Service Center 8,622 8,596 7,900
Percentage of escalated customer problems resolved by the Chairmans Service Center
within designated service level agreements (target 98%) 98% 98% 98%
1 As of 2015, general insurance complaints are now included in this number.
When problems do arise, we strive to respond quickly,
get the problem fixed and address the root cause. If an
issue is more complex or a customer is still not satisfied,
TD provides a transparent, easy-to-follow escalation
process that is outlined on our website. This process
enables customers to file a complaint regarding a potential
violation of a code or commitment through the TD Office
of the Ombudsman (Canada) or the Chairman’s Service
Center (U.S.).
The increase in complaints in Canada in the table below
is consistent with an industry-wide trend, with most
Canadian banks experiencing a 20–30% increase in
. The key issues driving complaints referred to
Branch Banking Customer Care were customer service,
credit decisions and processing errors.
In the U.S., there was a 1% increase in complaints
referred to our Chairman’s Service Center in 2016.
Primary drivers of complaints were account discrepancies
or errors, customer service and credit reporting. The
retirement of Penny Arcade, our coin-counting machine
service, generated a number of complaints in 2016 and
TD issued a news release informing customers of the
decision to withdraw the service from our stores and
provide customers with alternative options.
In an organization where hundreds of
thousands of customer interactions occur
daily, mistakes are going to happen and
customers are going to feel let down. Having
a fair and responsive complaint-resolution
system for customers to turn to in these
moments of frustration is a valuable part of
the service we provide.
1 https://bankingombuds.ca/
ADRBO-Annual-Report-2016.pdf (p5)
and https://www.obsi.ca/en/news-
2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education
2016 TD Corporate Responsibility Report Page 14MENU
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Employees who interact with customers receive training
on product features and Know Your Customer policies.
Branch and phone-based sales representatives are trained
to use online discussion tools in their conversations with
customers. These tools prompt employees to consistently
put the customer first, ask the right questions and suggest
appropriate solutions.
Clear Language
Using clear language is a cornerstone of delivering a
legendary customer experience. We want our customers
to properly understand their financial rights and options
and how our products and services work so they can make
informed financial decisions. In the past few years, we
have taken additional steps to make our product materials
and website information easier to understand. TD has
Clear Language Principles that guide our employees and
a Clear Language Basics course to help train employees
when writing customer documentation.
Management Approach
Our goal is to design products and services that meet
customers’ current and future financial needs. We
provide personal interactions and proactive advice
to help people achieve their financial goals and in so
doing, increase their confidence in managing money
and making financial decisions.
TD follows many industry-level codes of conduct and
public commitments that are designed to protect
consumers and ensure they are provided with information
to assist them with their financial decisions. In planning
and developing many of our products, services and
marketing communications, TD often uses consultations
with consumers (both customers and non-customers)
to get their feedback and input. We also engage
with stakeholders, experts and representatives from
across industries to provide perspective on various
initiatives. Product and service responsibility is a shared
accountability across our Compliance, Marketing, Product
Groups, Distribution and Environment departments.
Performance in 2016
Sales Practice
Our products and services are designed to meet genuine
customer needs. Across our business, we have checks and
balances in place, to support adherence to our corporate
values and selling practices. We are always looking to
improve and continue to monitor our practices.
2.2 Product and Service Responsibility
Why It’s Material to TD
Our customers expect us to offer financial solutions that
enrich their lives. We embed responsible design and
marketing into our products, services and communications
so that consumers will continue to view TD as an
authentic and trusted brand. Stakeholders increasingly
expect TD to consider the environmental, social and
economic impacts of our products and services and will
choose to invest in us, work for us or bank with us based
on our efforts and progress.
2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education
Analyst Corner
To Our Customers
TD Code of Conduct
and Ethics
Codes of Conduct
and Public
Tied Selling
Product Information
Green Banking
TD’s Environmental
Response to Media Coverage
In March of 2017, TD was the subject of media
coverage with respect to our people and sales
practices. Our leadership team spent the initial
days and weeks listening to our colleagues from
across the country. Many employees have told us
that these reports are not their experience, not
their TD.
We know that of the more than 100 million
interactions we had with Canadian personal
banking customers last year, we received a few
hundred complaints related to our sales practices
that were escalated beyond the initial channel.
Of those that impacted our customers, less than
100 had compliance concerns and these were
investigated and addressed.
However, we will review all of the concerns raised.
If we can improve the way we do things, we will.
We routinely conduct reviews of our business for
this reason.
As we have done in the past with matters of such
importance, we will be relying on our Board,
as well as the objective advice from a leading
professional services firm to make sure we really
test ourselves. This is, after all, what it means to
be the better bank.
FS-14FS-7 PR-3
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Overdraft Practices
TD Banks overdraft practices and policies have continued
to evolve in recent years reflecting industry developments
and changes in the regulatory landscape. There has been
litigation in the financial services industry in the U.S. with
respect to how banks process and assess overdraft fees.
TD Bank, N.A. has been involved in this litigation. Some of
the actions against TD Bank, N.A. have been dismissed or
settled, and others remain ongoing.
Building Savings
Recognizing the importance of saving to long-term well-
being, TD offers many resources to help customers build
healthy savings habits:
We offer free automated savings plans. Simply Save is
one example, which helps customers save money every
time they use their debit card. During 2016, TD Canada
Trust customers saved $5.8 billion through automated
savings plans.
The Canada Learning Bond (CLB) is a government
grant that encourages customers to save for a child’s
future education and we facilitated $12.1 million in
CLB payments in 2016. We are also working with
SmartSaver, a non-profit organization that helps eligible
Canadian families start saving for their children’s
education with information on free government money
and online access to get savings started.
Financial Hardship
We strive to be responsive and sensitive to customers
facing financial challenges. We encourage customers to
talk to us so we can help them get back on track before
it’s too late. The practical solutions we offer include credit
and repayment options that help personal and small
business customers avoid potentially more costly and
time-consuming alternative means of financing; as a result,
we retain customers and avoid costly writeoffs. In 2016,
we restructured $107.8 million in loans in Canada which
helped ease payments for 22,790 customers. In the U.S., we
restructured US$51.1 million in troubled real estate assets.
Retail Green Products and Services
Consumer demand for environmental products and
services is on the rise in North America. Green financial
products and services are a growing segment of our
retail and small business offerings, geared to helping
our customers respond to environmental challenges. We
offer choices across our business lines: personal banking,
business banking, auto financing, investing and insurance.
TD Green Bond
Green investment products
Renewable energy financing for small-scale projects,
such as installing solar panels on a roof
Green insurance discounts
Electronic banking – mobile banking, online
statements, paperless record-keeping
Eco car financing discounts
Paperless Banking 2016 2015 2014
Number of online statement accounts, in millions 10.4 7.4 6.0
Paper statements stopped, in millions 97.8 78.9 60.7
Paper documents stopped (TD Wealth), in millions 31.6 29.1 26.0
Lending for Small-Scale Projects
Number of loans 87 122 292
Dollar value of loans ($ millions) 3.2 3.4 6.8
Estimated kWh generated from the program
995,657 1,057,886 2,019,600
Estimated GHG reduction (CO
81 114 353
Lending for small-scale energy-efficiency projects
Number of loans 1,961 2,084 1,305
Dollar value of loans ($ millions) 13.4 13.8 8.1
Insurance for Hybrid and Electric Vehicles
Number of active hybrid and electric vehicle discounts 17,778 16,605 15,157
Estimated reduction in GHG emissions by TD Auto Insurance
customers through the use of hybrid and electric vehicles
(tonnes CO
e) 7,268 7,601 6,345
$5.8 billion
Total saved by
TD Canada Trust
customers through
automated savings
1 In 2015, estimated kWh generated
and estimated GHG reduction were
restated to reflect an updated
conversion factor representing the
dollar investment per kW of capacity.
