Good morning, everyone, and welcome to the 2020 TD Bank Group Annual Meeting of Shareholders. I'm Brian Levitt, Chair of the Board of Directors. I will act as Chair of this meeting as stipulated in the bank's bylaws. This meeting is called to order. Both English and French will be spoken during this meeting and simultaneous translation will be provided over both our English and French webcasts and phone lines.
Before we begin the meeting, I'd like to acknowledge the current situation. Over the past few weeks, the spread of the coronavirus has dramatically changed the world around us. We regret that we cannot meet in person this year. However, the decision to hold this meeting by webcast was made to help ensure the health and well-being of our shareholders, customers and colleagues. A significant difference in how we will conduct today's meeting is in the manner in which voting will take place.
Usually, and this year is no exception. The vast majority of voting the vast majority of shareholders submit their proxies or voting instructions in advance of the meeting with only a small number of shareholders opting to vote their shares at the meeting. Under our normal procedure, shareholders and proxy holders who wish to vote at the meeting would be required to attend the meeting in person. Since we can't have in person participation today, voting during this meeting can only be done through our virtual voting platform on the webcast, which works as follows. Once you're logged into the webcast, click the Vote tab on the at the top right of the webcast page and a separate browser window will open.
You can register to vote by entering your control number as a username and entering td2020, all lowercase, as your password. Voting will be open throughout the formal portion of the meeting. If you have voted in advance of the meeting and do not wish to revoke your previously submitted proxies, then you do not need to do anything. Another significant difference in how we will conduct today's meeting is the manner in which questions from shareholders and proxy holders will be handled. Under our normal procedure, people participating by webcast pose their questions in writing and people attending the meeting in person pose their questions from microphones in the meeting hall.
Since we can't have in person participation today, we will only be using the webcast method. Let me explain how this will work. If you have a question, click on the Ask a Question tab at the top right of the webcast page. Please read the instructions in the text box before submitting your question. In particular, please identify whether your question relates to a motion being considered as part of the formal business of the meeting or whether it is of a more general nature.
We will address questions that directly relate to a particular motion at the appropriate time of the meeting and we will save general questions for the question and answer period following the formal business. Once you have finished typing your question, click the Submit button. Scott Fixter, Barrett or I will address the question as appropriate. If we have a number of questions that are the same or very similar topic, we will read out one of the questions and mention that we have received similar questions. Unfortunately, we are unable to take questions from those of you participating solely by phone.
The third difference in the matter in which this meeting will be conducted relates to the 3 shareholder proposals to be voted on. In lieu of the proponents making their statements, we have arranged for their statements to be provided in advance of the meeting so they can be communicated by way of the webcast. Scott or Caroline Cook, a member of our legal department, will read the statements so that those participating are made aware of them. I want to thank you all in advance for your support of these extraordinary measures. I've received satisfactory proof that the notice calling the meeting was duly publicized and sent to all shareholders of the bank.
We have received proxies representing more than 53% of the approximately 1,800,000,000 outstanding common shares. Accordingly, we have a quorum present and I hereby declare the meeting duly and properly constituted. As in past years, we will have a question and answer session after the formal business of the meeting is completed. As I noted above, during the portion of the meeting, we will also pause to address questions and comments submitted by shareholders and proxy holders that are specific to the motions being presented during the meeting. If you're a shareholder or proxy holder with a question that you'd like addressed during the meeting, I ask that you submit your question now.
As always, questions should be should relate to the business and or affairs of the bank and not be of a personal nature. If your question is best addressed by a customer service representative, we will defer your question and have one of our customer care team members get in touch with you after the meeting. The agenda for today's meeting is available on the Annual Meeting page on TD's Investor Relations website. Now I'd like to introduce the individuals who are here with me today. Bharat Masrani, Group President and Chief Executive Officer of the Bank and Scott Fixter, Vice President and Corporate Secretary of the Bank.
Scott will act as Secretary of the meeting. In addition, Riaz Ahmed, Chief Financial Officer of the Bank and Ajay Bambawali, Chief Risk Officer of the Bank are also available to assist with questions if necessary. Pat Lee and Jennifer Anderson, representatives of AST Trust Company of Canada, the bank's registrar and transfer agent will act as scrutineers. Before I turn the floor over to Barrett, I'd like to acknowledge that 2 of our current directors, Bill Bennett and Mary Jo Haddad, are not standing for reelection this year. On behalf of the Board of Directors and the Bank's employees, I'd like to express our sincere gratitude for their invaluable contributions during their time Jane brings a wealth of experience as well as deep financial, accounting and capital markets expertise.
The Board will benefit from Jane's experience and business acumen. To my fellow directors, thank you for your stewardship and continued guidance. Together, we remain forward focused on creating sustainable growth and long term value for our shareholders and other stakeholders and seeing the bank through the turmoil arising from the virus. I'd like to recognize TD's executive team and the more than 85,000 TD employees for their ongoing contributions and commitments to the Bank. I also want to particularly thank the many TD colleagues who have been supporting the Bank's critical operations and helping customers through these challenging times.
To our shareholders, thank you for your confidence in the Bank. While we are living through an extraordinary time, TD will continue to leverage its strengths and stay focused on delivering for its customers, colleagues and shareholders and communities. Please note that discussions during the meeting may contain forward looking statements about the Bank's outlook and objectives and the Bank's strategies to achieve them. Bharat will be referring to non GAAP measures, also known as adjusted results in his remarks. Details regarding forward looking statements and non GAAP financial measures are on the slide on the webcast and can also be found in the bank's financial reporting.
And now, I'd like to call on Bharat Masrani to deliver his remarks.
Thank you, Brian, and thank you to our shareholders for joining us today. This year, we meet virtually instead of in person, a sign of the unprecedented times we are all living in. Perhaps most importantly in these circumstances, addressing our shareholders and convening this meeting are critical. Typically, I would address the progress made in the prior year and then provide some context on the road ahead. Today, the agenda is a little different.
While I will touch on some of your bank's accomplishments in 2019, I will also address the complex and ever changing landscape that we are all navigating together. This is on your minds and ours as well. In the past 30 days, the world has turned been turned upside down. Millions are living in new reality, a reality that is filled with uncertainty and enormous disruption in both our personal lives and the economy. We face a contagious virus, an invisible enemy that strikes with little notice and has proven extremely difficult to combat.
