BOH 4M1: CSR Report
TORONTO-DOMINION BANK
CORPORATE SOCIAL RESPONSIBILITY
(CSR)
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Table of Contents
Introduction-----------------------------------------------------------------------------2
Foundation-------------------------------------------------------------------------------2
Corporate Social Responsibility within banks-----------------------------------2
Enriching Lives------------------------------------------------------------------------3
Customers First-------------------------------------------------------------------------3
Going Green-----------------------------------------------------------------------------3
Community Growth---------------------------------------------------------------------3
“The Value we bring”-------------------------------------------------------------------3
Call For Help--------------------------------------------------------------------------4
Fort McMurray-------------------------------------------------------------------------4
Support----------------------------------------------------------------------------------4
Inclusion---------------------------------------------------------------------------------4
Disability---------------------------------------------------------------------------------4
Indigenous People of Canada-----------------------------------------------------4
LGBT Clients---------------------------------------------------------------------------5
Code of Conduct---------------------------------------------------------------------5
Listening to Stakeholder-------------------------------------------------------------5
Stakeholder involvement------------------------------------------------------------5
Corporate Responsibility at TD----------------------------------------------------5
Conclusion-----------------------------------------------------------------------------6
Appendix A: Stakeholder Analysis Matrix-------------------------------------6-8
References-----------------------------------------------------------------------------9
Introduction
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Foundation
Toronto-Dominion Bank, better known as TD Bank was founded and established in February
of 1955. Toronto-Dominion Bank is now the second largest bank in Canada by market
capitalization and is ranked one of top 10 banks in North America. TD Bank offers a wide
range of financial services, products and holds a big connection with diverse communities.
The vision state of this organization is, “We will be the Best Run, Customer-Focused,
Integrated Financial Institution, with a Unique and Inclusive Employee Culture.” TD Bank
shows a strong focus on customer appreciation and cultural diversity and by showing such
this bank has a social objective to be known as a unique bank that primarily focuses the
value of customers, shareholders and communities, but also has a mission to produce long
term profitable growth by building great franchise and delivering back to their customers and
communities.
In this CSR report you will be explained the policies and accomplishments Toronto-Dominion
Bank have attained and continue to achieve to pursue their goal of customers appreciation
within communities in corporate social responsibilities and to their stakeholders. .
Corporate Social Responsibility within banks
With corporate social responsibility proving the act of social, integrating, environment and
ethical concerns, it is now shown in the recent years that CSR has become more involved
and mainstream in business activity. We have now recently risen in social and ethical
initiatives and the growth of CSR has helped build a stronger brand image for our
organizations.
For banks, in this case TD Bank, CSR is understood through three words known as,
economical, social and environmental. With having a main focus on economical, social and
environmental banks and other financial companies with fulfill the needs of the stakeholder.
To summarize the prior statements, if TD Banks and other financial organizations follow and
prioritize their CSR not only will they become more relevant while dealing with customers
and communities, but they will also accomplish and arise as an organization because their
main focus is growth, not profit.
Enriching Lives
Customers First
TD Banks main focus is their customers. They serve millions of customers each year with
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gaining thousands of new bankers each month. Customers vary in age, some may be elderly
and some may be children, but TD bank's goal is to “make it easier for customers to bank
with us” (CEO Bharat Masrani). By doing so they simplify banking online and in person, they
aim to be more responsive and supply a wide range of services for each individual need.
Going Green
Since 2006 to present, TD Bank has been supporting the
lower-carbon economy. As being a recognized leader in green
bond financing, last year TD Bank participated in the
underwriting of $5.4 billion in green bonds and they continue to
support and grow their business using green products only.
Some of their ways to support green products:
-insurance discounts
-hybrid vehicles-enabling customers to reduce their own environmental impact.
Community Growth
Workers and employees of TD Banks across the world believe
that their success mainly comes from their customers. Since their customers and supporters
helped the organization grow over the years, TD Bank has decided to give back and
involved themselves with programs to make communities stronger. They have invest over
$102 million on making communities stronger and more vibrant for the people living within
them. TD Bank also has been known to create educational programs for students to help
them with finances and managing their own income and in 2016 there were over $440,000
students across North America who participated in the TD-Sponsored financial education
program.
“The Value We Bring”
The value TD banks can offer to the public is, 86,000+ honest,
loyal and knowledgeable employees, who have a passion for
making a financial difference and desire to better each individual's
lives. There have:
-51,000 ATM’s spread globally
- 24,000 TD Bank branches
- Banking online
Call For Help
Fort McMurray
In May of 2016, a wildfire began southwest of Fort McMurray and left residents homeless
and stranded with nothing, but the clothes on their backs. The 80,000 residents in Fort
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McMurray either packed a few belongings and evacuated and some only had a few minutes
to get out as quick as possible.
