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Bankrupting thefutureC O R P O R A T E I R R E S P O N S I B I L I T Y R E P O R T 2 0 0 6
The truth behind the greenwash
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Do you believe that TD Financial Group should continue funding the destruction of
Endangered Forests in Canada? Accelerating the onset of climate change? Contributing to
endangered species declines? Stepping on the rights of indigenous peoples?
There is a growing disconnect between Toronto Dominions cultivation of a green image
and the reality of negative on-the-ground social and environmental impacts from its lending
and investments. This public relations phenomenon is commonly known as greenwash.
TDs commercial and investment banking units currently finance companies with deplorable
environmental and human rights records in extractive sectors such as forestry, oil and gas, and
mining. TD is lagging far behind its peers in adopting comprehensive, well-managed safe-
guard policies that address biodiversity issues, climate change, and indigenous rights across
all bank portfolios. TD Bank can do better.
This report takes a look behind TDs green facade. If TD wishes to protect its reputation
among its customers and Canadians it must stop the greenwash and demonstrate a true
commitment to communities and the environment. It is time for TD to move its environmen-
tal aspirations beyond public relations and adopt new safeguard policies that ensure TD Bank
financing protects endangered forests, respects the rights of indigenous peoples and slows theonset of climate change.
If you are concerned by the use of your investments to fund projects and companies that are
wreaking havoc on communities and the environment in Canada and around the world, act
now. Tell TD Bank what you think. Visit www.dirtymoney.org, and sign a letter to TD CEO,
Edmund Clark, asking him to immediately adopt safeguard policies that protect the future of
our planet.
Michael Brune, Executive Director, Rainforest Action Network
Todd Paglia, Executive Director, ForestEthics
Dear investor
greenwash1. The dissemination of misleading information byan organization to conceal its abuse of the environmentin order to present a positive public image.2. The information so disseminated.[GREEN + (WHITE)WASH.] 1
TD Greenwash
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the environmentBankrupting
Cooking the climate
Environmental DestructionCommunity Opposition
DirtyMoney.org
Clearcut in Northern Ontario. 2004 Garth Lenz
position to Gabriel Resources Rosia Montana mine is spreading across Europe.
2005 The Pembina Institute. Photo: Chris Evans
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Bridging the Gap BetweenEconomy and Ecology
The window of opportunity to secure the long-term
ecological integrity of Canadas remaining natural
habitats is running out. Large tracts of wilderness,
including the vast Boreal Forest system, and the
species and services they sustain are in peril asindustrial resource extraction intensifies, accelerates
and spreads, fueled by funding from the finance
sector.
Toronto Dominion is the third largest bank in
Canada and a leader in the Canadian economy with
the power to determine which industries receive bil-
lions of dollars in funding and which languish for
lack of capital. For too long, banks have played by
rules that mandate a disconnect between profit-mak-
ing and the health and well-being of the planet. But
this is starting to change. After years of publiccampaigning, leading banks including Citigroup, JP
Morgan Chase and Goldman Sachs have adopted
new biodiversity and climate safeguard policies. By
applying these policies to equity transactions, letters
of credit, corporate and performance bonds, invest-
ments and project finance, these banks have taken
significant first steps to reconcile economic needs
with ecological needs and to bring environmental
ethics into alignment with their business practices.
Toronto Dominion, on the other hand, has fallenbehind in the development and evolution of its envi-
ronmental safeguard policies. Despite its large
financial footprint in the Canadian Boreal, British
Columbias Inland Temperate Rainforest, and other
globally significant ecosystems, TD Bank has yet to
make the fundamental policy commitments neces-
sary to ensure that its financing does not contribute
to ecosystem destruction or loss. TD Bank contin-
ues to finance and invest in companies that impose
destructive resource extraction activities on local
communities and indigenous peoples, while ignor-
ing active opposition. TD Bank has neither set tar-
gets to reduce greenhouse gas emissions associated
with its financing nor set investment goals that
move toward a low-carbon energy future.