Governments and regulators on both sides of the border are taking action to soften the impact and provide support to individuals and businesses as quickly as possible. And banks, too, are putting their natural competitiveness aside to find solutions and support customers and the economy. 1,000,000,000, even 1,000,000,000,000 of dollars in stimulus and relief have been unlocked in both Canada and the United States. Programs have been established to support those directly impacted and those most vulnerable to the effects of the subsequent economic shock. Health care organizations are marshaling all their resources and energy in truly courageous ways.
I want to pause here to thank the first responders, doctors, nurses and others on the front lines who are treating patients and saving lives on a daily basis. And business is such as TD are taking important steps to support this global effort. Today, there are TD colleagues across the globe running the bank and supporting our business from their homes. Their ability to adapt quickly is a tremendous source of pride for all of us. In addition, thousands of our colleagues, talented branch, store and contact center employees, engineers, technicians, traders and many others continue to go into our locations to perform critical services.
We celebrate them and thank them for their tireless efforts. All across the bank, colleagues have stepped up to meet the challenge head on, and they are true TD heroes who continue to serve our customers and clients, manage urgent needs and support vital functions. To further support our colleagues and our customers in all of our businesses, we are taking clear action. We've established strict self isolation policies for anyone at risk or who has traveled in line with current government guidelines. We have reduced the number of open branches and curtail hours across Canada.
In the U. S, we have shortened operating hours, leveraged drive thrus where possible and temporarily closed stores in certain markets. And in our contact centers and across all of our open locations, we put physical distancing measures in place. Every day, in consultation with government authorities and our Chief Medical Director, we take steps to protect our people and those we serve. Together with other large Canadian banks, we've implemented relief efforts for personal and business banking customers to help those who face short term financial hardships.
We stepped up our TDKs program in the U. S, reaching out to customers, offering support and finding solutions. And we are working around the clock to implement various programs recently announced by governments on both sides of the border. Our focus is on supporting those we serve and enabling those we employ. You see, governments and society need banks to keep operating.
In a crisis, the needs and demands of everyday life don't go away. In fact, they become even more critical. Access to financial services means that millions of day to day transactions continue to happen. Banks also play an important part supporting financial stability across our economies in a world that is far from certain. It is a critical role in the lives of our customers and for the broader economy, and our colleagues have answered the call.
We are doing more than simply applauding their commitment and dedication. Those who need to come into work, we are compensating them with special bonuses and extra time off. Earlier this week, we also provided our people with further certainty in an uncertain time. For TD employees, there will be no job losses in 2020 as a result of COVID-nineteen. These are clearly challenging times.
Our culture is one of personal contact, human experiences and team celebrations. For decades, we rebuilt our brand, one that leads our industry by welcoming customers, providing convenient access to our locations and offering them sound advice to build their confidence. It is hard to ask them to stay away during this time, but it's also the right thing to do. We are a purpose driven bank, guided by an unrelenting focus to enrich the lives of our customers, communities and colleagues. Today, that means we must be a part of the global effort to curtail the spread of this virus.
Make no mistake, we are also focused on the future of the bank, on the recovery that will surely take place, on the customers who have entrusted us with their financial well-being. While the storm that we are facing today is unprecedented, so is the strength of TD. Throughout 2019, we made important investments and advanced key strategic programs. It was a more challenging economic environment than in years past, with growing headwinds in parts of our footprint, but it was also a year of tremendous progress. We now serve more than 25,000,000 customers and clients, close to 16,000,000 in Canada and over 9,000,000 in the United States from Maine to Florida.
This provides us with deep and growing relationships across our footprint. We invested in new digital capabilities at the cutting edge, using artificial intelligence to improve our understanding of customer needs and introducing new innovations such as TD Clary, our chatbot in Canada that answers questions in real time. Our ability to provide always on support and services to millions of Americans and Canadians in these difficult times is a direct result of the investments we have made and the new capabilities that have been deployed. In fact, 13,000,000 customers are active users of our digital properties across North America, with 1,000 more signing up each week appropriately choosing to bank from home rather than to come to a branch or store. Our focus on training and development over the past years has led to a more capable, agile, flexible workforce with the ability to perform in rapidly changing conditions.
The return on this investment is clear. In a matter of days, we shifted how we run the bank. Our people were up to the challenge, and they delivered. Over the course of 2019, we also invested in our omni channel capabilities. As a result, we've kept an open dialogue with customers across every line of business, providing guidance and helping hand in real time to 1,000,000.
And in our communities, the foundation upon which we have built our business, we were ready to act as well. For the past 2 years, we realigned and improved our charitable giving under the TD Ready commitment, last year investing $126,000,000 in the communities in which we live and work. We also provided $10,000,000 grants as part of the TD Ready Challenge TD Ready Challenge to catalyze innovative solutions for a changing world with an emphasis on better health. This brought renewed focus to the work needed to those we serve. So when the current situation deteriorated in a matter of days, we moved with urgency to identify and fund community health care centers in the United States and Canada with the means to help those most in need during this trying time.
I've often said that banking serves a higher purpose. Those words are more true today than ever. We must run our business and drive our performance even during a time of profound uncertainty. We owe that to our customers, our people, and to the economies that rely on us. But our purpose is even bigger than that.
It is to enrich lives, to care and to act in the interest of those we serve and those we employ and for the benefit of all of our stakeholders, including our shareholders to take the short term actions needed to adapt and balance them with a longer term view. And above all, it is to do the right thing, to do good as we move forward because we know that doing good and doing well are always interconnected. 2019 seems far away in the rearview mirror, but I want our shareholders to know that the progress we made and the performance we achieved last year strengthened us for the year ahead. Last year, TD earned $12,500,000,000 on an adjusted basis, up 3% from 2018 on strong revenue and volume growth offset by lower interest rates and normalizing credit conditions. We also ended the year with a strong capital base and a healthy common equity Tier 1 ratio of 12.1%.
And in 2019, we delivered above peer average medium and long term shareholder returns supported by an 11% increase in our dividend. While the present reality is clearly having an impact on our business as it is for every financial institution in Canada and the U. S, our performance in 2019 bolstered the foundation of the bank. Fellow shareholders, your bank is strong and resilient. Our customers number in the millions, and we are working to maintain and deepen their trust and loyalty.
Our businesses are led by incredibly talented executives, and their work is powered by the best bankers in the industry. Our brand and the Green TV Shield provides us with a differentiated competitive advantage, and our purpose guides us in every decision we make. I can't tell you what the next week or month will bring. There are certainly more challenges to come before we turn the corner in our collective response to the coronavirus. But I do know this, we will get through this and we will be stronger on the other side.