2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education
$5.8 billion
$5.3 billion
$5.1 billion
2016 TD Corporate Responsibility Report Page 16MENU
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We recognize that access to banking is a critical
enabler of social and economic progress. We continue
to remove barriers and make banking more accessible
and inclusive. Our investments in this area are part of
a ”win-win” strategy that benefits both consumers
and our company in terms of business growth and
deeper customer relationships.
Performance in 2016
Low-Income Customers
TD continues to ensure affordable access to essential
banking services for lower-income individuals.
In Canada, we offer a low-fee, basic banking account
that is free for seniors collecting government income
security, beneficiaries of Registered Disability Savings
Plans, students and youth. We also offer seniors
discounts on all of our fee-paying accounts. We open
personal accounts regardless of whether a person is
unemployed, is or has been bankrupt or is unable to
make an initial deposit, subject to required conditions.
In the U.S., we offer one of the lowest minimum
balance accounts in the industry and provide affordable
financing to low-income buyers through TD Bank’s
Right Step Mortgage
program, which features a low
3%-down payment option. In 2016, we originated 906
Right Step Mortgages totalling US$165.2 million. We
also introduced FNMA HomeReady, another low-down-
payment mortgage product, with expanded eligibility for
financing homes in low-income communities.
People with Disabilities
Accessibility is considered in the design of our facilities
and all new technologies we build or buy. Our Assistive
Technology labs research and test the latest technologies
to enhance the experience of customers with disabilities.
TD’s touch screen ATMs are fully audio-accessible with
headphones for people with visual disabilities. All
customer-facing employees in Canada receive training
about TD’s accessibility services and properly serving all
customers, including those with disabilities, and we are
working on similar training for our U.S. colleagues.
In 2016, we developed a new strategy to expand our
accessibility services, including the creation of a consumer
disability panel, that will allow us to build deeper insights
into the banking needs for this community.
Management Approach
TD serves more than 25 million customers globally. Providing
services that are accessible, affordable and inclusive for
all, including for vulnerable and underserved populations
in the financial system, is a key management priority.
We have strategies in place to ensure that our products,
services, culture and marketing initiatives reflect
the communities and cultures that are part of our
operational footprint.
We provide specialized offerings for low-income
customers, people with disabilities, new immigrants,
LGBT customers and Indigenous populations.
We work to increase social and physical access to our
business in all communities.
TD is involved in many innovative programs to help
remove social and economic barriers to the financial
system, including TD’s financial education initiatives,
which are discussed in other sections.
Our investments in mobile technology have opened
new paths for underserved populations, improving and
expanding delivery of financial services and enabling
them to participate in a digital-driven economy. TD
MySpend is one example of how we are providing
real-time advice and insights to customers via mobile
technology – see case study on page 19.
The fundamental values of inclusion and diversity are
ingrained in the TD Framework, corporate policies and
business practices and are supported by our Corporate
Diversity Ofce and, at the highest levels, by TD’s
Inclusion and Diversity Leadership Council (IDLC), which
reports to the Group President and CEO.
2.3 Financial Access and Inclusion
Why It’s Material to TD
2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education
Analyst Corner
Serving Diverse
Low-Cost Banking
TD and Indigenous
Communities in
Codes of Conduct
and Public
FS-14FS-13 EC-8
Related Topics
Inclusion and
2016 TD Corporate Responsibility Report Page 17MENU
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Indigenous Peoples in Canada
TD’s Aboriginal Banking Group works closely with our
Commercial, Wealth and Retail businesses to provide a
comprehensive approach to serving Aboriginal clients.
Our Aboriginal Community Banking Program, launched
in 2015, used mobile technologies to bring financial
services to a number of remote locations, enabling
individuals to open up accounts and receive bank cards
on site.
For more information, please see Indigenous Relations
in Canada in the Community section of the report.
Access to banking is a critical part of helping newcomers
feel welcome and included. TD offers:
Service in over 200 languages through Language Line
2,800 ATMs in multiple languages
A New to Canada banking package, which includes a
chequing account with no monthly fee for six months
and a credit card with no credit history required
A New to Canada website in 14 different languages that
provides immigrants with the information and resources
they need to build a financial foundation in Canada
In 2016, we launched our first Lunar New Year program.
Previously the campaign focused on the Chinese
community, but now it recognizes a broader audience.
LGBT Customers
TD aims to be a leader in creating an inclusive and
welcoming business environment for LGBT customers. We
have Market Leaders in several Canadian and U.S. cities
specializing in LGBT business development. Our advertising
in branches, stores and mainstream publications reflects
the diverse faces of the LGBT community. In 2016, we:
Adopted gender-neutral washrooms and signage as a
building design standard going forward for new and
renovated retail locations. These single-occupant,
accessible restrooms are available for use by anyone,
regardless of their gender identity or expression.
Introduced ”52 weeks of pride” highlighting key
moments for the LGBT community (e.g., anti-bullying,
AIDS Day, Father’s Day).
Launched an LGBT financial literacy campaign, which
included a monthly radio segment on the Shaun Proulx
Show (on Sirius XM), an influential program in the
LGBT community.
These ”microentrepreneurs” – often
minorities and women – typically have
fewer than five employees and capital
needs from $500 to $25,000.
In 2016, TD contributed US$215,000 to
Accion’s Maine to Miami Microlending
and Financial Education Program – part
of our US$600,000 commitment over
the past three years. The program
empowers small business owners in
13 states to make informed financial
decisions that grow thriving businesses,
create jobs and increase family incomes.
Specifically, TD’s support will enable
Accion to provide:
More than 11,000 hours of
counselling to at least 4,500
applicants, with expectations that
more than 1,040 small business
owners will receive access to over
US$9.3 million in loans
Financial education to more than
3,000 entrepreneurs through
workshops and coaching clinics
delivered in New York, Massachusetts
and Florida
Over all, the program is estimated to
create or sustain approximately 4,300
much-needed jobs for individuals
and families along the U.S. eastern
seaboard. Past Accion clients have
demonstrated a 95% repayment rate
and accumulated average savings of
US$9,338 each year.
Since 2012, TD Bank, through the TD Charitable
Foundation, has provided vital financial support to Accion,
a non-profit network that provides microfinance loans to
owners of the smallest businesses throughout the U.S.
TD Supports
Program along
U.S. East Coast
Kimhemg Kehn, a small business owner
who operates a produce stand in Boston,
benefits from Accion's Microlending and
Financial Education Program.
2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education
2016 TD Corporate Responsibility Report Page 18MENU
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Performance in 2016
TD Helps: Free Advice Platform
TD Helps is an online Q&A forum that encourages both
customers and non-customers to ask questions about
financial topics such as saving and managing money, home
ownership and borrowing and managing credit. People
receive answers from TD experts and community members
(such as real estate agents, lawyers, etc.). Unlike other
sites that simply offer FAQs, TD Helps provides personal
responses that are posted within hours.