Support
At that moment TD Bank knew that it was time to make a change. The organization did
exactly that, they not only supported customers, but they support the community and the 30
employes who were currently living in Fort McMurray. TD Bank created a Help Program
enabling customers to donate to the cause and also enabling affected customers to defer
loans or mortgage payments, as well as receiving relief on fees and access to flexible credit
options. TD employees were on-hand to answer important questions about finances and
procedures and TD also had more staff ready to handle 4,000+ calls from affected
customers and the call support was available for those 24/7. Across the globe, employees
and communities stepped together to help out Fort McMurray and the TD Comfort-Crew
came together with volunteers who would have vans filled with water, shelter supplies and
other necessities at 10 TD branches for those who evacuated and needed support.
Inclusion
Disability Support
For many people who have disabilities, it is hard for
them to find employment opportunities due to the
challenges they face. The unemployment rate has
nearly doubled that of people without disabilities.
Not only would that leave the one with challenges
struggling to keep a roof over their heads, but it also
damages confidence. TD Banks way to minimize the
unemployment rate for those with disabilities is to
open doors for employment for those who classify as disabled. Workers of TD Bank want to
gain a deeper 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.
Indigenous People in Canada
The TD Bank Aboriginal banking group works together with their wealth, commercial and
retail organization to provide an inclusive approach to serving their aboriginal customers.
The Aboriginal Community Banking program began in 2015 and mobile technologies were
used to bring services to a wide variety of remote locations, allowing Aboriginal Peoples to
open up bank accounts and receive financial
service on site.
LGBT Clients
Customers are a big part of TD Banks success, so
by appreciating their clients, they want to make sure
they are inclusive to all. They decided to create a
LGBT business development department within
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their organization and they have hired several applicants who specialize specifically in LGBT
rights. TD Bank now advertises within their branches and stores that provide diverse facts of
the LGBT and in 2016 TD Bank branches, developed gender neutral washrooms, they
celebrated 52 weeks of pride including key moments of LGBT moments and also launched a
LGBT financial literacy campaign which included a monthly radio segment on the Shaun
Proulx Show.
Code of Conduct
Complying with the Code is part of the terms and conditions of TD Bank together with its
“wholly-owned subsidiaries”. TD Bank is committed to directing its affairs to the highest
standards of:
-ethics
-integrity
-honesty
- fairness
-professionalism
The purpose behind the code of conduct within TD Bank is too keep ethical and legal
practices up to standards.
Listening to Stakeholders
Stakeholder Involvement
One of TD Banks focus is to show importance to those issues and risks and they want to
provide opportunities that directly relate to TD’s core business of financial support.
Corporate Responsibility at TD
At TD Bank, corporate responsibility is a key to their success and is managed by a
governance structure that involves engagement within the organization while also holding
responsibility and providing a clear sense of accountability. The governance committee is
responsible for strategy and performance and they stay informed with trends (international,
practices etc.) and includes board-level competency on certain topics. The CEO of TD
Bank, Bharat Masrani has
Conclusion
In conclusion, TD Bank appreciates and values their clients and all effort and passion
employees bring to their jobs. TD Bank has accomplished and continues to build on
inclusion and diversity to serve all communities and different cultures.TD Bank does have
huge success with financial services and has a great reputation and if they continue to meet
the objectives of their stakeholders, not only will they grow stronger, they will accomplish
their goals that they have set. At the end of the day TD Bank holds a high rank in customer
service and if they continue to focus on growth and not profit, they will have a positive future
in financial aid.
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Appendix A: Stakeholder Analysis Matrix
Stakeholder Group
Ways they Interact
Key Topics
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 Investors
• 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 policymakers
• Progress on implementing
regulations such as the
Dodd-Frank Act, Foreign
Account Tax Compliance
Act, etc.
• Evolving credit card and
payments landscape
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• 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
relationships
• Increasing accessibility for
diverse suppliers
Industry Associations
• Industry association
memberships
• Memberships with various
multi-stakeholder groups
• 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 organizations
• 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
Non-Governmental
Organizations
• Meetings, phone calls,
face-to-face consultation
• Funding research projects
• Conferences and forums
• Over 250 engagements on
environmental topics
• 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
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References
Corporate Responsibility. (2016, December 19). Retrieved September 9, 2017, from
https://www.td.com/document/PDF/corporateresponsibility/2016-Final-CRR_EN.pdf
Corporate Responsibility Report. (2014). Retrieved September 9, 2017, from
http://www.td.com/document/PDF/corporateresponsibility/2014-Final-CRR_EN.pdf
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