The economy continues to reel from the impact of the necessary measures taken to combat this virus, but it will recover. Through it all, TD stands with you. Our people across the world stand with you, and together, we'll be there for you to help support, advise, and guide as we have for the past 165 years. I want to once again thank our TD colleagues around the world. I know you've been directly impacted by this crisis.
You and your children, partners, families and neighbors have seen your lives appended and disrupted in profound ways. Still, you persevered and delivered. You've come together in new ways, in there for each other, found creative solutions and supported the bank and our customers. Thank you. From the bottom of my heart, thank you.
In closing, I would also like to thank our Board of Directors for their guidance, counsel and support over the past year. And I'd like to thank all of you, our shareholders and customers, for the trust and confidence you have placed in TD. Thank you for your time and for joining us today.
Back to you, Brian. Thank you, Barrett. At this point, I'd like to move to the formal business of the meeting. For shareholders and proxy holders who have registered to access our online voting platform, The polls are open and will close after the presentation of our items of business. If you have already voted or sent in a proxy, there's no need for you to do anything unless you would like to change your vote.
When proxies are submitted to our registrar and transfer agent, they are counted and tabulated by their officers. Scrutineers of the meeting will then verify and report on the results. Simple majority of the votes cast during this meeting or by proxy is required to pass each of the matters to be voted on today. As mentioned earlier, if you're a shareholder or proxy holder and wish to ask a question, you can submit your question at any time. We will address your question at the appropriate time in the meeting.
Copies of TD's 2019 Annual Report, which contain the bank's 2019 financial statements and the auditors report on them, were sent to shareholders in advance of this meeting. You can obtain a copy of our annual report on our website at td.com. We will now address any questions or comments that have been submitted by shareholders or proxy holders directly related to the 2019 financial statements. Scott, have any questions come in? Chair, no questions have come in related to this item.
Thank you, Scott. We will now move to the election of directors. Information about each nominee is included in the management proxy circular. To facilitate the introduction of the nominees, we refer you to the slide on the webcast and I will read the names now. Our nominees for Director at this year's Annual Meeting are Amy Brinkley, Brian Ferguson, Colleen Goggins, Jean Renehand, David Kepler, Brian Levitt, Alan McGibbon, Karen Mabman, Barrett Masrani, Irene Miller, Nadir Mohammed, Claude Monjot and Jane Roe.
The Board of Directors has fixed the number of directors
to be elected at 13, and I confirm that all nominees are eligible for election. I will ask Scott to move the motion. I hereby move and second the nomination of each of the persons whose name appears in the management proxy circular under the heading Director nominees to be a Director of the Bank until the close of the next Annual Meeting of the Bank's common shareholders.
Thank you, Scott. We'll now address any questions or comments from shareholders or proxy holders that are directly related to this matter. Scott, have any questions come in? Yes. We have a
question from a shareholder, Doug Jonsson. The question is, although these are challenging times for everyone, this Annual Shareholder Meeting must address events over the entire past fiscal year. This question is directed to Mr. Levich during the election of directors as he is ultimately the most senior person at TD responsible for setting the bank's goals and culture. I feel it is important to get his answers before the election of the Board of Directors.
I raised the concerns below at the time and have been assured by the President's office that they were forwarded to Mr. Levitt as I requested. As I received no response at that time from him, I'm following up now. TD has been my main banking supplier since your merger with Central Guaranty Trust, and I have been a shareholder for about 10 years. Last October 1 was a day of celebration for TD Bank, quite a welcome change, I imagine, from the challenging times of today.
In newspaper advertisements in the Ottawa Citizen and presumably elsewhere and a flag raising and who knows how else, TD was celebrating the 70th anniversary of the founding of the People's Republic of China and the 49th anniversary of the establishment of Canada China Diplomatic Relations. Notably, TD was the only major corporation of any sort to join in this specific celebration. Now, I enjoy celebrations as much as the next person, but I was confused here what exactly was TD celebrating on that day? Was it celebrating China's achievements in its system of justice demonstrated by at that point the 292 days the 2 Michaels had been held hostage by the Chinese state? Was it celebrating China's achievements in human rights and ethnic diversity demonstrated by its dealings with Falun Gong Movement and the Uyghurs?
Was it celebrating China's achievements in freedom of speech demonstrated by its intensive censorship of the Internet and social media of any content that the state objects to? Was it celebrating China's achievements in achieving the basic element of a democracy, a nonpartisan electoral process that allows all citizens to vote freely. Was it celebrating TD's obviously fantastic success in introducing the Chinese leadership to the fine points of liberal democracy by financing its economic development over several decades. Pleased, what was TD celebrating that day? I expect to have a follow-up question.
Mr. Johnson, first of all, I'd like to apologize for the fact that you didn't receive a response to your question. That's not how we like to do things, and I apologize for that. With regard to your question, as part of our ready commitment and our partnerships, we support more than 4,700 local organizations that work to enrich and strengthen our local communities and that includes the Federation of Ottawa Chinese Canadian Community Organizations. When we support an organization or an event, it's not a reflection of our political views.
In this case, we were there to help celebrate multiculturalism and foster mutual respect and cooperation. Are there other questions, Scott? Chair, it appears we have no further questions regarding the election of directors. Thank you, Scott. The voting is open and we invite shareholders and proxy holders to submit their vote if they have not already done so.
As I mentioned earlier, if you have already voted or sent in a proxy, there is no need to do anything unless you wish to change your vote. The next item on the agenda is the appointment of the auditor. Board recommends that Ernst and Young LLP be appointed as the auditor of the bank to serve until the close of the next annual meeting. Bill Schlick, Kerry Markito and Humayun Jaffrani, representatives of Ernst and Young are available to assist with questions if necessary. I'll ask Scott to move the motion.
I hereby move and second the motion that Ernst and Young LLP be appointed auditor of the bank to hold office until the close of the next annual meeting of the bank's common shareholders.
Thank you, Scott. We'll now address any questions or comments that have come in from shareholders or proxy holders that are directly related to this matter. Scott, have any questions come in? Chair, no questions
have come in related to this item.
Thank you, Scott. We now invite shareholders and proxy holders to submit their vote if they have not already done so. As a reminder, if you have already voted or sent in a proxy, there's no need to do anything unless you wish to change your vote. The next item of business is the advisory vote on the bank's approach to executive compensation. The resolution on the approach to executive compensation is set out in the management proxy circular under the heading Advisory Vote on Approach to Executive Compensation.