In 2016, our TD Helps teams in Canada and the U.S.
answered close to 50,000 consumer questions. The volume
of questions we received through the TD Helps platform
was lower than the previous year (72,651) because we
introduced more communication options including chat,
text and messenger. In 2017, we will work to develop
a replacement metric to demonstrate TD’s progress on
financial literacy.
Awareness and Outreach
FinanciallyFit website: We launched the FinanciallyFit
website to highlight that money confidence starts with
money conversations. The site provides videos, articles,
checklists and tips to help customers talk to their
families about money management.
Financial Literacy Month: For Financial Literacy
Month in November, we ran a #FinanciallyFit campaign
throughout our branches to promote financial literacy
and draw attention to TD’s financial education resources.
Branches were provided with FinanciallyFit starter kits to
use with customers, and we gave away 85,000 Money
Fun Activity books for children ages 7–12. We used
highly targeted, engaging digital marketing and both
traditional and social media to extend our reach.
Savings calculators: To promote saving and raise
awareness of how small savings add up over time, TD
gave out more than 100,000 personal savings calculators.
Management Approach
TD is a long-standing supporter of financial education,
and in recent years we have amplified our efforts to
help people from all walks of life improve their money
skills. Our Financial Education Council oversees financial
education activities across TD, working to embed financial
education in the bank’s overall approach to product
development, community activities and engagement with
employees, customers and the public.
Recognizing that people approach financial matters
in very different ways, we take a blended-approach
to financial education – combining in-person learning
experiences with digital tools plus access to local
bankers for advice.
We offer a suite of educational tools and resources
for customers and their families, to help increase their
financial literacy and spark money conversations. We
make TD product and fee information readily available
in our facilities and on our websites.
Each year, thousands of TD volunteers spend their free
time helping people understand how to manage money
wisely – not just in TD branches and stores, but in the
communities where we live and work. Find out more in
the Community section of this report.
2.4 Financial Education
Why It’s Material to TD
With so many choices available for saving, spending,
borrowing and investing, financial decisions
are becoming more complex – making financial
education more important than ever. TD’s own
market research showed us that consumers of all
ages, demographics and income levels struggle to
have confidence in their financial decisions.
1 TD Economics Report: Financial Literacy: Millennials are a wake up call to build a strong foundation (p35).
2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education
Analyst Corner
TD Helps
Financially Fit
Finance 101
Tax Resource Center
2016 TD Corporate Responsibility Report Page 19MENU
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New app
helps improve
by tracking
TD Bank Learning Center: The TD Bank Learning
Center delivers online, interactive financial education
content in English and Spanish. In our stores, employees
use tablets to take customers to the Learning Center,
combining just-in-time financial education with
personal financial advice. We launched the service with
non-profit partners, including the Centro Campesino
Farmworker Center, Bedford-Stuyvesant Restoration
Corporation and YouthBuild Philadelphia Charter School.
Tax Resource Center: Our new Tax Resource Center
provides a one-stop experience for our U.S. customers
to gather resources and information on tax filing.
Located at tdbank.com/tax, the center provides
educational content including an interactive guide,
videos, calculators and tips, along with important
dates plus reminders for customers regarding TD Bank
tax documents.
National Financial Literacy Month: During National
Financial Literacy Month in April, we increase efforts
to speak about financial wellness, using videos, articles
and worksheets for customers and financial well-being
assessments for our own employees.
Employee financial education: Newly hired tellers
now receive financial education on budgeting and
credit as part of their required training. Each month,
employees can engage in a new financial topic – from
retirement planning to managing joint finances with
their significant other.
A companion to our existing banking
app for iPhone or Android, TD MySpend
helps customers track their monthly
spending in real-time, including where
and how they spend by category
(groceries, health, etc.).
Features include a daily Spending
Insights meter and a week-to-week view
of overall monthly spending displayed
against an average monthly spending
trend. This allows customers to quickly
see how they are doing in comparison
to previous months. To create the app,
TD collaborated with Moven, a U.S.
start-up that built the technology.
As a unique money management
tool, TD MySpend can help customers
make informed spending choices and
find ways to save. Since launching in
June 2016, we have attracted close to
1,000,000 registered users.
Money management can be a daunting, time-consuming
task with a negative focus on missed targets. To make
it easier, in 2016 we rolled out TD MySpend, a new
real time money management app – a first in Canadian
digital banking.
2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education
Within the app, a trafc-light-coloured
Spending Insights meter updates each
transaction in real-time to provide a
quick snapshot of whether a customer is
above, at or below their typical monthly
spending habits.
2016 TD Corporate Responsibility Report Page 20MENU
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Material topics in this chapter:
Employee Engagement
Inclusion and Diversity
Health and Well-Being
$83.8 million
Invested in training and
developing our people.
Women in senior
management in Canada.
$9.3 billion
Spent on employee
compensation and
Of employees say
they are proud to
work for TD.
1 Senior Management includes TD job levels Vice President and above who have signing authority.
We understand that great customer experiences start with
great employee experiences. Our vision to be the better bank
is only possible if we create a diverse, inclusive and supportive
environment where our colleagues feel engaged and valued.
2016 TD Corporate Responsibility Report Page 21MENU
EnvironmentWorkplace CommunityResponsible Banking Governance
Performance in 2016
Global Engagement Survey
Through our global engagement survey, employees provide
feedback on more than 30 aspects of their current work
experience. Three of these survey questions form the
Employee Engagement Index (EEI) – a key performance
metric that is monitored closely by senior management and
the Board. People managers throughout the bank actively
use these survey results to drive ongoing improvements in
our workplace practices to ensure TD continues to deliver
on our value proposition for employees.
Our 2016 results continue to reflect strong employee
engagement, specifically:
There was a high survey participation rate of 87%.
81% of our employees reported being engaged. The
actual engagement score on a five-point rating scale
was 4.18 in 2016 versus 4.17 in 2015.
TD employees consistently report that they are proud to
work for TD, that they feel supported by their manager
and that TD shows genuine commitment to both our
customers and the communities in which we operate.
TD continues to be recognized by external ratings
organizations as a Great Place to Work and a
Best Employer.
Management Approach
TD’s goal is to engage our people so they feel inspired
and supported. It’s an important part of our business
strategy and one of the ways we strive to differentiate
TD as a best employer, which we measure through our
employee engagement score, voluntary turnover rates and
recognition from external benchmarking organizations.
To cultivate a highly engaged workforce, we:
Empower employees to think like a customer and act
like an owner to enhance our brand
Work closely with employees to understand and
respond to what matters to them
Provide opportunities for skill development and
long-term career advancement
Involve our managers and leaders in helping to design
and deliver a positive, inclusive work environment
Communicate openly and regularly about TD’s vision,
values and culture – encouraging dialogue across
the organization
In October 2016, we launched the new TD Framework
(see page 1). It outlines our vision, purpose and shared
commitments that represent the TD culture. To support
the framework, we also created a new Employee Value
Proposition that articulates TD’s commitment to provide
our colleagues with work that matters, career opportunities
beyond expectations and inspiring leadership.
