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TD Bank resolution on social responsibility obtains 27 per cent support
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A resolution calling on Toronto-Dominion Bank to report on how social, environmental and ethical issues impact its business received 27.1% support at the bank’s recent annual meeting. “This vote sends a strong message to all Canadian banks, not just Toronto-Dominion,” said Deb Abbey, CEO and Portfolio Manager of Real Assets Investment Management Inc., which filed the resolution with Ethical Funds Inc. and Meritas Mutual Funds. “Because they have debt or underwriting relationships with nearly all of the companies in Canada, the banks have become a proxy for the social, environmental and ethical risk inherent in the operations of those companies. Investors want hard information so that we know how well management is coping with these risks.” Similar resolutions won 10.4% of the vote at the Royal Bank of Canada, and 29.9% of the vote at the Bank of Montreal earlier this year. “You don’t need to win 51% to influence management,” said Abbey after the bank’s annual meeting April 3. “We’re optimistic that Toronto-Dominion Bank will work with us to implement reporting standards that address the concerns of more than a quarter of its shareholders. Better disclosure builds confidence.” For more information visit Real Assets www.realassets.ca
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