I will ask Scott to move the motion.
I hereby move and second resolution set out in the management proxy circular under the heading Advisory Vote on Approach to Executive Compensation be passed.
Thank you, Scott. We'll now address any questions or comments that have come in from shareholders or proxy holders that are directly related to this matter. Scott, have any questions come in?
Yes, Chair. We have a question from shareholder and proxy holder, Alvest. The question is, I am participating from Ottawa. It is my understanding that management vote their shares on the matter of executive compensation. In my view, they put themselves in a conflict situation with this action.
Will the Board please indicate voting results with management votes and Board votes for that matter included and comparative results with Board and management votes excluded. I believe shareholders are aware that management and the Board support the compensation approach, and I believe shareholders who receive no direct benefit from executive compensation should be aware of how other shareholders in these circumstances feel about the proposed approach.
Thank you for your question, Mr. Best. We don't report the voting of management separately, but I think it is clear and we do say in the proxy circular that management owns substantially less than 1% of the shares. So that the voting results, which we report overwhelmingly reflect the votes of shareholders other than the management.
We also have another question. This question comes from Willie Gagnon of Le Medac.
We can see on the summary table of remuneration at Page 54 of the French version of the circular that the bank's executive compensation has significantly decreased over last year. How is that explained in your opinion? Such a decrease is also seen for other banks in Canada. Are the same causes at play? Mr.
Gagnon, our policy is not to comment on other financial institutions. The bank's executive compensation directly reflect the bank's performance in respect of the objectives that were developed at the beginning of 2019. The fact that executive compensation has decreased is a function of the bank's performance, not only in financial terms, but also in terms of customer satisfaction and employee satisfaction.
Question, Scott? It appears there are no further questions on this item.
We invite shareholders and proxy holders to submit their vote if they have not already done so. If you have already voted or sent in a proxy, there's no need to do anything unless you would like to change your vote. The next item to be put before the meeting are the shareholder proposals. There are 3 proposals for consideration. Proposals A and B were submitted by Mouvemente des Decations des France des Actioners, also known as Le Medac of Montreal, Quebec.
And Proposal C was submitted by Some of Us, an that Midak submitted an additional proposal that was withdrawn following discussions between Midak and the bank, and we will read a statement on behalf of Medac regarding this withdrawn proposal after we address the shareholder proposals that are to be voted on. The withdrawn proposal and supporting statement as well as the bank's response to it were included in the management proxy circular at Midak's request. We now turn our attention to the proposals. The management proxy circular includes statements by the proponents in support of their proposals as well as the reasons why the Board is recommending to shareholders that they vote against each of these proposals. As a result, in the interest of time, we will not be revisiting the reasons for the Board's position during the discussion of each proposal, nor will we comment on the statements made by the proponents.
The first item is shareholder proposal A as set out in the ask Caroline to move the motion in connection with shareholder proposal A and read out the statement provided to us by MEDDAC in advance of the meeting regarding that proposal.
I
move and second shareholder proposal A on behalf of MEDAC. I will now read the statement supplied by MEDAC. Hello. My name is Willie Gagnon, and I represent Move Monde Educaciones de Defense des Actionaires, a shareholder of the bank. This year, Medac submitted the same 3 shareholder proposals to the 7 major banks.
All of them declined to address them on a collective basis, although they deal with major issues that concern all banks and they cannot be resolved by just one bank. The 3 shareholder proposals deal with the equity ratio, digital privacy and the bank's diversity target. All of the banks declined to take part in a collective discussion of the shareholder proposals, we deplore this. This being said, the first of the following two proposals is in the bank circular starting at Page 66 of the English version. It is proposed that the bank disclose the equity ratio compensation ratio used by the compensation committee in its compensation determination exercise.
This is a familiar proposal already submitted to the bank in the past. Not only could it be easily implemented at little cost, it's already compulsory in the United States. We have our own method of calculating the equity ratio, which compares the remuneration of the bank's best paid person with the average employee remuneration derived from the number of full time equivalent employees and the total payroll. The equity ratio we calculated this year shows that the CEO's $12,636,569 compensation is about 100 times the average employee pay. That's too much.
The bank would do well not only to take this ratio into account while calculating executive compensation, but also to disclose it each year along with the calculation method, if only to foster consistency among listed companies. Of course, we ask all shareholders to vote for this proposal.
We will now address any questions or comments that have come in from shareholders or proxy holders that are directly related to this proposal. Scott, have any questions come in? Yes, Chair. We have
a question from a shareholder, Doug Jonsson. Question is, I infer from the unclear discussion on Page 67 that the bank indeed does calculate the vertical pay ratio, but will not disclose it. Is this correct? If yes, I thank the bank for infantilizing me as a shareholder. But since you know the ratio and you have survived, I also wish to know the ratio and expect that I will survive also.
I do not you as big brother deciding what information I should have and deciding what you need to protect it from me. I'm quite capable of dealing with this information without your help. As you state, the data are not meaningful tool. There is no competitive harm in releasing this information. Please reveal the last 5 years of vertical pay ratios now.
If the original answer is no, then on what basis do you state that the statistic is invalid if you do not know what it is?
Mr. Johnson, I think either you misread the Board's position or we haven't stated it clearly enough. Our position is that we've looked at various ways of trying to get at this and we've looked at the practices in the United States and elsewhere. And there are a number of ways you can look at it. And so that we've not actually calculated any particular ratio.
We've looked at it as a question of approach. And so we're not concealing anything from the shareholders. There's nothing to disclose.
It appears there are no further questions on this item.
Thank you. Your Board of Directors has recommended voting against this proposal. Voting on our webcast is open, and we invite shareholders and proxy holders to submit their vote if they have not already done so. If you've already voted or sent in a proxy, there is no need for you to do anything unless you would like to change your vote. The next item is shareholder proposal B, which was also submitted by Medac and is set out in the management proxy circular starting on Page 67.
I will again ask Caroline to move the motion in connection with shareholder proposal B and read out the statement provided to us by MaDAC in advance of the meeting regarding the proposal.
I move and second shareholder proposal B on behalf of MEDA. I will now read the statement provided by MEDA. The second of our first of our 2 proposals is, it is proposed that the bank set a target of more than 40% for the composition of its Board of Directors for the next 5 years. As can be seen from the table that illustrates our proposal in the circular, all banks have adopted targets for the number of women directors. These targets are all 30% or 1 third.
