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Material Issues

Building The Better Bank Material Issues

Stakeholder Panel 2014 Matrix and Trends Contextual Trends

How We Operate Responsible Banking Extraordinary Workplace Environmental Leadership Strengthening Communities Reporting

Stakeholder Panel Feedback

G4-27 The table below provides a summary of the key recommendations from our Stakeholder Panel and TD’s response: Comments on TD’s CR Performance

Develop a long-term vision and the roadmap to get there.

“[build] longer term goals anchored in a vision of what kind of bank TD thinks it would like to become.”

Continue to play a leadership role by building on TD’s strengths in:

• Eco-efficiency • Responsible financing • Financial education • Diversity and inclusion • Access to banking

Use TD’s influence with customers, suppliers and other decision-makers to:

• Tackle climate change with customers • Educate customers and the public about environmental issues

• Support green suppliers • Advocate as an investor

Provide thought leadership on new economic models for sustainability.

• Deal with the sustainability implications of economic growth

• Draw a tighter connection between natural capital and the business of the bank

TD’s Response

We are in the process of developing a corporate responsibility roadmap with longer- term goals and objectives. The key deliverable for 2014 was to transition to the G4 standard.

These are all areas where we strive to make a difference. A discussion of TD’s future plans in each of these areas is included in this report.

Comments on TD’s CR Reporting Provide context for your performance.

• Compare TD’s Greenhouse Gas Emissions to its share of the global emissions associated with the IPCC’s 2 degree threshold.

• Compare TD’s turnover in the U.S. to sector benchmarks and analysis.

• Provide more commentary on your diversity performance, in addition to labour-market availability.

TD’s Response

While TD’s direct and indirect GHG emissions represent only a very small fraction of global GHG emissions, we are committed to leading by example in enabling the low-carbon economy and, where possible, quantifying the benefits.

Commentary on our U.S. turnover can be found on page 29.

Additional commentary and analysis of TD’s Diversity performance is available online: Employee Equity Annual Report.

We seek to lead by example. Engaging with our many stakeholders in constructive two-way dialogue is foundational to our environmental leadership goal. While there is certainly more to do, we are pleased with the progress made so far.

See the case study on page 37.

Both TD Environment and TD Economics actively provide thought leadership on many relevant topics. TD was the first North American bank to appoint an environmental economist. Our publications include:

• Greening the Economy • Natural Capital • Impacts of Income Inequality

Develop the ability to report on impacts of TD’s activities.

• Go beyond input and output metrics and develop the ability to assess the wider impact of TD’s actions

Strive for greater integration.

• The panel would like to see more examples of integration – Workplace linked to Strengthening Communities etc.

Be transparent about controversial topics.

• The panel did not point to any specific under-reported controversy, but cautioned TD that “financing of even one controversial transaction can negate all your good work.”

We agree that impact metrics often provide a more meaningful story. We have made some progress in our community investment stories by measuring, in addition to dollars donated, the number of people benefiting from TD programs.

We continue to find ways to make our reporting more integrated. For example, by showing diversity targets for community giving and volunteering goals for employee engagement.

We strive for transparent corporate responsibility reporting.

TD’s Reputational Risk committee is tasked with the responsibility of evaluating every transaction that could potentially be controversial. We also have an Environmental and Social Credit Risk Assessment process to identify the implications of pending transactions.

TD has strong governance practices to uphold ethical practices throughout our organization.

Reflect the materiality of issues in your CR reporting.


TD 2014 Corporate Responsibility Report Page 8


• There is no clear relationship between the ranking of material issues and the quality and depth of reporting. “What are the most important areas, issues and metrics that are actually monitored most closely in the C-suite and by the Board for TD to stay on course?”

The content of this report is driven by material topics raised by our stakeholders. The discipline of moving to G4 reporting has helped address some of the imbalance between materiality and the depth of information provided in our annual disclosures.

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