Canadas BorealA Global Treasure
About two-thirds of the North American Boreal
landscape is undisturbed by roads or industry, mak-
ing it one of the planets three largest remaining
intact forest systems. An intact forest system is, a
contiguous mosaic of naturally occurring ecosys-
tems in a forest ecozone, essentially undisturbed by
significant human influence.2 Globally, 80% of the
Earths original intact forests have been badly
degraded or completely cleared, making those that
remain increasingly rare and globally significantlegacies. The most significant threats to these
forests are from logging, energy development and
mining.3 Canadas Boreal Forest system contains
25% of the worlds remaining intact forests.
Intact forest landscapes include forests and an abun-
dant variety of natural ecosystems, such as wet-
lands, mountain and tundra, all of which exist
simultaneously throughout the Canadian Boreal
region. Unique to an intact landscape, which is typ-
ically 50,000 hectares or larger, is the absence of
large-scale human disturbances, such that the struc-
ture and composition of the landscape are deter-
mined by naturally occurring ecological processes.4
In the Boreal system, intact landscapes provide an
uninterrupted habitat for animals which are sensi-
tive to human impacts, such as caribou, bears, and
wolverine, to thrive. The Boreal system also con-
tains critical breeding grounds for millions of water-
fowl and billions of migratory songbirds.
TD Greenwash
TD Corporate Profile
Total Assets $365 billionMarket Cap $39.6 billion2005 Profits $2.2 billionOutstanding loansto extraction sector $2.9 billionCEO W. Edmund ClarkEmployees 52,000Customers 14 Million
Boreal Forest, Northern Ontario. 2004 Garth Lenz
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Endangered ForestsPriorities for Protection
Some remaining forests are so valuable for their
biological diversity, species habitat and wilderness
values that we must protect them from industrial
development. These native forests are defined as
Endangered. Endangered Forests are lands that
need to be added to the protected area network tomaintain ecological integrity and complete repre-
sentation of regional natural diversity. They repre-
sent the best of whats left of the worlds increas-
ingly degraded forests. The ecological criteria to
identify Endangered Forests incorporate large intact
areas, forests with high species richness and other
significant biological diversity values. Criteria also
Rocky Mountain FoothillsLogging Caribou Habitat in Albertas Endangered Forests
Location: Rocky Mountain Foothills in Alberta,
Canada
Problem: Clearcut logging in Endangered Forest
and critical wildlife habitat
Affected Species: Caribou, grizzly bear, bull trout,
wolverine, cougar, marten
Age of Trees: 70 180+ years old
Company logging forest: West Fraser Timber
Banking relationship: TD Securities
The Alberta Foothills is a rare and rich boreal eco-region
that occurs on the eastern slopes of the Rockies where the
northern plains sweep up to meet the Rocky Mountains. It
boasts one of the largest concentrations of large mam-
mals in North America, indeed the full array of wildlife
that roamed there before European settlement.These pub-
lic lands also have many unique geological features andother superior ecological, cultural and recreational values.
And yet only 1.2% of the region is legally protected in
parks and protected areas.10
This heavily fragmented area still contains important pock-
ets of intact old-growth habitat for sensitive wildlife,
including the Little Smoky woodland caribou herd, grizzly
bears and bull trout. The Little Smoky woodland caribou
herds population has declined by more than 20% over
the last 20 years, and the other species populations are
also in decline in the region. Survival of the herd, as well
as grizzly and bull trout, is contingent upon maintaining
sufficient habitat, which supports their needs. Caribou, for
example, depend on intact and old forests.11 West Fraser,
their subsidiaries and their joint venture partners control
half of the Foothills region. They are clearcutting areas
that should be protected and bringing caribou and other
species toward local extinction.
West Fraser Timber, whom Toronto Dominion Bank has
been financing, plans to continue logging in Endangered
Forest in the Foothills, to degrade critical habitat, and to
turn most of the remaining old growth forest into lumber,
newsprint and pulp, primarily destined for the UnitedStates.12 TD should immediately cancel all further trans-
actions with West Fraser Timber until they put an immedi-
ate moratorium on logging and road-building in caribou
habitat and other controversy areas, commit to protecting
endangered forests and to adopting Forest Stewardship
Council (FSC) certification for their operations and prod-
ucts.