All banks are also exceeding their own targets. We would like the targets to be raised to 40% for both genders. Banks play a key role in the country's financial ecosystem. They must be exemplary. We would naturally invite all shareholders to vote in favor of this proposal.
Merci. We will now address any questions or comments that have come in from any shareholders or proxy holders that are directly related to this proposal. Scott, have any questions come in?
Chair, no questions have come in related to this item.
Thank you, Scott. As I mentioned, your Board of Directors has recommended voting against this proposal. If you've not already voted on this proposal, please do so now. If you have already voted or sent in a proxy, there is no need for you to do anything unless you'd like to change your vote. The next motion is shareholder proposal C, which was submitted by some of us and is set out in the management proxy circular starting on Page 68.
I ask that Scott move the motion in connection with shareholder proposal C and read out the statement provided by some of us in advance of the meeting regarding the proposal.
I move and second shareholder proposal C. On behalf of some of us, I will now read the statement provided by some of us. This statement was prepared by Emilia Meister, senior campaigner at Some of Us representing 5 independent shareholders from across Canada. We are living in unprecedented times. COVID-nineteen has caused huge changes in how we live incredibly quickly.
This meeting is just one example. The response to COVID-nineteen is the perfect example of how businesses like TD can react quickly and effectively during a crisis. Before all this, 5 shareholders came together to ask TD to take decisive action on another longer term and more destructive crisis that the world faces, climate change. Our shareholder proposal asks TD to create a time bound quantitative plan to reduce greenhouse gas emissions in its lending and underwriting portfolios and tackle climate change in a real way. Our shareholders want this because before COVID-nineteen, they were concerned about how climate change will change our lives drastically if we don't act now.
I am a mother and regularly hear my child ask why more isn't being done to address climate change. She asked me why businesses like TD aren't taking more urgent and drastic action to ensure that she has a future. And her voice not only represents the voice of future generations, but the next generation of TD customers who are and will be looking more and more to put their money in corporations that are taking climate change seriously. Kiti's response thus far has been that it doesn't feel the urgency to move on this important issue. But like current drastic measures to deal with COVID-nineteen, there will come a point when urgent action on climate change is no longer a choice, but something that everyone is forced into.
And like COVID-nineteen, taking the right action now will prevent dire consequences for the planet and the economy. There is no economy on a dead planet. This shareholder proposal offers TD an opportunity to lead the banking industry in taking the action necessary to prevent the worst outcome. And just like TD made changes to make this meeting virtual, TD is capable of making the changes necessary to ensure that climate crisis is taken seriously. TD's refusal to do the bare minimum of moving money out of the fossil fuel industry puts not only the planet at risk, but also shareholder value.
Most of the emissions in the lending portfolio come from the fossil fuel industry, an industry that is in crisis right now, posing a huge risk to investors in our company. TD is the 2nd largest financier of the tar sands and with Alberta crude at $5 per barrel, the threat of stranded assets is not a distant possibility, but a reality that TD is looking at now as oil companies cease operations. Warren Mabee, the Director of the Institute For Energy and Environmental Policy at Queen's said, for some companies, it will be a death blow. They won't have the money to continue their operations. Though the bailout proposal by government might give some hope, we see that historically with the auto industry bailout of 2,008, a bailout did nothing to prevent the industry from enacting mass layoffs and reduction in production.
As shareholders, we cannot count on government bailouts to stabilize the risks from the financing decisions that TD is making. By continuing without a plan to reduce greenhouse gas emissions in lending and underwriting, TD is condemning its investors to lower share fuel assets it financed become stranded. A vote for our proposal is a vote for a healthier planet that we can leave to our children and grandchildren. It is also a vote for the wisest financial course. I urge you to vote in favor of Proposal 3.
Thank you.
Thank
you. We'll now address any questions or comments that have come in from shareholders or proxy holders that are directly related to this proposal. Scott, have any questions come in?
Chair, we've received the following comment from Le Medac regarding this proposal. Le Medac
supports the Some of Us proposal.
Are there any further questions
or comments? Apart from that, there are no further questions.
Thank you. Your Board of Directors has recommended voting against this proposal. If you have not already voted on this proposal, please do so now. If you have already voted or sent in a proxy, there is no need to do anything unless you would like to change your vote. That completes the proposal.
I'll wait a moment while shareholders finish voting. I'd now like to ask Carolyn to read a statement on behalf of Midak regarding the shareholder proposal, which was withdrawn. Carolyn?
On behalf of MEDAC, I will now read the statement supplied by MEDAC. MEDAC also submitted another proposal to TD that we agreed following discussions with the bank not to put to a vote. The text of this proposal is on Page 70 of the 2020 proxy circular of the bank. It is proposed that the Board of Directors inform shareholders of the investments the bank intends to make over the next 5 years in order to update its IT systems to increase competitiveness while ensuring better privacy. Serious security breaches have occurred in the country's financial system in 2019.
This must be addressed, and lessons learned must be taken into account in the bank's digital security policies. In its response to the proposal, TD referred to the major scope of security breaches in 2019 and its responses, and we're satisfied.
I understand that the scrutineers have a preliminary tabulation of votes cast in respect of each of the items of business before the meeting and have provided it to the corporate secretary. I'll ask Scott to read out the scrutineers report.
Thank you, Chair. For the information of the shareholders, we wish to report that 53.9 percent of the eligible shares have been voted at this meeting. The results with respect to the election of directors are: A substantial majority of the votes cast at the meeting were voted in favor of the 13 nominees named in the management proxy circular, with each nominee receiving in excess of 97% in favor. The result with respect to the appointment of auditor is 99% voted in favor of Ernst and Young LLP and 1% withheld from voting. The result with respect to the advisory vote on the approach to its executive compensation is 94 percent voted against.
The results with respect to the shareholder proposals are: Proposal A, 6% voted in favor, 94% voted against with less than 5,400,000 shares abstained from voting Proposal B, 7% voted in favor, 93% voted against with less than 5,500,000 shares abstained from voting. And Proposal C, 18% voted in favor, 82% voted against with less than 35,800,000 shares abstained from voting. Chair, that concludes the scrutineers' report.
Thank you, Scott. I now declare that the 13 director nominees named in the management proxy circular have been duly elected that Ernst and Young LLP has been duly appointed as auditor that the resolution on the advisory vote on the approach to executive compensation has been passed and that shareholder proposals A, B and C have been defeated. Final voting results will be made available shortly after the meeting. This concludes the formal business of the meeting. We will now move to shareholders' questions or comments that we have received through the webcast.
