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HOW WE OPERATE RESPONSIBLE BANKING WORKPLACE ENVIRONMENT COMMUNITY GOVERNANCE


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Responsible Finance and Investing (continued) Headline Performance 100%


of non-retail lending transactions screened against TD’s E&S Credit Risk Management process.


198


transactions subject to enhanced sector-specific due diligence.


$1.6 billion


of non-retail lending in support of the low-carbon economy in 2015.


TD Green Bond In 2014 TD issued a $500 million green bond, the first commercial bank in Canada to do so. As a signatory to the Green Bond Principles, we are working to standardize definitions, reporting and assurance processes. Proceeds of the TD Green Bond are allocated to the low-carbon economy, supporting:


• Renewable and low-carbon energy and infrastructure


• Energy efficiency and management with a focus on green buildings


• Green infrastructure and sustainable land use


In 2015 we continued to be active in the emerging green bond market space, participating as joint-lead underwriter on two green bonds:


• Joint-lead underwriter of $500 million five- year Climate Awareness Bond issued by the European Investment Bank


• Joint-lead underwriter of £500 million five- year Climate Awareness Bond issued by the European Investment Bank


Management Approach – Investing1


TD Asset Management (TDAM) manages more than $300 billion in assets on behalf of retail and institutional investors. TDAM has been a signatory to the UN Principles for Responsible Investing (UN PRI) since 2009. We were the first asset manager of a major Canadian financial institution to make this commitment and are still one of a relatively small number of mainstream asset managers to do so. We believe that proactive management of environmental, social and governance (ESG) risks is a measure of management quality.


TDAM integrates ESG factors into its research and investment decision-making process. We maintain a proprietary ESG matrix that scores every company we invest in and are an active owner, engaging directly with companies through:


• Management meetings with company leaders to understand the potential impacts of ESG risks on company earnings as well as the processes in place to manage those risks


• Formal written communications on specific ESG issues • Proxy voting on items presented at portfolio meetings We participate in collaborative engagements with other investors, including the CDP2


1 Excludes Epoch. 2 Formerly the Carbon Disclosure Project


2015 Performance


In 2015, we applied ESG considerations to 100% of TDAM’s investment research process and exceeded our commitments as a signatory to the UN Principles for Responsible Investing (PRI). We participated in the 2015 PRI Reporting Framework, which allows signatories to compare themselves against industry peers and identify areas for improvement. TDAM’s score was in line with or better than its peers in North America and globally, and we identified areas that could be improved in the future.


Go Deeper TD Green Bond – Use of Proceeds


2015 Natural Capital Valuations 2015 Green Bond Assurance Statement Page 36


Shareholder proposals In 2015, we supported 150 shareholder proposals on topics that included:


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In 2015, the TD Green Bond generated over $2 million in natural capital value.


• Nomination of directors with environmental expertise • Environmental risk-reduction efforts • Spill mitigation efforts • Deforestation • Hydraulic fracturing


• Greenhouse gas emissions and effects of climate change


• Energy efficiency • Recycling • Overall sustainability reporting


water


program, the CDP forests program, Carbon Action, the UN PRI Fracking Engagement Group and the Canadian Coalition for Good Governance.


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