President and CEO’s Message
What is TD’s corporate responsibility strategy and how does it relate to the bank’s long-term organizational strategy and success?
Our mission to be the better bank means we’re never satisfied. No matter how good we are, we can always be better. And the only way we can be the better bank is to take corporate responsibility as seriously as every other part of our business strategy. So for us it has always been both a corporate commitment and a part of everyone’s job. Our Guiding Principles and Leadership Profile make it clear that we expect our leaders and employees to do the right thing and think about the impact of their decisions and actions.
Corporate responsibility is part of everything we do – from how we serve our customers to how we manage our operations and our support of community issues and causes.
What were the broad trends in 2009 that affected TD and influenced your corporate responsibility priorities?
Two trends stand out for me. One was the economic downturn that made 2009 a stressful time for many. Through no fault of their own, some of our good customers struggled to protect their businesses, their homes or their retirement plans. Our surveys told us they were worried about paying debts or supporting their families. But they were uncomfortable raising the subject. So we invited them to come in and talk to us before things got worse. By year-end, more than 24,000 customers with financial challenges had found relief through our new program, TD Helps. We made sure our employees had access to the same program.
It’s been a tough year, too, for not-for-profit agencies, who struggle to deliver vital services even when times are good. We built new community partnerships and increased our donations, investing over $50 million in important community programs. This isn’t about another big donation from another big bank – the real story is the help given to one child, one family, one community at a time through all the programs we support. That’s what making a difference together is all about.
The second trend was the continued aftershock of the global financial industry crisis of 2008. People wanted straight answers about risk management and executive compensation practices. TD is fortunate to be a successful player in the Canadian banking system, one of the strongest in the world. That’s thanks in part to astute government actions and prudent regulation. We were able to reassure our customers and investors. We also listened when growing numbers of investors said they wanted a “say on executive pay.” At our annual meeting in 2010 shareholders will be able to vote in an advisory capacity on our executive compensation practices.
What were the key achievements, events and disappointments that TD experienced in 2009?
First, when many banks around the world were retrenching, we continued to deliver r
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