I remind you that questions should be of general interest and not of a personal nature. In addition, if your question relates to a customer service matter, we may refer your question to our customer cares team who will get in touch with you after the meeting. We will now proceed with the questions. I understand that the first question that we received relates to procedural aspects of the meeting, so I will address that question. I will then ask Barrett to conduct the remainder of the question and answer session of the meeting.
Caroline, could you please read the first the question that we've received from the MEDDAC?
For over 20 years, we have become used to exercise our right as a shareholder to speak during the annual meeting in support of the shareholder proposals that we submit to the bank each year and at various other times during the meeting. We are well aware of the exceptional situation that the world is facing with the global pandemic of the 2019 coronavirus. In the circumstances, we clearly understand the reasons, including government directives for which the annual meeting of shareholders is held virtually. We also well understand the reasons why the procedure adopted by the bank has been adopted for this meeting, and we understand that decisions needed to be made quickly. We, however, share the opinion of the Canadian securities regulators and those of ISS and Glass Lewis on this point.
Virtual annual meetings must strictly protect the rights of shareholders as guaranteed by custom, doctrine and case law as well as by the act and its regulations in their spirit and their letter and 1st and foremost, the right to speak. The many annual meetings of shareholders that are being held virtually this year on an exceptional basis should not create a precedent. Clearly, it is possible in normal shareholders meeting to speak and it would not be appropriate to deny this for purely technical or cost issue. In normal times, the situation would be different and these events should not be used as a precedent for the future and we will scrupulously enforce this in the interest of all shareholders and society in general. So my question, what would have been done differently in organizing this virtual annual meeting if the bank had prepared for it in the normal course without a health crisis or an emergency?
Thank you for your question, Mr. Gagnon. In the normal course, without a health crisis nor an emergency, the annual meeting would have taken place in person as usual, and we hope that this will be the case next year. Thank you.
Andrew, the portion of this meeting, please.
Yes. Thank you, Brian. I always look forward to this portion of the meeting where we have the opportunity to hear from you, our shareholders, and answer your questions. Scott, would you please read out the first question?
So the first question comes from a shareholder, Linda Shue. The question is as follows. The government's federal, provincial and municipal are helping a great deal, and I think that the banks should also do their part. The federal government has suggested that the banks give a 6 month moratorium to people who cannot pay their mortgages at the moment for obvious reasons. To me, that sounds like a reasonable request.
No one is saying that the mortgage should be forgiven, just a 6 month mortgage break. The 6 months could be added to the length of the existing mortgage. I must say I was so disappointed when I heard that one bank refused the moratorium for one client by saying that according to the rules, the client in question hadn't had the mortgage long enough to qualify for a moratorium. That rule might make sense in normal times, but we are not in normal times. The bank originally approved them for a mortgage and the moratorium was due to extraordinary circumstances completely beyond the control of these clients.
Another bank has stated they would not grant a moratorium to clients who aren't in good standing. For these people, the moratorium may be their last chance to improve their standing. I believe these people should be granted a moratorium. If their situation doesn't improve, the Bank can always foreclose as a last measure. As a shareholder, I'm perfectly happy if the bank only makes $43,000,000,000 this year instead of $45,000,000,000 I may be a shareholder, but I'm also a Canadian.
We're TD Bank. We should be able to extend the 6 month moratorium to our mortgage clients. Doing less would not allow us to call ourselves Canadian. Would it not be possible for TD Bank to grant moratoriums to all clients regardless of how long they've had the mortgage and regardless of their standing at the moment. Thank you for your attention, and keep safe.
Thank you for your question, Ms. Hsu. I think we have met before, and it's nice to meet you virtually as well. As you know, TD, together with other banks, did announce this particular program. And I think it is important that we do that given the extraordinary circumstances in which all of our citizens are living through.
The bank has worked hard to implement the program. To date, we have approved more than 60,000 requests already. The program only came into being over the past few days. And in TD's case, we do not have any restriction on how long you have had the mortgage with us. I think your point on the client needs to be in good standing, yes, that is a requirement of our program.
But I would encourage any customer who has a particular difficulty related to COVID-nineteen to approach us. And we will look at each circumstance because each circumstance is unique, and we will make sure that we do the right thing. And so I really appreciate your question, and I would emphasize that the bank has a very long standing program. It's called TD HELPS that helps our customers in various circumstances. This program was set up in 2,009 and generally dealt with regional issues such as wildfires or the like.
But in this case, this is a national program now, and our people have been handling lots of requests and for the right reasons. So I'd encourage people to approach us with their unique needs. And once again, nice to meet you virtually.
Next question comes from Amelia Meister of Some of Us. Mr. CEO and Board of Directors, I am aware of a petition from Some of Us of over 41,000 names from Canada and the U. S, including 9,000 TD customers and 1700 shareholders calling on TD to defund fossil fuels. With today's vote on the shareholder presented and your recommendation against the proposal, I'm wondering what plans, if any, you have to limit greenhouse gas emissions in your lending portfolio and to protect the planet and limit risk to fellow investors?
Thank you for the question, Ms. Meister. TD actually started down this path many, many years ago. I think we were one of the first North American banks to recognize climate change as an environmental issue with economic impacts. And in fact, our position has been very clear.
We are all for the low carbon economy. We've done a lot, and I will go through the list in a minute. But we also believe that in order to get there, there's a transition required. This is not one of those items where you can flick the switch and get there. So we want to make sure that as we go through this transition, that TD does support responsible energy development.
Now when I mentioned that we were one of the first banks to recognize it, and we were also the 1st Canadian bank that I know of that put out a target of our support for the low carbon economy. About 2 or 3 years ago, we said that we will be targeting $100,000,000,000 in low carbon lending, financing, asset management and other programs by 2,030. Well, I'm pleased to report since 2017, these initiatives have now totaled $43,000,000,000 TD also is playing an integral role in the growth of the green bond market, which is helping to direct capital toward transition to a low carbon economy. In fact, TD has led over $21,000,000,000 in sustainable bond underwriting since 2010. We are big investors ourselves in clean energy as well regarding the bank's own use of energy.
In fact, we were the one of the very first banks to go carbon neutral. And in fact, we went carbon neutral in 2010 long before people were talking about climate change. And we also are listed on the Dow Jones Sustainability World Index for the 6th consecutive year. So I feel very proud as to the role that TD is playing through this transition. We've had a very clear view on this.
