73 Supply chain
Responsible Procurement We look for products and services that safeguard human rights, ethics and the environment from suppliers who demonstrate that they share our values. Therefore, we screen according to wide-ranging criteria, including social, ethical and environmental responsibility. We also consider elements such as suppliers’ privacy and security policies, standards and financial stability.
TD’s North American Strategic Sourcing Group uses a disciplined process for the selection of significant suppliers and provides support to all TD businesses for sourcing initiatives. In addition to regulatory requirements, our policies and processes consider many other aspects of the supplier relationship, including conflict of interest, technology and compatibility between the supplier’s culture and TD’s Guiding Principles, business objectives and service philosophies.
$5.1 billion
amount TD spent on goods and services from suppliers across North America in 2012.
A Fair and Transparent Process
The selection methodology we use when sourcing is designed to be fair and transparent for our supplier community. Suppliers that are not successful are offered the opportunity for a debriefing session so they may better understand the rationale for our decision and take steps for improvement if necessary.
A Broader Policy
This year, after evaluating our sustainability research findings from 2010 and 2011, we worked to broaden TD’s existing Environmental Procurement Policy (effective 2009) to go beyond environmental considerations. Effective November 1, 2012, the newly titled Responsible Procurement Policy now includes the human rights, ethical and environmental criteria and performance standards that our suppliers must meet. The new policy commits that TD will, whenever possible, source products and services that safeguard human rights, ethics and the environment and buy from suppliers that have responsible policies and practices.
How We Procure Responsibly
During sourcing initiatives when we are engaging suppliers, the suppliers are asked to complete a questionnaire describing their own human rights, ethical and environmental policies and practices. The broader scope includes:
• Corporate responsibility performance; • Health and safety record; • Human rights and labour, including child or forced labour; • Diversity and inclusion; • Code of conduct, ethics, anti-bribery/anti-corruption; and • Environmental sustainability efforts.
+ Responsible Procurement Policy Summary (PDF)
Suppliers are also asked to disclose details of any violations or incidents and, if any, to describe the steps taken to correct the problem. Using a risk-based approach and depending on the products or services being sourced, additional questions may be asked and further scrutiny applied. During the assessment process, other internal partners, such as Human Resources or TD Environment, may be asked to provide a recommendation on the supplier selection.
Supported by a transparent sourcing process, this questionnaire, together with appropriate analysis of the products or services being bought, helps ensure that TD extends its values into the supply market.
Strengthen Our Communities
TD 2012 Corporate Responsibility Report
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