DirtyMoney.org
Caribou. Photo:Wayne Sawchuck
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includes core habitat for threatened or endangered
species, and remnant and restoration core forests in
highly-altered or degraded forest landscapes.5
In British Columbia, the worlds only inland tem-
perate rainforest supports the worlds only mountain
caribou. The old-growth forests these animals
depend on are considered Endangered Forests due
to their global rarity and their role as vital habitat
for this critically endangered species. Similarly, in
the Rocky Mountain Foothills of Alberta, the
preservation of the Little Smoky, Kakwa and Big
Horn Endangered Forests is essential for the sur-
vival of two of Albertas most critically threatened
caribou herds and other threatened species. While
much of the area is fragmented by roads, clearcuts
and other industrial features, these Endangered
Forests contain a cluster of outstanding ecological
values, including a wonderful diversity of pine,
spruce and mixed-wood forest of all ages, plus old
growth. This vital habitat is in need of protection.6
Protected AreasToo Little, But Not Too Late
Despite its global importance, less than ten percent
of Canadas Boreal region is legally protected from
development. Canadians believe that not enough is
being done to protect Canadas natural heritage and
they support extending protections to maintain the
integrity of Canadas Boreal Forest system.7 First
Nations are increasingly claiming their Aboriginaland treaty rights and exerting their desires for the
protection of their traditional territories from
destructive industrial development.8 Canadas
Senate Sub-Committee on Boreal Forests has
warned that the integrity of the Boreal system is
threatened unless action is taken to control the
spread of clearcuts, mining, and oil and gas explo-
ration into critical natural habitats.9
Banking and Biodiversity
First Do No Harm
Land-use planning and an adequate network of pro-
tected areas are critical to ensure the survival of
Canadas remaining wilderness and old-growth for-
est areas. State-of-the-art sustainable development
practices in areas outside of these protected net-
works are an additional and necessary complement.
Responsible banking means that Toronto Dominion
and the rest of the finance sector should recognize
Endangered Forests and critical natural habitat as
No Go Zones, where financing for activities that
would destroy the ecological integrity of these areas
is prohibited. By conditioning capital flow via
Endangered Forest screens, Canadian banks would
have the power to prevent habitat fragmentation and
the destruction of Endangered Forests.
Climate ChangeMinding the Boreal Carbon Store
Climate change represents a global threat and poses
one of the most serious challenges to the health of
our planet. Leading climate scientists warn that we
have only ten years, at best, to level off global
greenhouse gas emissions and fifty years to reach
deep cuts of 60-80% from present levels if we are
to avoid the worst catastrophic impacts of climate
change.
The Boreal Forest system provides the Earths
largest storehouse of terrestrial carbon and thus is
an extremely important buffer against the climate
effects of industrial development, providing the for-
est remains intact. The value of net carbon seques-
tration services provided by trees in Canadas boreal
is estimated at $1.85 billion a year.13 Even a two-degree increase in global temperatures, which is
anticipated to occur within the next fifty years, will
cause dramatic disasters in Canadas northern
forests. As temperatures increase, they can provoke
increased frequency, intensity and scale of natural
disturbances such as wildfires and insect outbreaks
that would turn the Boreal Forest system from a
large carbon storehouse into a major additional
source of greenhouse gases.
Carbon Bank
TD Greenwash
Total carbon stored in the Canadian BorealForest system67 billion tonnes (equivalent to 300 years of Canadas2000 emissions)
Value of Canadas Boreal carbon bank$3.7 trillion
Value of all non-market services from theBoreal Forest system:$93.2 billion/year. (2.5 times greater than net value ofBoreal natural resources extraction.)37
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TD Bank Energy InvestmentsFossil Fools
Banking decisions will determine if societies get the
targeted investments needed to quickly change
course to a low-carbon economy and reduce green-
house gas emissions. Alarmingly, Toronto
Dominion seems to prefer an investment strategy
that results in more greenhouse gas emissions, notless.
