(April 18, 2024; Toronto, ON) TD bank released voting results on a shareholder proposal asking for more clarity regarding its climate transition activities given its poor performance on fossil fuel financing.
This year it received 28.6% support. Last year essentially the same proposal received 23.5% support.
“This growing show of support from shareholders signals to management that they remain concerned about how the bank will manage its growing climate transition risk,” said Kyra Bell-Pasht, Director of Research and Policy with Investors for Paris Compliance. “Investor pressure will only grow for accountability at the bank as the climate crisis accelerates.”
The resolution was co-filed by a group of investors representing more than $500 billion in assets under management: Investors for Paris Compliance, Nomura Asset Management UK, AP Pension, Vancity Asset Management, and Green Century Capital.
“Canada’s banks, including TD, are misaligned with net zero and are not giving investors or the public credible plans to change this,” said Ms. Bell-Pasht. “This is also a growing systemic risk for regulators, and we believe OSFI needs to do more to hold banks accountable.”
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For more information contact Kyra Bell-Pasht at kyra@investorsforparis.com or 416-998-5972