In fact, many decades ago, TD was TD set up at TD Friends of the and Charitable Foundation, and that has had a long history, a proud history of supporting these low carbon initiatives in the economy. So that has been our position, and I hope this addresses the question that you asked me.
The next question we have is a follow-up to Mr. Jonsson's question during the business portion of the meeting as follows. I was unable to submit this question in time as my follow-up question regarding the celebration last October. These community groups you referred to supporting are hardly benign people working in Canada's best interests and things such as multiculturalism. They exist solely to promote Chinese state interests in Canada.
They have no goal to support bona fide Canadian interest relative to China except as they might coincidentally result from their promotion of Chinese interests. It is outrageous and offensive for you to blindly claim otherwise. By supporting these community groups, you are endorsing the entire culture of the Chinese state, and I find that offensive. Are you in fact ignorant of all this? Or are you showing your leadership failures by playing games here and being disingenuous?
Mr. Janssen, our Chair, Brian Levitt, answered the question. But let me give you a little more perspective on this. TD has always been a community focused bank. Our purpose is to enrich lives for our customers, for our colleagues as well as our communities.
And we've had a tradition in supporting various communities right through Canada and as well in the United States. As Brian mentioned, 4,700 local communities have been supported by the bank. Now this particular event, it is regretful that this happened and the event is not a reflection of TD's political views. And you raise a good point, we will be mindful in the future as we support other groups to ensure that these events are not political in nature. Next question,
Scott. So we have a follow-up question as well from shareholder and proxy holder Al Best. Thank you, Mr. Levitt, for your earlier response. I apologize for raising the executive compensation matter again, but today's format did not allow sufficient time for follow-up question before the vote.
I agree that management and the Board hold about 1% or thereabouts of the total outstanding shares and that removing their vote from reported totals will probably not affect the democratic outcome. My request is for additional information for shareholders. As an example, if say 50% of the outstanding shares are actually voted, that would mean that about 2% of the voted shares would be from management voting to approve their compensation. If we also had results reported ex management and Board votes, we would have a better idea of the feelings of shareholders who received no direct benefit from the compensation approach used by the Board. Are you reluctant to provide this information to shareholders?
If your answer is yes, I would be interested to hear your reasons. Again, I apologize for raising this matter after the vote has been taken.
There's no problem about raising it after the vote's been taken. Efforts to make disclosure have to be calibrated against the benefit from the disclosure. And while I appreciate your point of view, again, I think whether it's the amount that management holds is substantially less than 1%. And therefore, I think there's no there would be no additional value in terms of information for shareholder were we to do what you're asking and it would be very complicated to do because we don't look behind the voting process is anonymous. We don't know who's voted how.
And I think we would have to violate that undertaking to try and determine who how management we're voting. So I don't think the it's not that we're trying to withhold information here. I just think that the principle of anonymous voting is a key tenant of the nature of our shareholders' meetings. And again, I don't think given what we know about management's overall holding that there can be any doubt about the views of shareholders by continuing to report in the way we do.
The next we've received a few questions on a topic, so we've combined these from shareholders. Do you expect any cut to dividends, common and or preferred, if the economic situation deteriorates? When will you be really worried about the banking system in Canada, I. E. Certain unemployment level, continuation of lockdown, etcetera.
In the U. K, banks have already canceled their dividends.
This is Bharat. I would point out that TD came into this period of uncertainty. We entered this period with considerable strength and strong capital position. And we continue to be in a position to support the recovery that will follow this crisis we have. I can also tell you that we have no plans to change our dividend policy at this time.
We have a strong long track record of maintaining a payout to our shareholders, including through the financial crisis I might had. So as I said, we have no plans to change our dividend policy at this time.
Next question comes from shareholder David Peters. There are usually questions about executive compensation at the AGM. I wish to make an observation. I first met Berit Masrani in 1993 when he was a Vice President and probably earning a salary of about $20,000 Although his compensation has increased substantially, I admire that Bert has maintained the same humility.
Mr. Peters, thank you. I know our relationship goes many years, and I pass on my best regards in circumstances. I hope you and your family are doing well.
We have another question from Doug Jonsson, shareholder. It's a comment. This webcast method is quite unsatisfactory and that unlike in person meetings, the chair is not allowing time for immediate follow-up questions. I do not enjoy dead air either, but shareholders are being disempowered by your inability to accommodate follow-up questions in a reasonable way.
Mr. Johnson, as I said at the outset, this is not our preferred method of holding a meeting either. But in the circumstances, we feel that having a meeting in this way is better than having no meeting at all. And so as I said at the outset and as I said in response to the MIDAC comment, we all hope that we're going to be back to normal and expect that we'll be back to normal in time for a meeting next year, and we'll see you in person next year.
The next question comes from Paul Beauchamp, a shareholder. The oil and gas industry is a key industry and major employer and taxpayer in Canada. But with COVID-nineteen and the Russian Saudi price war, the industry is hurting and needs help. Can you speak to what TD's view on this key industry is and what you are doing to help customers in this industry? Thanks.
Thank you for your question. Not only is it an important industry, as you point out, but it is very important for the province of Alberta and some of the other provinces as well where fellow citizens live and work. So as I mentioned earlier to an earlier question, all the programs we have right now related to the virus are also available to impacted individuals in the oil and gas sector. As I said, we've had this TD helps program since 2,009 that looks at various situations for our customers to see what can we do to help them out. Can we redo the loan?
Can we put them in another type of product that might be more appropriate given their own circumstance? And is there something else we can do for them? So yes, TD has a long tradition of standing by our clients through difficult periods, and this is no different, and we will continue to do so.
Next question comes from Kyle, who is both an employee and a shareholder. There's a lot of change in how you are operating the bank. How are TD employees doing? Are you focused on their well-being as well?
I'll thank you for your question. And first, I want to start by thanking you. I know you were introduced as one of our colleagues at TD. And I couldn't tell you how proud I am of what you and your colleagues are doing right through TD, 85,000 strong around the world as to how all of us have adapted to this new reality where in a matter of days, the bank is operating in a seamless fashion when most of our people are working from home. And I also do want you know, thank folks for for for coming to our locations because, you know, we are a critical service.
We are required to keep many of our locations open. Our customers want to deal with us through the phone and in many cases, physically as well. And it is terrific to see because maintaining financial access during this difficult period is hugely important for our customers. And frankly, it is also important for financial stability. So I really could not be more proud of what our people are doing to serve our customers.