TDs financing of tar sands expansion is contribut-
ing to a massive increase in Canadas greenhouse
gas emissions. Albertas tar sands deposits cover an
area the size of the state of Florida. Impacts of tar
sands extraction include large strip-mines visible
from the moon, large toxic tailing ponds, air pollu-
tion, consumption of large quantities of fresh water
and natural gas, and related new pipelines and other
infrastructure.14 Tar sands mining and in-situ extrac-
tion is now the single largest contributor to the
growth of greenhouse gas emissions in Canada.
This threatens to derail the achievement of Canadas
international Kyoto climate commitments.
DirtyMoney.org
McClelland Lake Wetland ComplexTar Sands To Tear up Unique Wetland Area
Location: McClelland Fen Wetland Complex and
the Athabasca River Corridor in Alberta, Canada
Problem: Tar sand strip-mining threatens irre-
placeable wetland habitat
Affected Species: World-class wetland with 205
bird species, endangered whooping cranes, 114
species of mosses and liverworts, 60 species of
flowering plants, 5 species of insectivorous
plants, plant species that are rare in the Boreal
Forest and species that have not yet been identi-
fied in any other site in the provinceTar Sands Companies: UTS, Teck Cominco, Petro-
Canada
Banking Relationship: TD Securities
Three energy giants Teck-Cominco, UTS and Petro-
Canada - are pushing ahead with a destructive tar sands
project in the Fort Hills region of Alberta, Canada. A mega
strip-mine operation to extract the tar sands threatens the
Athabasca River Corridor and the McClelland Fen Wetland
Complex, two particularly sensitive and priceless parts of
Canadas natural heritage. Albertan environmental organ-
izations have identified both areas as protection priorities.
The complex incorporates McClelland Lake, twelve sink-
holes, and two intricate, ancient patterned fens, which
provide groundwater recharging and habitat for a diverse
community of plant and animal species.15
As the rush for tar sand extraction proceeds, conservation-
ists are calling for a movement to save the fen. Presently,
a mere four square kilometers (0.1%) of the 3,450 km2
tar sands surface mineable area north of Fort McMurray is
protected, and this with only a limited scope of
protection.16 Petro-Canada is arguing against a broader
federal environmental assessment of the area. The
Canadian Parks and Wilderness Society (CPAWS) is calling
for the protection of the McClelland Fen Complex and the
Athabasca River Corridor from all industrial develop-
ment.17
Sadly, it appears that Toronto Dominion Bank does not
share this view. TD Securities has financial relationships
with each of the three companies conducting the Fort Hills
tar sands project. In 2004, TD served as an underwriter
for $100 million for UTS for this project.18 TD Securities
was also co-manager of a September 2005 $1 bill ion debt
offering to Teck-Cominco. Teck-Cominco states that the
proceeds from this transaction will be used for the Fort
Hills Oil Sands project.19 Furthermore, TD Securities has an
active investment banking relationship with Petro-
Canada.20
As Pembina Institute puts it, While there is no shortage
of extractable oil sands in northern Alberta, the availability
of sensitive ecosystems such as the McClelland Fen is lim-
ited."21
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Rosia MontanaGold Mine Proposal Provokes International Opposition
Location: 2,500 year old village in Transylvania
region of Romania
Problem: Proposed project to build largest open
pit gold mine in Europe
Affected community: 2000 residents in Rosia
Montana and Corna Valleys
Mining Company: Gabriel Resources (Canadian)
Banking Relationship: TD Securities
Strong local opposition to the Gabriel Resources Rosia
Montana gold mining project emerged almost immediate-
ly, in 2000, when Canadian mining company Gabriel
Resources announced its intentions to build the largest
open-cast gold mine in Europe, which would destroy the
historic village of Rosia Montana. Resistance to the proj-
ect has since spread across Romania and throughout
Europe. Gabriel Resources was founded for the sole pur-
pose of developing this mining project. At full production,
the mine would evacuate 500,000 tons of rock per week
and use 15.6 million kilograms of cyanide per year.