3.1 Employee Engagement
1 EEI is our measure of overall
engagement and is calculated using
the average response (on a scale of
one to five) to three questions. See
table on next page.
Employee Engagement
2014 2015 2016
3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being
Analyst Corner
Code of Conduct
and Ethics
TD Bank Group
Workforce Profile
Campus Recruitment
Our vision is to be the better bank. To do that, we
need to attract and retain talented people who are
truly engaged in their work.
Why It’s Material to TD
Objective 2015 Results 2016 Results
(target in brackets)
Progress 2017 Target
Provide a great
place to work
Increase Employee
Engagement Index
81% 81% (increase
year over year)
Reduce average
global turnover
21.34% 20.08% (reduce
year over year)
Reduce year
over year
Met Did not meetOn track
2016 TD Corporate Responsibility Report Page 22MENU
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Pulse Survey Results
Selected questions (% positive) 2016 2015 2014
EEI Composite:
My work gives me a personal feeling of accomplishment. 81% 80% 81%
I plan to be with TD one year from now. 84% 84% 85%
I am proud to say I work for TD. 85% 85% 86%
1 Percentage of respondents who agreed or strongly agreed with the statement.
TD’s average global turnover (voluntary and involuntary)
decreased to 20.08% in 2016, from 21.34% in 2015.
While we’ve seen a slight increase in voluntary turnover in
Canada (11.84%), it remains within the normal range
reflects TD’s longer-hours business model which requires
more part-time employees. Voluntary turnover rates
tend to be higher in U.S. banks primarily due to a more
competitive landscape for talent. TD’s voluntary turnover
was 18.34%, which is slightly higher than the industry
average of 16%
. In 2016, TD Bank made solid progress in
reducing turnover in the U.S. through management efforts.
We sought to improve the employee experience by:
Providing better scheduling options, especially
for part-time tellers and contact centre staff
Increasing the ratio of full-time positions, where
Enhancing career development and teller-progression
While retention in the U.S. is improving, it continues
to be a top priority in 2017.
TD named one
of the Best
Workplaces in
Canada for the
11th year in a row
by the Great Place
to Work Institute
TD awarded the
Best Talent
Strategy by the
Canadian HR
TD presented
with a Talent
Award from Chief
Learning Ofcer
1 According to a comparison of the
Big 5 Banks in Canada, conducted
by PWC in 2015, the average
voluntary turnover rate was
11.52%. Source is a syndicated
survey where all banks are
measured using common criteria.
2 McLagen Report: Retail Banking
Pay Practices 2012, p12.
Syndicated survey comparing
turnover at 23 U.S. banks.
3 A voluntary exit from TD occurs
when the employee chooses to
leave TD.
4 An involuntary exit from TD
occurs when employment is
5 Data includes TD employees
who reside in the U.S., a broader
employee pool than TD Bank
America’s Most Convenient Bank;
excludes TD Wholesale Bank.
Employee Turnover (%)
2016 2015 2014
Average global turnover rate 20.08% 21.34% 18.40%
11.84 10.95 9.26
4.50 4.95 3.65
Retirement 1.22 1.48 1.41
Total 17.56 17.38 14.31
18.34 22.61 20.11
6.43 7.31 7.01
Retirement 0.57 0.68 0.59
Total 25.35 30.42 27.71
3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being
2016 TD Corporate Responsibility Report Page 23MENU
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Workforce Profile
(as of Oct. 31, 2016)
30 Years 30%
3050 Years 49%
50 Years 21%
Employee Age Profile
Canada 59,399
U.S. 27,494
International 1,057
Employees by Region
Number of Employees
Training & Development (Global)
2016 2015 2014
Investment in training (millions of dollars)
$83.8 $83.4 $88.5
Investment in training (dollars) per employee
$835 $877 $969
Amount employees received through TD’s Tuition Assistance
for external learning (millions of dollars) $26.4 $20.5 $21.7
Average number of days of training
3.3 3.7 3.3
Average hours of training
35 29
People manager
30 22 21
Employee (non-manager)
24 24 26
1 I ncludes the courses available
through TD’s Learning
Management System, as well
as external courses, certificates
and accreditations.
2 An average day is considered
eight hours for U.S. employees
and 7.5 for all other employees.
3 Excludes training hours tracked
outside of TD’s Learning
Management System because
the data is not available
and cannot be reasonably
4 Executive includes TD job levels
Assistant Vice President and
above. People manager includes
an employee who has one or
more direct reports. Employee
(non-manager) includes an
employee who does not have
any direct reports.
5 The increase in training figures
can be attributed to a number
of new eLearning modules
distributed to Executives to
support leadership practices.
Human Capital Development
Developing our colleagues is one of TD’s key priorities.
It is critical for our future growth and is a key
accountability for TD leaders at all levels. Highlights of
our 2016 initiatives include the following:
We provide regular career coaching, mentoring,
on-the-job training and a variety of tools and resources
to support every stage of the career journey.
We offered almost 18,000 eLearning courses offered
through TD’s Learning Management System (LMS),
including mandatory compliance courses. In 2016,
TD employees completed more than two million online
courses to further their development.
Over 1,800 leadership development courses offered.
More than 78,000 courses were completed by TD
executives and managers, improving their ability to
apply TD’s business strategy, leadership values, culture
and talent priorities.
Over 1,500 employees took advantage of our Short-
Term Assignment Policy, which lets them apply for
assignments to build new skills and experiences
without losing their status in their current role.
In 2016, we invested $83.8 million globally in training
and developing our employees, up from $83.4 million
in 2015. The reduction in spending per employee since
2014 can be attributed to increased delivery of training
through virtual classrooms rather than in-person
workshops, which are more expensive to operate.
The quantity of training per person, averaging 3.3
days, remained consistent as employees continued to
embrace virtual learning options.
3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being
2016 TD Corporate Responsibility Report Page 24MENU
EnvironmentWorkplace CommunityResponsible Banking Governance
TD continues to invest significantly in campus programs
to attract and develop the next generation of leaders.
For example, we provide paid internships, have co-op
programs with colleges and universities and offer unique
rotational programs that allow recent graduates to explore
different career options at TD while building their network
and industry knowledge. Both interns and early-career
hires receive mentorship from senior employees on
career development.
Digital Innovation and Talent
Two years ago, TD began a digital transformational journey:
We have invested significantly to modernize and
standardize our technology infrastructure across TD
through our DASH program. A bank-wide program,
DASH stands for Drive for Agility, Speed and High-
Tech Innovation and it’s all about making TD the
better bank. The program is realizing many business
benefits, including simplifying the way we work,
making it easier for employees to do their jobs and
becoming more responsive to our customers' needs.
To attract scarce, high-performing talent in fields such
as data science and analytics, we have a dedicated
technology careers section on our website, a Technology
Co-op/Internship program and a Technology Associate
Rotational Program that gives undergrad students a
unique opportunity to work with various IT managers
and areas across the bank over a two-year period.
We are building TD’s capabilities as an exciting tech
incubator. One example is our collaboration with
Communitech, a non-profit industry-led innovation
hub in Waterloo, Ontario. The TD Lab is located within
the Communitech Hub, and we work alongside
pioneering companies from the start-up world to
explore cutting-edge digital solutions for the financial
services sector. This ”idea factory” is helping TD
harness emerging technologies for our clients and
transforming our operations.
