Today 23.5% of TD shareholders voted in favour of the net zero resolution filed by Investors for Paris Compliance (I4PC) and Vancity Investment Management (VCIM), with a further 5.4% abstaining. In terms of the dollar value of the vote, that’s about $19 billion voting in favour and $4 billion abstaining.
While the resolution did not pass, this is a strong vote in favour given the structure of these votes. The high abstention is also a signal to management that shareholders did not agree with its recommendation.
“We’d like to thank the many TD investors who voted for more specificity in the bank’s net zero plans,” said Matt Price, I4PC Executive Director. “Ultimately, the bank will not reach net zero unless it marries good intentions with clear policies that change what the bank is actually doing – something we are yet to see. This vote today should serve as a wake up call.”
“We applaud the TD investors who recognized the need for TD to have specific measures and policies to reach net-zero – and pushed the bank to provide them,” said Kelly Hirsch, Head of ESG for VCIM. “Anyone who has ever had to create a SMART goal knows the first two elements are Specific and Measurable. Reaching a net-zero-by-2050 goal is going to take TD bank outlining a plan with specific emission-reduction targets, and timelines that can be measured, if we are to stand any chance of achieving the goal.”
Last week a coalition of groups released the Banking on Climate Chaos report which found TD had the biggest jump in the world in fossil fuel financing in 2022, adding CAD $9.5 billion to its 2021 tally.