In 2002 the International Finance Corporation, part of the
World Bank Group, turned down Gabriel Resources appli-
cation for financing, explaining that "there were signifi-cant environmental and social issues connected with the
project." In 2003 Romanias highest scientific body, the
Romanian Academy, stated its opposition to the project, a
position it re-affirmed in February 2006 after finding that
the mine would not bring sustainable development, nor
solve the areas social and economic problems, and would
have negative effects on the environment.
The Orthodox Church, Romanias largest, owns cemeteries,
forest, arable land and historic monuments at RosiaMontana and refuses to sell its properties. On March 23,
2006, the CEO of Gabriel Resources, Alan Hill, confirmed
in an interview that his company intends to expropriate
anyone refusing to leave peacefully. There is forced
unemployment or forced expropriation. Which one do you
want? he asked inhabitants.28 A poll conducted by
Romania's 'Ziua' daily newspaper on April 4, 2004 showed
that 92% of its readers oppose the Gabriel Resources proj-
ect. The widespread public opinion is that this develop-
ment embodies the worst corruption of the political
class.29
The mine poses wider regional environmental threats in
the event of any spills. A representative of the Hungarian
government declared during an official visit to Bucharest
in October 2005, "It is of the highest priority for the
Hungarian Government that the Rosia Montana gold mine
investment is never realized.The Rosia Montana project
given its sheer size could not only affect the immediate
area, but, in the event of a spill, would also affect the Tisa
Basin." Hungarian government concerns have been
heightened due to a January 2000 cyanide spill at a differ-
ent gold operation in northern Romania that released
some 100,000 tons of contaminated wastewater into the
Tisza River, and eventually into the Danube destroying
1,240 tons of fish and polluting the drinking water sup-
plies of 2.5 million people.30
"The destruction of the Rosia Montana
community - with a history of well over2,000 years - by resettling the popula-
tion, demolishing houses (including his-
torical monuments) and churches, as well
as resettling cemeteries, is unacceptable
and is reminiscent of a period everybody
thinks is over. Romanian Academy ofSciences, February 2006. 31
TD finance helps keep this widely-opposed project alive. In
2005 TD Securities was an underwriter of $25 million in
new capital for the environmentally and socially bankrupt
Gabriel Resources Rosia Montana gold mine project.
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Canadas First Nations
Fifteen years of Supreme Court decisions have yet
to be reflected in provincial and federal policies.
Our treaty partners continue to disregard direction
from the Supreme Court in dealing with our peo-
ple. John Cutfeet, Kitchenuhmaykoosib
Inninuwug First Nation, February, 2006 22
As the first inhabitants of the Boreal Forest,
Canadas Aboriginal people have long been effec-
tive stewards of the land that sustains them, even as
their rights over their traditional territories have
been too typically ignored or suppressed. The First
Nations of Canada are among the poorest in
Canadian society. Nearly eighty percent of
Aboriginal communities in Canada are located in
forested areas.
Strengthening Territorial RightsA series of key legal decisions in Canada are
strengthening the ability of First Nations to defend
their basic Aboriginal and treaty rights to take deci-
sions regarding outside development in their territo-
ries. In a 1997 decision, Delgamuukw v. British
Columbia, the Supreme Court of Canada ruled that
government approvals of land uses that degrade sus-
tainable ecosystems are a limitation on aboriginal
title.
In a 2004 decision, Haida Nation v. BritishColumbia and Weyerhaeuser, the Supreme Court
affirmed that the Crown has a duty to consult and
meaningfully accommodate First Nations even prior
to a final claims resolution. This duty to consult and
accommodate was further expanded to treatied
lands in a November 2005 Mikisew Supreme Court
decision.
