Toronto-Dominion Bank Annual Shareholders Meeting Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Alice Chipot - M+DAC - Analyst : (interpreted) Hello, everyone, and thank you very much for giving me this opportunity. Alice Chipot, shareholder through M+DAC from Montreal. My comment aims to support the two previous questions. I wanted to clarify one thing for the board. I'd like to know if the board would agree to a more rigorous disclosure of conflict of interest amongst its directors, given that, as you know, there are directors that represent fossil fuels and there is a great risk of conflict of interest for these individuals that sit on both types of boards. So, defending fossil fuels and, at the same time, defending the interests of this bank in the context where the risk of the energy transition will become very real for TD Bank. And I'll stop here. Thank you.

Question: Alice Chipot - M+DAC - Analyst : (interpreted) Hello and thank you for giving me an opportunity to present Proposals 2 through 6. Let us start with proposal two, fighting against forced labor and child labor in lending portfolios. It is proposed that starting in 2026, the bank should provide a report with shareholders and stakeholders on the measures taken during the previous financial year to prevent and reduce the risk of loans being granted to companies that use forced labor and child labor in the production of goods produced, purchased, or distributed by its clients who use the bank to finance their activities. This proposal is part of Canada's efforts as well as the efforts of many economic actors in order to eradicate forced labor from supply chains. I will now address Proposal 3 on the topic of artificial intelligence and more specifically advanced generative AI systems and the code of conduct. It is proposed that the bank adhere to the voluntary code of conduct on the responsible development and management of advanced generative AI systems. Other banks have already done so, including CIBC which has chosen to adhere to the voluntary code of conduct. This process is intended to produce better governance of data generated by AI and to protect us collectively in the face of new technologies. In this context, why is TD Bank not agreeing to adhere to this voluntary but very useful code of conduct? Now, Proposal number 4 relates to the disclosure of employee language skills. It is proposed that the language skills of employees be disclosed, breaking down the information by jurisdiction for all territories, countries, states, provinces in which the bank operates. When employees are hired, their language skills are evaluated to ensure that they meet the requirements of the position they are applying for. Language skills are a necessary part of job requirements and this information is known by all companies in statistical form. So, we would request the bank to disclose this information in order to ensure that language policies and language practices meet the diversified needs of all clients. The bank offers financial education documents and material for new Canadians in a number of principal languages, but we feel that the bank could go further and disclose information on language skills -- so that we can ensure the proper respect of linguistic diversity. Proposition 5 deals with the advisory vote on environmental policies. It is proposed that the bank adopt an annual advisory voting policy with regard to its environmental and climate objectives and action plan. This is commonly called say on climate. Given that the proposal was handsomely supported in the past, 19.08% of votes last year, we are resubmitting this proposal as part of collective efforts to confirm the bank's commitment to meeting our climate change challenges. Finally, our last proposal, Proposal 6, deals with the public disclosure of non-confidential information, country-by-country reporting, compensation ratios and tax havens. It is proposed that the bank disclose annually to the general public the non-confidential information relating to its country-by-country reporting for the purposes of detailed and meaningful calculation of compensation ratios, including broken down by jurisdiction, and for the purposes of contributing to the effort to combat tax havens, including in terms of transparency. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.