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2024 TD Resolution

A coalition of global investors, representing over $500 billion in assets under management, has filed a critical shareholder proposal targeting TD Bank’s failure to disclose how it will achieve its 2030 climate targets. 
This proposal is filed with our esteemed partners Nomura Asset Management UK, AP Pension, Vancity Asset Management, and Green Century Capital.

Resolution Clause:

Shareholders request that TD disclose transition activities that describe how it will align its financing with its 2030 sectoral emissions reduction targets, including specific measures and policies to be implemented, reductions to be achieved by such planned measures and policies, and timelines for implementation and associated emission reductions.

Despite last year’s proposal receiving 23.5% support with a further 5.4% abstaining for a total of 28.9% of votes breaking with management, TD has not provided shareholders with sufficient information about how it will change its banking practices to reduce its exposure to carbon-intensive companies without meaningful transition plans and increase its exposure to companies that are necessary for the energy transition.   

Nomura Asset Management UK’s participation as a first time filer on climate issues signifies the gravity of the situation. “This issue is material to the ongoing value of TD Bank, and shareholders have the right to understand how banks will align with net-zero targets,” emphasizes Alex Rowe, Head of Responsible Investment NAM UK.

If the proposal proceeds to a vote, outcomes will be disclosed at TD’s Annual General Meeting on April 18.


Kyra Bell-Pasht
Director of Research and Policy, Investor for Paris Compliance

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