These Supreme Court decisions are significant for
their recognition of First Nations rights. They also
entail an increased risk of First Nation legal actionagainst companies that seek to clearcut, route
pipelines or otherwise impose destructive activities
in First Nation traditional territories with the
impunity enjoyed in the past.23 First Nations in
Northern Ontario argue that developers and provin-
cial government continue to disregard the Supreme
Court decisions. They have called for a moratorium
on all forestry and mining in their ancestral lands,
stating that the health of our ecosystems, waters
and natural resources of our communities are
endangered by mining explorations and other forms
of resource development.24 The call for a moratori-
um is supported by eight Ontario First Nations, a
coalition of eleven conservation groups and con-
cerned citizens all across the province.
Toronto Dominion can demonstrate a stronger poli-
cy commitment to indigenous rights by supporting
the principles of Free, Prior Informed Consent
(FPIC) through respecting First Nation calls for
moratoria on new industrial resource extraction
activities in their traditional territories, and avoiding
the financing of industrial resource extraction in
areas where Free, Prior Informed Consent proce-
dures have not been followed.
The UN Draft Declaration on the Rights of
Indigenous Peoples references FPIC as the right of
indigenous peoples to determine and develop priori-
ties for the use of their lands, territories and otherresources.(25) The World Banks Extractive
Industries Review concluded that recognition and
implementation of the rights of affected people to
prior and informed consent is a necessary condition
for extractive projects if they are going to contribute
to sustainable development and poverty allevia-
tion.26 Projects that have failed to secure FPIC fre-
quently result in delays, lawsuits, financial losses
and reputational damages to the companies
involved.
Community Impacts Abroad
TD financing also ignores community interests out-
side of Canada; a situation that is particularly appar-
ent in the mining sector. In Guatemala, TD Bank is
financing a nickel mine project that has provoked
large protests and opposition among the affected
Quiche communities. The affected communities
have filed a complaint under the International Labor
Organization, claiming that the mine is moving for-
ward in violation of their indigenous rights recog-
nized under ILO Convention 169 ConcerningIndigenous and Tribal Persons.27
TD has also financed Gabriel Resources, a
Canadian mining company that is going forward
with a plan to build the massive Rosia Montana
Gold Mine in Romania, over the objections of com-
munity members and a growing range of civil socie-
ty and politicians in Europe.
DirtyMoney.org
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Destructive Dividends
Toronto Dominion contributes to indigenous rights
abuses and environmental degradation through vari-
ous loan and investment activities. Under the TD
Securities brand, the bank provides a full range of
capital markets and investment banking services
that include underwriting and distributing loan, debt
and equity products, and executing financial trans-actions. TD acts as an agent or underwriter for
companies in the process of issuing securities, and
its investment banking activities also include pro-
viding capital for and advising companies on mat-
ters related to the issue and placement of stock. 32
Without appropriate environmental screening, this
business becomes a dangerous game of blind
roulette with serious consequences for biodiversity
and the worlds climate. TD Securities has invest-
ment banking relationships with a long roster of
companies in the energy, forestry and mining sec-
tors, a number of which have problematic environ-
mental and human rights records.
