TD racial equity audit finds bank has taken significant steps, more work to be done

TORONTO — TD Bank Group has released its first racial equity audit that finds the bank has taken significant steps toward promoting diversity and inclusion, but could do more on aspects like consistency and measurement.

TD was the first of the Big Six banks, and among the first companies in Canada, to agree to conduct an audit following pressure from shareholders including the British Columbia General Employees’ Union (BCGEU).

Such audits look to assess company policies and programs through a racial equity lens and try to identify opportunities where organizations can enhance efforts to be more equitable and inclusive.

The report found TD has numerous initiatives and programs in place on diversity and inclusion and “committed leadership” across the bank, but that it could improve in areas like communication around opportunities, better tracking of demographics and greater consistency in implementation.

Emma Pullman, head of shareholder engagement at BCGEU, said it was important that TD went ahead with the audit, but there were notable deficiencies including limiting the assessment to employment practices and the lack of data in the report.

Last month, RBC and BMO also committed to racial equity audits following shareholder resolutions calling for them received 42 and 37 per cent support, respectively, at their annual general meetings.

This report by The Canadian Press was first published Dec. 18, 2023.

Companies in this story: (TSX:TD; TSX:RY; TSX:BMO)