Positions filled
from within TD
68,827 hiring manager interviews
6,132 employees have worked here for 25 or more years.
Over 1,029,493 applicants/candidates in 2016
114,109 recruiter interviews
Investing in Talent
eLearning courses
offered through
TD’s Learning
System (LMS)
3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being
2016 TD Corporate Responsibility Report Page 25MENU
EnvironmentWorkplace CommunityResponsible Banking Governance
We view inclusion and diversity as a business
imperative in today’s global market. It’s how we
attract and develop the best people, connect with
our customers and harness a richer variety of
experiences, perspectives and abilities that make
our business stronger.
Why It’s Material to TD
2014, with the following five strategic priorities established
for 2015–17: accountability, talent, inclusive leadership,
winning in the marketplace, and governance.
In 2016 the IDLC implemented changes to the council and
TD’s approach. Each business line and function is now
responsible for driving accountability for inclusion and
diversity into its business objectives and is being measured
on its progress on an annual basis. While we continue to
have specific areas of focus – Indigenous Peoples (Canada),
lesbian, gay, bisexual, transgender and allies (LGBTA), people
with disabilities, veterans (U.S.), visible minorities, and
women in leadership – we are building initiatives that span
across these identity groups and their intersection points.
Our approach is underpinned by a strong suite of diversity
training programs, mentoring tools, resource groups,
flexible work options, accommodations and forums for
sharing ideas and experiences. All new hires are required
to complete diversity and inclusion awareness training.
TD’s recruitment team proactively conducts outreach to
attract candidates from diverse talent pools.
We also have a vibrant community of over 50 Employee
Networks aimed at building awareness and education on
a wide variety of inclusion and diversity topics. Many of
these networks exist both virtually and in person, giving
employees the opportunity to connect.
Management Approach
Building an inclusive and diverse organization has been
a formal business strategy at TD since 2005. Our goal
is to create an inclusive bank that reflects the diverse
communities we serve. We have embedded inclusion and
diversity into every aspect of our business – from our
workplace practices to our customer relationships and
community involvement.
Our Inclusion and Diversity Leadership Council (IDLC),
originally formed in 2005, comprises senior leaders
across TD and is chaired by Riaz Ahmed, TD Bank Group
Head & CFO. The IDLC sets the bank’s inclusion and
diversity strategy, oversees its progress and is supported
by more than 300 leaders who are active on diversity
subcommittees and regional councils. Every three years
the IDLC and its committees review the overall inclusion
and diversity strategy, setting new three-year goals,
objectives and supporting tactics. The last review was in
3.2 Inclusion and Diversity
3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being
Analyst Corner
Code of Conduct
and Ethics
Our Commitment
to Diversity
Serving Diverse
Employee Equity
TD and Indigenous
Communities in
Mental Health Community People With Disabilities U.S. Network
TD South Asian Community Employee Network Women in Leadership Mentorship
TD Black Community Employee Network Women in Leadership Flexible Work Options Network
TD Chinese Community Employee Network Indigenous Employee Circle
Hispanos@TD Community Employee Network Working Moms and Dads Network
TD Korean Community Employee Network LGBTA Share Your Pride Network
Parents of Children With Disabilities Network Veterans Employee U.S. Network
Our 50+ Employee Networks Include:
Related Topics
Financial Access
and Inclusion
2016 TD Corporate Responsibility Report Page 26MENU
EnvironmentWorkplace CommunityResponsible Banking Governance
2016 Initiatives for Diverse Communities
Women in Leadership (WIL)
TD’s Women in Leadership network, with more than
11,500 women across Canada and the U.S., continues to
provide support, tools and opportunities for women at
every stage in their careers.
In 2016, we conducted listening tours with over 700 TD
women across our North American operations to learn
about their evolving employment needs and expectations.
This input has informed our new WIL strategy, which will
be launched in 2017. In the U.S., we mentored 563 female
employees through our Emerging Leaders program.
TD works to publicly champion and build awareness of
gender equality issues. Last year TD became a member of
the 30% Club, a collaborative effort of business leaders to
improve gender representation in corporate governance.
TD also partnered with the University of Toronto’s Rotman
School of Management to publish a national report on the
professional advancement of women in Canada, the result
of a year-long research project and essay competition that
engaged working women across the country.
Performance in 2016
In Canada, we increased the representation of women
at VP levels and above to 37.3%, from 35.7% in 2015,
and of minorities at VP levels and above to 14.7%,
up from 12.7% in 2015.
We continue to work toward a goal of 40% women
in senior leadership roles in Canada. (In 2017, we set
a specific goal to reach this target by 2020.)
There was a high level of engagement in inclusion
and diversity forums and initiatives.
Survey results show women and men share equally
high confidence in meeting career objectives with TD.
Performance Trends: Workforce Diversity at TD (Canada)
Labour Market
2016 2015 2014
Women Overall 53.6% 58.0% 59.6% 60.2%
Senior management
37.3% 35.7% 33.7%
Middle and other
44.2% 45.0% 46.5%
Visible Minorities
Overall 24.7% 29.1% 27.9% 29.5%
Senior management
14.7% 12.7% 11.2%
Middle and other
31.6% 29.7% 26.3%
Indigenous Peoples
Overall 2.1% 1.3% 1.3% 1.3%
Senior management
1.7% 0.9% 1.4%
Middle and other
0.9% 0.9% 0.9%
People With Overall 5.7% 5.9% 5.9% 6.3%
Senior management
5.0% 5.8% 6.4%
Middle and other
5.6% 5.3% 6.1%
1 Includes all Canadian businesses
and full-time and part-time
employees. Data from 2015
and 2016 are based on internal
reporting and definitions. Previous
years represent the amounts
reported to the Canadian federal
2 Labour Market Availability based
on 2011 Census of Canada.
3 Senior Management includes TD
job levels Vice President and above
who have signing authority.
4 The category of ”middle and other
management” as determined by
the Canadian federal government
for employment equity reporting:
”middle and other managers
receive instructions from senior
managers and administer
the organization’s policy and
operations through subordinate
managers or supervisors.” Refer
to the Human Resources and Skills
Development Canada (HRSDC)
website for more information.
5 Data is voluntarily disclosed by
TD named one
of Canada’s
Best Diversity
Employers for the
fifth year in a row by
Listed in DiversityInc’s
Top 50 Companies
for Diversity for the
fourth year in
a row, this year at
the 39th spot. TD
Bank also ranked
11th on DiversityIncs
Diversity Councils list.
3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being
2016 TD Corporate Responsibility Report Page 27MENU
EnvironmentWorkplace CommunityResponsible Banking Governance
TD is committed to finding, building and nurturing talent
from people of all backgrounds. In 2016, for example, we:
Created a North American strategy to increase our
focus on sourcing talent from the African-American/
Black community and build relationships with key
schools and organizations to recruit talent. In the
U.S. we participated in eight recruitment events with
Black business organizations to help increase minority
employee representation.
Engaged 68 employees in our Visible Minority
Leadership Program, a two-day program to strengthen
their ability to lead and communicate authentically.
The program is supplemented with one year of
group mentoring by members of the Visible Minority
Leadership committee.
Grew our Latinos in Leadership resource group to more
than 2,600 members.
