) shareholders want additional details on the lender’s plan to shift business practices to address climate change. At its annual meeting on Thursday, a proposal calling for added clarity received about five per cent more support than a similar request in 2023.
TD says its climate action plan adequately describes the bank’s activities, including disclosures recommended by the Glasgow Financial Alliance on Net Zero.“Canada’s banks, including TD, are misaligned with net zero, and are not giving investors or the public credible plans to change this,” Investors for Paris Compliance director of research and policy Kyra Bell-Pasht said in a statement following Thursday’s vote.
“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,” Bell-Pasht added. In her remarks at the meeting, Bell-Pasht said she has seen no progress from the bank in disclosing measures it will take to reach its stated emissions targets.. Another study released last December by BloombergNEF ranked TD last out of 100 global banks for its ratio of lower-carbon energy financing versus fossil fuel financing.“It remains unclear to us whether TD will stop doing business with clients that are expanding their fossil fuel production,” Bell-Pasht said.