This is you and your colleagues are the true TD heroes who are making it happen for all of our stakeholders. And thank you, thank you very much for everything you do for the bank.
I'd just like to add, from the Board's point of view, we're we have regular update calls with Barrett and his team. And one of the key focuses is reports on how the employees are doing and what the bank is doing to keep them safe and to reassure them about their future. So there's a real focus here on in addition to a focus on customers, but a focus on our employees and their well-being.
Kyle, I do want to add this is Bharat again. And I know this announcement came out, and I hope you were able to see it because it only came out, I think, yesterday or day before that in addition to the various compensation and paid days leave that we announced a little while ago, I've also sent a note out to our employees that there will be no job losses for TD employees in 2020 as a result of COVID-nineteen. So I just wanted to make sure that you and your colleagues are aware of that. I know a note has gone out to all of our folks around the world. And thank you for your comment.
Next question is from Maria Majma, a shareholder. Hello, in the past few weeks, have your loan defaults increased? And if so, by what amount as a percentage?
No, this is Bharat again. No, we have not seen anything dramatic in our portfolios, but it is early days. That is to be expected. I think the our customers, the economy, all of us are just recovering from the shock of how quickly we've gone into this situation here. So no, we've not seen anything of note here.
But without a doubt, given the depth of this crisis undoubtedly, there will be difficult times for our customers. And undoubtedly, there will be difficult times for our customers. And as I said earlier, we have introduced many programs already to make sure that we are there to help our customers through this difficult period. And of course, we have to look at it from a case by case basis, which we are, and to ensure that we're doing the right thing for all of our stakeholders. So again, thank you for your question, and I wish you good health and stay safe.
The next question was submitted in French and has been translated for me to read. Hello. My name is Jose Descoissel from Quebec. I have been working at TD since December 1988 for over 31 years, and I'm a shareholder, as are most of the 85,000 employees of the Bank. My questions are of a general nature.
The purpose of my intervention is to protect the integrity and brand of TD Bank. These are my four questions. I want to know if it is part of TD's new culture to hide the fact that an investment advisor was hired after having been found guilty and sentenced to a fine by the that we all sign every year, it is clearly stated that we must protect the reputation and integrity of the bank. That is exactly what I did by alerting every level, and I went so far as having a law firm send my complaint since HR did not want to accept my complaint. Even a senior VP ridiculed me and broke the code of ethics.
Do you find it normal that I'm being asked to refer my clients to this advisor with a question passed and which is common knowledge on the web? What measures will you be taking? 2, also according to our code of ethics, it is normal for TD to ask me to cancel my complaint by threatening to refuse a confidential out of court settlement between TD and the individual, which has no link to my complaint, which is completely justified? 3, do you agree and what measures will you be taking since 2 executives lied under oath? And the third was the representative of the bank who attended the proceedings and agreed with these actions?
Before yesterday, again, my spouse was threatened by the bank a second time to keep him quiet. Are these new methods the bank employs to prevent people from flagging serious code of ethics and fractions by executives, will TD do what it always does and ignore my questions that are relevant in terms of protecting the TD brand and simply ignore me.
I apologize for your What I suggest since you're talking of personnel issues that relates to particular individuals that I know you said you've already complained, but why don't you send an e mail to Ken Lalonde, who is the Head of our HR and as well to our General Counsel, Nore Campbell. And if you personalize it and send the overall background of what you're saying with a copy to me, we'll make sure that we do the right thing. TD takes pride in meeting all regulations. We go through various layers of training. Our code of ethics is critically important.
And as you know, every TD employee has to read the code of ethics at least once a year and ensure that they are compliant with every aspect of it. So once again, I apologize the experience you've been through. But if you want to please direct the specific issue with the full background to the individuals I just noted, we'll certainly look at it in with great care. Thank you.
We have a further follow-up question from Doug Jonsson. It's a follow-up to Mr. Masrani's previous answer. He said the activity was regretful. Please identify in some detail exactly what TD regrets, why TD regrets it, when TD First decided that it regretted its involvement, what circumstances at that point to cause TD to change its position and feel regret and when TD first announced publicly that it regretted its involvement?
It's the seance and I think I've made my position very clear. Like I said, we deal with thousands of local organizations in various communities. And we feel that, that is an important part of what TD is, part of our ready commitment. It is an important initiative for us that benefits lots and lots of communities. There are instances the way you described this one that were supposedly political in nature.
And if that was the case, then of course, that is not the view of TD. And we will now since you brought this up and for the right reasons, if there are any organizations that are promoting political views, we will try our best to ensure that that is not attached to any event sponsored by TD.
We have another question from Mr. Jonsson. You declined to offer a blanket mortgage deferral for clients in arrears, but you offer TD Helps as a backup. Are you committing that except in special circumstances, clients in arrears will be granted the deferral? In other words, deferral will be the norm, not the exception?
No, I would encourage you to any customer that is in that position to approach TD Health and then to approach us. It is hard to generalize the issue, as you've just pointed out. We will look at it on a case by case basis and make the right call. And that is how the bank's programs have been set up and has served us well. And frankly, I'm getting lots of responses now where folks are making sure that we're doing the right thing.
So I would it's hard to give a generalization around this issue, and I would encourage each individual. They may have unique circumstances to approach us, and we will look at it on a case by case basis.
We have another question from Willie Gagnon of Le Medoc, and I'm going to ask Carolyn Cook to read it, please.
Yesterday, the World Economic Forum published its message to shareholders in the COVID-nineteen crisis. Have you seen it? Will you take it into account how will those principles change the bank's behavior? Does the bank intend to become financially involved in the community and for how much?
April 1, the World Economic Forum published its principles for stakeholders with respect to the COVID-nineteen crisis. Have you reviewed them? Will you be taking them into consideration? In what way are these principles susceptible to change the bank's behavior? Is the bank considering a financial location in the general community?
For how much? And that's the end of the question.
Thank you for your question. Of course, we take anything coming from the World Economic Forum very seriously. I personally not looked at what you're talking about. We'll certainly look at it in great detail and see what is applicable to TD and go from there. But I personally have not had a chance to look at it, and I will certainly do that.
Thank you for your question.
We have no further questions, it appears.
Okay. Brian, over to you. Thank you, Barrett. Thank you, Scott. This concludes the meeting.
On behalf of the bank, I'd like to thank you for participating in this meeting and for your ongoing commitment to TD. I wish all the best to you and your families and hope that you stay safe and healthy. This meeting is now terminated. Thank you.