People with Disabilities
Our Assistive Technology program tests new technology,
partners with employees to ensure that they are
comfortable with their accommodations and provides
advice to IT teams on accessibility (see feature story on
page 4). Last year, 2,768 employees received workplace
accommodations, which included 1,044 pieces of assistive
technology or software deployed by our Assistive
Technology team.
We have seen considerable success in targeted hiring
initiatives on both sides of the border. In the U.S., we
are participating in Going for the Gold, a three-year
pilot project of the U.S. Business Leadership Network
to advance disability inclusion and recruitment in the
workplace. TD is one of nine companies involved and
committed to meeting disability-hiring targets. As a result,
we’ve hired over 250 people with disabilities since the
program’s inception in June 2014. In Canada, we worked in
partnership with Lime Connect Canada, Career Edge and
Specialisterne and launched a targeted program at two
of our branches in Vancouver, B.C., to provide meaningful
employment to nearly 100 new employees with disabilities.
TD listed on the
2017 Bloomberg
Scored 100% on
the 2016 Disability
Equality Index for
the second year in
a row.
Named one of
Affinity Magazine’s
2016 Top
Corporations for
LGBT Economic
Jenn Ocampo-King is Director, Prime Brokerage, with TD Securities. In 2016, she won
Catalyst Canada’s first Emerging Leader Award for being an exceptional role model
for women and for championing inclusive workplaces. At the early age of 15, Jenn was
living on her own and supporting her family. When she received the opportunity to join
the capital markets industry, she seized it and took ownership of her career.
Having benefited from the support of others, Jenn generously gives back to TD and her
community to ensure others receive similar guidance in navigating their careers. She is
the co-founder and Chair of the TD Securities Women in Leadership Champion Network,
has planned more than 50 mentor/mentee events for junior women and runs regular
networking and panel sessions with senior executives. Jenn was also recognized by
Women in Capital Markets in 2014, winning the Rising Star Award for inspiring greater
diversity in Canada’s capital markets, a traditionally male-dominated field.
A ”Catalyst” for Women in Business
3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being
2016 TD Corporate Responsibility Report Page 28MENU
EnvironmentWorkplace CommunityResponsible Banking Governance
Human Rights
In every country in which TD operates, we support and
respect the protection of human rights. We also share
the values reflected in international proclamations about
human rights, such as the Universal Declaration of
Human Rights.
We adhere to and, in many cases, exceed all applicable
labour laws and standards addressing issues such
as equal pay, hours of work and child labour. TD’s
Respectful Workplace Policy and our Health and Safety
Policy articulate our commitment to providing a work
environment free from any form of harassment and
unlawful discrimination, where every employee, customer,
client and independent contractor is treated with dignity
and respect. TD’s employees are the heart of everything
we do and we encourage an inclusive and diverse working
environment. TD’s model is one of employee engagement
and we encourage open dialogue to help us create a
positive working environment where all employees
can thrive.
Under the TD Code of Conduct and Ethics, every employee
and director of TD is expected and required to assess
every business decision and every action on behalf of the
organization in light of whether it is right, legal and fair.
Robust internal investigation and escalation processes are
followed when concerns are raised regarding harassment,
unlawful discrimination or other conduct that would
contravene these policies. Employees and Directors attest
to compliance with these policies on an annual basis.
We promote Indigenous rights and support the principle
of free, prior and informed consent (FPIC), with our
commitment reflected in TD’s Environmental Policy and
Environmental Management System.
TD educates employees on relevant human rights issues
through various communications and learning programs,
including inclusion and diversity training.
In 2016, we formed a Human Rights Working Committee,
tasked with responding to the U.K.’s new legislation on
Modern Slavery. This cross-functional committee met
regularly to understand relevant issues and develop the
TD Bank Group Slavery and Human Trafficking Statement.
Indigenous Peoples in Canada
In 2016, we continued to educate our workforce on the
history, culture and opportunities (talent and business) of
Indigenous peoples in Canada, throughout the year and
during our Aboriginal History Month celebrations. We
hosted an internal employee event featuring a keynote
speech by Roberta Jamieson, president and CEO of Indspire,
who discussed the empowerment of Indigenous peoples
through education and the opportunities to harness the
abilities of this emerging and enabled workforce.
Participation in the Indigenous Employee Circle, an
online community, grew to 827 members, up from
716 members in 2015.
We have begun to recognize traditional lands and
territories as we open events. In a few cases, we have
also engaged Elders/Knowledge-Keepers to provide a
traditional opening to events.
In 2016, we again published TD and Indigenous
Communities in Canada, a report that communicates
our commitments and actions in support of Aboriginal
success in the workplace, economy and community.
Since first introducing same-sex benefits to our Canadian
workforce in 1994, we have made significant progress in
creating a truly inclusive workplace for LGBTA employees
wherever we operate. These efforts continued in 2016; for
example, we:
Introduced an important design change to new and
renovated branches going forward, whereby we will
build gender-neutral washrooms. An emerging best
practice in North America, these single-stall, accessible
washrooms are available for use by any person,
regardless of their gender identity or expression.
Sponsored 62 Pride events across North America to
engage our employees while supporting the community.
Organized several LGBTA networking events in the
U.S. and launched our first LBTQ Women’s Network.
Veterans in the U.S.
While this community is a newer priority for TD, we have
an employee resource group that focuses on opportunities
for veterans and helps them transition from active duty
to the workplace. In 2016, TD participated in over 10
recruitment events with organizations focused on finding
jobs for veterans. This resulted in 80 new hires. We also
created a military skills translator tool specific to roles at
TD for our recruiters and produced a video launched on
Veterans Day that celebrated employees who have served
their country.
Included among
the Top 25
Companies for
demonstrating a
public commitment
to LGBT people
and issues.
Scored 100% on
the 2016 Corporate
Equality Index
for the eighth year
in a row.
3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being
2016 TD Corporate Responsibility Report Page 29MENU
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Management Approach
Protecting and promoting the well-being of our employees
is part of our effort to provide an extraordinary work-
place. To achieve this, we have extensive programs in place
to help employees assess, manage and improve their well-
being in three critical areas: physical, financial and mental.
Physical Well-Being
TD has a clear North American Health and Safety (H&S)
policy and a dedicated H&S management system and
delivers regular training and communications to keep
managers and employees informed.
In Canada, the H&S team, a National Policy
H&S Committee, and people managers and H&S
representatives in each location across the country
work with employees to ensure H&S programs
support applicable regulations and are effective
across our operations.
In the United States, the same goal is achieved by the
Safety team with support from Safety Committees,
Human Resources, people managers and cooperation
from all employees to ensure a safe working
Financial Well-Being
As part of TD’s investment in employee well-being, we
offer a comprehensive benefits plan, including medical,
dental and insurance options that provide choice and
flexibility to best meet the changing needs of our
employees and their families. We are also proud to offer
a robust compensation package, an employee share
ownership plan (Canada), a competitive defined benefit
pension plan (Canada) and 401(k) (U.S.) and group savings
plans to help employees meet their financial goals.
Online retirement and financial planning tools are
available, which provide employees personalized
projections to assist with short- and long-term planning,
including information and advice on their pension
arrangements. Additionally, employees have access to
legal and financial support services to help deal with a
number of issues, including debt/credit management, legal
bankruptcy, contracts, landlord and tenant issues, etc.
