10 Panel Feedback

Create a strategic framework. The main suggestion from the panel was to group the material issues and present them in a framework to show where TD intends to focus and the connection to TD’s strategy.

Our Response

This feedback was particularly helpful while designing the 2012 report. Please see page 14 » for our updated discussion on material topics.

Expand analysis from own operations to broader impacts. The panel found that some material issues were defined too narrowly; for example, defining GHG emissions and energy in terms of TD’s own footprint could overlook opportunities to influence others in the value chain, such as suppliers and customers, to reduce their impacts.

We do understand this assessment; however, TD’s position has been that we can’t make environmental demands of others until “our own house is in order.” We’re now building what we have learned into our procurement policy, to drive diversification of our financing portfolio and to design customer products with environmental benefits. Read pages 57–58 » for more details.

Be Customer-Focused. As in 2011, panel members had a mixed reaction to the priority “Treat customers fairly and provide support in tough times.” While some associated it with TD going the extra mile to help those who needed it most, others want to see TD supporting all customers always, not just in tough times. There was a general view that “treat customers fairly” was a basic expectation and service excellence was more in keeping with TD’s culture.

The panel pointed out that there is still work to do in this area, such as build- ing relationships with customers, making better use of the bank’s ombudsman program and providing useful information to low-income individuals.

At the heart of TD is our passion to deliver legendary customer service at every opportunity. The reference to “tough times” came from our CEO’s commitment in 2008 to stand by our customers in the good times and bad. As economic pressures continue to have an impact on many families and businesses, we believe these words to be just as relevant today.

We, too, recognized a need to improve our handling of complaints, which is why in 2012 we introduced new programs in both Canada and the U.S. to empower employees and improve training. See page 30 » for more details. Our preference is for Canadian customers to use the Ombudsman Service when they have been unable to reach a satisfactory outcome with our business managers.

Be an Extraordinary Workplace. Panel members noted the evident enthusiasm TD employees have for their work and commended TD for its work on diversity and inclusion. Staff turnover was cited as a factor in the quality of customer relationships. The panel suggested giving more power to front-line staff to make customer-focused decisions.

TD’s employee turnover rates are comparable to our peers. For the financial services industry, U.S. turnover rates tend to be higher than those in Canada due to a greater number of banks.

TD Helps is one example of where we have empowered front-line employees to use their discretion when they see a real need. Read page 31 » for more details.

TD 2012 Corporate Responsibility Report