TD Asset Management Inc. joins more than
2,000 organizations around the world in publicly supporting the
TCFD recommendations
TORONTO, June 23, 2021 /CNW/ - On June 1st 2021, TDAM declared its
formal1 support for the Task Force on Climate-related
Financial Disclosures (TCFD), joining more than 2,000
organizations, including TD Bank Group (TD), in demonstrating a
commitment to building a more resilient financial system and
safeguarding against climate risk through better disclosures.
The TCFD, chaired by Michael R.
Bloomberg, founder of Bloomberg LP and Bloomberg
Philanthropies, provides market participants with recommendations
to address the financial impact of climate change on their
business. By increasing transparency on financially material
climate-related risks and opportunities the recommendations promote
more informed financial decision-making by investors, lenders and
others.
Supporters of the TCFD span the public and private sectors and
include national governments, central banks, stock exchanges,
credit rating agencies, financial organizations and private sector
businesses from a variety of industries.
"TCFD provides a useful framework for companies and investors
alike to understand and mitigate climate change related physical
and transition risks. At TDAM, we are committed to sustainable
investing and climate change is a critical piece to this
commitment." – Bruce Cooper, CEO, TD
Asset Management
Widespread implementation of the TCFD recommendations will
provide investors, lenders and insurance underwriters with
consistent and relevant information to understand the economic
risks and opportunities resulting from climate change. Increased
disclosures in line with the recommendations across sectors and
geographies will help global markets make more efficient capital
allocation decisions and adjust appropriately to the disruptive
effects of global climate change.
Implementing the TCFD recommendations provides companies
with:
- Easier or better access to capital by increasing investors' and
lenders' confidence that climate-related risks are appropriately
assessed and managed,
- Better ability to meet existing disclosure requirements by
reporting material information in financial filings,
- Increased awareness and understanding of climate-related risks
and opportunities, resulting in better risk management and more
informed strategic planning, and
- The ability to proactively address investors' demand for
climate-related information in a framework that investors are
increasingly asking for.
For more information about the Task Force on Climate-related
Financial Disclosures, please visit www.fsb-tcfd.org.
Creating access to sustainable investment solutions for
investors is also a priority for TDAM. TDAM recently launched two
new ESG-oriented mutual funds that provide unique differentiated
solutions to help investors achieve their financial
goals while aligning their investments with their values to make
a positive impact. TDAM recently furthered its commitment to
sustainable investing through the development of the TDAM
Sustainable Investment Approach, and as an institutional investor
signatory to the Responsible Investment Association's investor
statement on diversity and inclusion.
TD has supported the TCFD since 2018 and has released disclosure
on how TD has embedded the assessment and disclosure of
climate-related risks and opportunities into our governance,
processes and reporting. TD is on a journey to adopt the
requirements of TCFD and intends to continue in building our
expertise for managing climate risks and opportunities. TD also
recently became the first Canadian bank to target net-zero GHG
emissions associated with its operating and financing activities by
2050, and has contributed over $56 billion of
our $100 billion low-carbon economy target through our
low-carbon lending, financing, asset management and internal
corporate programs in the last four years.
These initiatives highlight TD's continued efforts to offer
sustainable products, services and programs to its customers and
clients and its commitment to contributing to a more inclusive
society.
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1 TDAM has
integrated TCFD guidelines into its investment stewardship and
engagement activities since 2018. Given continued lack of
disclosure amongst companies on climate risks, TDAM deems a formal
support as a necessary next step and will be issuing its own TCFD
report in the coming years to demonstrate its
commitment.
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About TD Asset Management
TD Asset Management Inc.
(TDAM), a member of TD Bank Group, is a North American investment
management firm. Operating through TD Asset Management Inc. in
Canada and TDAM USA Inc. in the U.S., TDAM brings new thinking
to investors' most important challenges. TDAM offers investment
solutions to corporations, pension funds, endowments, foundations
and individual investors. Additionally, TDAM manages assets on
behalf of almost 2 million retail investors and offers a broadly
diversified suite of investment solutions including mutual funds,
professionally managed portfolios and corporate class funds. Asset
management businesses at TD manage $412
billion in assets as at March 31,
2021. Assets under management include TD Asset Management
Inc., TDAM USA Inc. and Epoch
Investment Partners Inc. All entities are wholly-owned subsidiaries
of The Toronto-Dominion Bank.
About the Task Force on Climate-related Financial
Disclosures
On December 4,
2015, the Financial Stability Board (FSB) established the
industry-led Task Force on Climate-related Financial Disclosures
(TCFD) with Michael R. Bloomberg as
Chair. The Task Force currently has four Vice Chairs and 31 members
in total. The TCFD was asked to develop voluntary, consistent
climate-related financial disclosures for use by companies in
providing information to lenders, insurers, investors and other
stakeholders, which were published in the TCFD Recommendations
Report on June 29, 2017. More
information about the TCFD can be found at www.fsb-tcfd.org.
SOURCE TD Asset Management Inc.