3.3 Health and Well-Being
Why It’s Material to TD
We recognize that for employees to perform at their
best, they need to be healthy, happy and supported in
managing their work/life demands.
TD’s Approach to Well-Being
Physical Well-Being
Benefit plans
Wellness account
Seasonal flu coverage
Insurance coverage
Retiree benefits
Workplace accommodations
WELL building standard
Health and safety
Financial Well-Being
• Compensation
Employee savings plans
Share ownership plan*
• Pension/401(k)
Scholarship programs
Incentive plans
Discounts and banking
Tuition reimbursement
Mental Well-Being
• Vacation/PTO
(paid time off)
Reward and recognition
Leave policies
Flexible work options
Volunteer grants
Emergency child care*
Employee ombudsman
Critical incident response
Examples of benefits:
*Benefits available to Canadian employees.
3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being
Analyst Corner
Summary of Benefit
TD’s Approach to
Code of Conduct
and Ethics
TD’s Approach to
Job Transitions
2016 TD Corporate Responsibility Report Page 30
EnvironmentWorkplace CommunityResponsible Banking Governance
Of employees
agree that TD
supports their
ambition to
get involved
in corporate
Work-Related Injuries
2016 2015 2014
Minor injuries
255 (0.43%) 193 (0.33%) 233 (0.39%)
Disabling injuries
148 (0.25%) 107 (0.19%) 130 (0.22%)
Employee days absent beyond day of injury
2,667 1,569 2,161
Fatalities due to work-related accidents 0 0 0
Medical/report only claims filed through workers’ compensation
454 467 607
Indemnity claims filed through workers’ compensation 38 53 60
Employee days absent beyond day of injury 2,334 2,832 3,853
Fatalities due to work-related accidents 0 0 0
1 Figures in parentheses indicate
accident statistics as a percentage of
our workforce in the country noted,
as at the end of the calendar year.
2 Injuries that are treatable in the
workplace, with no time lost beyond
the day of injury.
3 Injuries that result in lost time in the
workplace on any day following the
injury for each of the years shown.
4 Number and severity of disabling
accidents increased in 2016 due to an
increase in time lost in the categories
of slips/trips/falls, robberies and
medically related incidents. Some
other accident categories decreased
in number of days absent compared
to 2015.
5 Workers’ compensation claims below
$2,500 or any claim that requires
no payment or activity other than
generating a report.
Mental Well-Being
TD provides a wide array of options for paid and unpaid
time off to assist employees who need time away from
the workplace to deal with personal situations such as
the birth or adoption of a child, the death of a loved one
or completion of a post-graduate degree. In 2016, we
reviewed our internal policies and programs to ensure
they provide sufcient support to sustain a psychologically
healthy and safe workplace. TD remains committed to
supporting employee mental well-being in the workplace,
and we will continue to implement recommendations from
the review through 2017.
Performance in 2016
Refreshed the employee websites that host benefits,
pension and savings programs to provide a better user
experience and improved resources.
Launched a Total Health Index Assessment tool.
Participating employees receive a personalized,
confidential report with recommendations and resources
to help meet their total health needs.
Expanded the list of eligible illnesses from three to 17
in our critical illness insurance program.
Announced coverage for psychologist services to our
core medical plan.
Invited 10,000 TD employees to participate in a
Guarding Minds @ Work survey to assess employee
perception of psychological health and safety in the
workplace. The results will help us identify next steps in
promoting a psychologically healthy and safe workplace.
Enhanced our process for employees requesting
workplace accommodations, which has helped to reduce
costs and improve the employee experience.
Launched a safety-training module for all our fleet drivers.
Launched a new mobile-friendly website that highlights
the full package of programs, discounts and services
available to employees to support their physical,
financial and mental well-being.
Hosted a series of financial education sessions for
employees on retirement savings, money management
and personal budgeting.
In both Canada and the U.S., work-related injuries remain
at very low levels as shown in the table below:
Total Spent on Compensation
and Benefits
$9.0b $9.3b$8.5b
2014 2015 2016
3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being
2016 TD Corporate Responsibility Report Page 31MENU
EnvironmentWorkplace CommunityResponsible Banking Governance
TD receives worlds
first WELL building
TD is breaking new ground as the worlds first
organization to achieve WELL certification. Administered
by the International WELL Building Institute, a
public benefit corporation, WELL is the worlds first
building standard and certification system focused on
the health and wellness of building occupants.
We retrofitted one floor of TD Centre, our corporate headquarters in downtown
Toronto, to provide workplace wellness features. The pilot project was awarded
WELL Gold Certified
Project Under WELL v1 certification in May 2016 for having
incorporated WELL features in all seven categories of building performance: air,
water, light, nourishment, fitness, mind and comfort.
Employees are very positive about the space, and we’re applying what we’ve
learned to other projects. The WELL certification, along with our sustainable and
energy-efficient design standards, has made TD a true pioneer in designing and
building spaces that are healthier for employees, as well as better for
the environment.
Early Adopter:
Employee relations
We strive to foster a culture of open communication,
providing employees a number of channels to comfortably
raise their concerns directly within the organization.
Our Employee Complaint Resolution Process helps
to ensure that the employee has various channels to
report their concern and that the matter is directed to
the right people and is resolved quickly, objectively and
without fear of reprisal.
Our Employee Ombuds Office is an impartial,
confidential and informal resource available for all
employees to discuss work-related concerns and
review possible options for resolution. In 2016, 1,309
employees used this service, down from 1,560 in 2015.
TD’s Whistleblower Hotline provides a means
by which employees and other stakeholders can
anonymously report any concerns regarding
ethical, legal or accounting matters without fear
of repercussions. TD’s Whistleblower Hotline is
independently managed by a third-party.
Our Global Employee Relations group is responsible for
maintaining meaningful work standards, policies and
practices that are consistent with TD’s commitment to
the overall employee experience and the bank’s business
objectives, as well as legal and regulatory requirements.
The group provides guidance to human resources
practitioners and management on complex employment
matters in order to ensure that TD's policies and practices
are applied consistently across the organization and that all
matters are addressed in a way that is fair and transparent.
3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being
2016 TD Corporate Responsibility Report Page 32MENU
EnvironmentWorkplace CommunityResponsible Banking Governance
First Canadian company
to join RE100; met
the 100% renewable
electricity commitment.
Green Bonds
TD Securities participated
in $5.4 billion of green
bond underwriting.
$9.3 million
Donated to community
environment projects.
Dow Jones
World Index
Only Canadian bank listed.
TD is proud to be a North American environmental leader. In
2016 that leadership meant continuing our focus on helping to
build a lower-carbon economy, from financing and investing in a
multitude of renewable energy initiatives to reducing the direct –
and indirect – environmental impact of our operations.
Material topics in this chapter:
Climate Change
Responsible Finance
Responsible Investing
2016 TD Corporate Responsibility Report Page 33MENU
EnvironmentWorkplace CommunityResponsible Banking Governance
Environment is integrated into TD’s Enterprise Risk
Management Framework. Our environmental governance
structure ensures alignment with the Framework and
incorporates Board and senior executive oversight as
well as direct involvement of business segment leaders.
A member of the bank’s Senior Executive Team is
designated as TD’s Senior Executive Environmental
Champion. Our actions are outcome-focused, with results
measured through external reporting and compliance
with our voluntary commitments.
We compare our environmental performance to a
number of external benchmarks: CDP, the Dow Jones
Sustainability Index, Sustainalytics, the FTSE4Good, the
Ethibel Sustainability Index and also the Canadian Federal
Sustainable Development Strategy which aligns with the
United Nations Sustainable Development Goals.
Our Approach: Create value by embedding an environmental perspective into our business
Environmental Governance
Build Stronger
We support environ-
mental education,
build capacity in
grassroots organizations
and increase natural
capital value through
donations, scholarships
and grants and by
volunteering our time.
We embed
environmental, social
and governance
performance into our
investment decision-
making and provide
information that allows
our investors to make
informed decisions.
We share our expertise
and collaborate with
others to work toward
solutions for complex
environmental issues.
We work to improve
the eco-efficiency of
our facilities, our
business operations
and our supply chain.
We support
the transition
to the lower-
carbon economy
while maintaining
economic prosperity.
Reduce Our
For more information on our benchmarking indices, see page 60.
Carbon Neutral
Equator Principles
Green Bond Principles
Corporate Responsibility Report
mental Risk
We recognize that now more than ever we need to understand – and address – long-term trends related
to climate change while supporting economic growth. We believe we have a responsibility to our clients to
provide financial options for operating in a lower-carbon economy and a responsibility to our employees
and the communities we serve to facilitate greener living.
2016 TD Corporate Responsibility Report Page 34MENU
EnvironmentWorkplace CommunityResponsible Banking Governance
Climate change is a megatrend that has wide-ranging
and long-term implications for global economies.
Climate change-related risk has the potential to affect
virtually every area of business in the financial services
sector. But there are also opportunities to support
our customers in the transition to a lower-carbon
economy and to enhance the resilience of man-
made structures.
Why it’s Material to TD
Key initiatives relevant to TD’s business include:
Establishment by the Financial Stability Board of an
industry-led Task Force on Climate-related Financial
Disclosures with a mandate to develop a set of
voluntary climate-related financial risk disclosures
Canada-wide greenhouse gas (GHG) emissions
reduction targets and a commitment to phase out
coal-powered electricity by 2030
Canadian federal and provincial carbon-pricing
policies and greenhouse gas reduction targets
Development of methodologies for deriving company-
specific science-based targets for greenhouse
gas reduction
In 2017, we will commence our new five-year
environmental strategy to better align TD’s policies,
positions and goals with the new initiatives and the
goals of the Paris Agreement.
Performance in 2016
In 2016, we continued to reduce our direct and indirect
GHG emissions:
Remained carbon-neutral, continuing to reduce our
enterprise greenhouse gas emissions and procuring
renewable energy credits (RECs) to account for 100%
of the electricity we used.
Continued to green our supply chain by becoming
the first Canadian company to join the CDP supply
chain program, as well as becoming a signatory to the
Corporate Renewable Energy Buyers’ Principles and
Renewable Energy 100 (RE100).
Management Approach
Our Climate Change Position and Strategy:
We identified climate change as a megatrend in 2009,
and we made the choice to lead. We have taken a
comprehensive long-term approach by embedding
considerations of climate-change-related issues and
opportunities throughout our entire business. Our
strategy addresses both key elements of climate change:
Mitigation and Adaption.
The Paris Agreement (December 2015) triggered many
international and national initiatives aimed at ”holding
the increase in global average temperature to well below
two degrees Celsius above pre-industrial levels.
4.1 Climate Change
Reducing GHG emissions
Green buildings
Generating renewable energy through on-site
solar panels
Purchasing RECs and carbon offsets
Energy efficiency initiatives
Sustainable transportation
Increasing resilience
• Enhancing risk management
• Innovation in our insurance business
• Building and infrastructure retrofits
Supporting community resilience projects, green
infrastructure and enhancement of natural capital
Analyst Corner
TD’s Environmental
2016 Carbon Neutral
2016 Environmental
Impact Table
2016 Natural Capital
2016 Green Products
4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efficiency
FS-3FS-1EC-2 G4-14
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EnvironmentWorkplace CommunityResponsible Banking Governance
Grew our low-carbon financing portfolio and took steps
to position ourselves for future growth, booking a year-
over-year increase of $2.6 billion and bringing our total
to $10.8 billion since 2006.
Continued to grow our green product business: TD Auto
Finance offered preferred pricing to auto dealers for
electric and hybrid vehicles, complementing our green
insurance offering, which grew 7% in 2016.
Supported government-led carbon policy and actions,
joining the Carbon Pricing Leadership Coalition as a
founding member of this Canadian government-led
Provided thought leadership on carbon policy through
TD Economics reports and through support of important
third-party initiatives, including the Conference
Board of Canada project Greenhouse Gas Emissions:
Canadian Economic and Social Implications of Deep
GHG Reductions, Canadas Ecofiscal Commission,
and Pembina Institute initiatives on green buildings
encouraging climate action.
The impacts from ongoing climate change are highly
variable across our North American footprint. They include
rising sea levels and increased potential for flooding, as
well as increased frequency of severe weather events,
drought, loss of permafrost and crop damage. We continue
to study and learn how to adapt to climate change.
TD Insurance, which leads our efforts in this area, made
considerable progress in 2016:
As a member of the UNEP-FI Principles for
Sustainable Insurance (PSI), TD Insurance reported
on its progress in embedding the Principles into its risk
management approach.
We continued to fund research and support
collaborative approaches aimed at improving
disaster resilience through leading industry
associations and research institutions such as the
Institute for Catastrophic Loss Reduction (ICLR),
the Atmospheric and Environmental Research (AER)
Emerging Risk research program and the Alberta Severe
Weather Management Society and actively participated
on the Insurance Bureau of Canada’s Natural
Catastrophe Committee.
We introduced resilience-related insurance
discounts for customers in the Province of Alberta
who choose stronger and longer-life-expectancy roofing
materials to reduce damage from extreme weather
events such as hailstorms.
We deployed Mobile Response Units to provide
disaster relief to two cities experiencing catastrophic
incidents: Fort McMurray, Alberta, in the wake of the
massive wildfire in May (see case study on page 3),
and Calgary, following the major hailstorm in late July.
Research shows that people in Miami consider rising tides to be the number one
environmental issue they face. Flooding occurs in the coastal city on a regular basis –
a decades-old problem that’s getting worse as a result of a changing climate.
We are supporting an innovative program in Miami to increase protection from rising
sea levels. In 2016, TD provided support to The Trust for Public Land to install five
green Fitness Zones in Miami-Dade County parks, which provide flood protection zones
and accessible outdoor gyms for community use.
Water conservation and flood protection features include:
Rain gardens to absorb excess water
Newly planted trees that provide shade and cool the air
Drought-tolerant native plants
Permeable pavement to reduce flooding and surface temperatures
Green Infrastructure Helps City of Miami Increase Flood Protection
TD listed as top-scoring Canadian
bank by CDP in 2016
See our progress
since 2010.
4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efficiency
1 With a score of A-, TD placed in the
leadership category of performance.
TD is the top scoring Canadian bank
among the Big 5 Banks: Bank of
Montreal, Canadian Imperial Bank of
Commerce, Royal Bank of Canada and
Bank of Nova Scotia.