TD Bank provides wealth management services to a
global client base, including investments in prob-
lematic forestry, oil and gas, and mining sector
companies. In their 2005 Annual Report, TD
reports $314 billion in assets under wealth manage-
ment administration, and $130 billion under wealth
management.33 It goes on to report that a key factor
in a 13% and 12% asset growth rate in these respec-
tive areas was the strength of the oil sector, whichboth encouraged Canadian market growth and
increased trading activity in 2005.34
TDs loan portfolio, broken down by sector, shows
that outstanding loans and acceptances with
resource extraction industries (forestry, metals and
mining, and oil and gas) total $2.86 billion world-
wide. In Canada alone TD lends hundreds of mil-
lions of dollars to the forestry and mining sectors,
while oil and gas lending surpassed one billion dol-
lars.36 These loans are provided without adequate
biodiversity, climate or indigenous rights protectivesafeguard standards to ensure that TD financing
does not contribute to activities that threaten the
integrity of Endangered Forests or the rights of
Indigenous Peoples. Toronto Dominion also lacks
greenhouse gas reduction targets for its energy sec-
tor financing portfolio, crucial given the billowing
number of high-emission tar sands companies seek-
ing financing for projects in Western Canada
The Way ForwardRestructing TDs Environmental Debt
In order to gain leadership in the finance sector, TD
Bank must signal a clear and firm intent to update
and strengthen its biodiversity, climate, and indige-
nous peoples safeguard policies to meet or beat
best practices policies and guidelines for thefinancial sector in North America. Moving towards
sustainable finance includes:
Establishing clear finance safeguard standards
that protect endangered ecosystems and critical
natural habitats here in Canada and around the
world;
Taking a stand on climate change and quickly
transitioning TD Bank financing away from cli-
mate polluting energy sources. Reducing the
greenhouse gas emissions associated with TDs
loan portfolio and investments;
Supporting the right of First Nations to Free,
Prior and Informed Consent;
Increasing investment in the clean renewable
energy revolution, Forest Stewardship Council
(FSC) certified forestry and the other world
class sustainable technologies that Canadians
want and the future deserves; and,
Allocating executive personnel and adequate
resources to adopt and implement a comprehen-
sive environmental policy that covers bank
activities across all finance portfolios.
In response to a shareholder resolution on biodiver-
sity and indigenous rights submitted by Ethical
Funds, TD Bank agreed to look at the issue, talk to
key stakeholders and consider what if any actions
are appropriate.(36) TD will report on their
progress on this issue in 2007. This is obviously a
necessary preliminary step; however, without a top
level commitment to develop best practice policies
TD Greenwash
Extraction Loans
Sector 2005 2004 2003
Forestry 711 511 799
Metals and Mining 754 492 662
Oil and Gas 1,397 1,016 1,670(in Millions of Canadian dollars)35
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on these critical issues, shareholders and stakehold-
ers have no assurance that this agreement is not just
more greenwash to continue banking as usual.
The world cannot afford more talk and no action.
By understanding the long term impacts of destruc-
tive investments, Canadians and the international
community can begin to expect TD Bank to chart a
new course to clarify their role in ensuring Canadas
wondrous natural legacies and cultural heritage will
be around for the next 150 years. Canadians expect
it, stakeholders want it, and Canada deserves no
less.
Endnotes
1. http://www.answers.com/topic/greenwash
2. Global Forest Watch Canada, Canadas Large intact
Forest Landscapes, Report, 2003.
3. Bryant et al, The Last Frontier Forests: Ecosystems and
Economies on the Edge, World Resources Institute,
Washington DC, 1997. http://globalforestwatch.org/eng-lish/index.htm
4. http://www.globalforestwatch.ca/news.htm
5. Endangered Forests: Priority High Conservation Value
Forests for Protection. Guidance for Corporate
Commitments. www.forestethics.org/pdf/EF.pdf
6
http://www.forestethics.org/downloads/rep_boreal_rocky_
mtn.pdf
7 http://www.borealcanada.ca/news_e.cfm?p_id=207
8
http://www.theglobeandmail.com/servlet/story/RTGAM.20
060222.wxbigtrout22/BNStory/Science/home
9 http://www.borealcanada.ca/news_e.cfm?p_id=22410
http://www.forestethics.org/downloads/rep_boreal_rocky_
mtn.pdf
11
http://www.caribounation.org/article.php?list=type&type=
7
12 http://forestethics.org/article.php?id=991
13 Whats Boreal Forest Got To Do With Climate
Change? Everything., Canadian Boreal Initiative, 2006.
http://www.borealcanada.ca/index_e.cfm
14 http://oilsandswatch.org/
15 Alberta Wilderness Association, McClelland Lake
Wetland Complex Jewel in the Boreal,http://issues.albertawilderness.ca/ML/ML.htm .
16
http://news.albertawilderness.ca/NR2005/NR050303a/NR0
50303a.htm
17 A Response to Mineable Oil Sands Strategy,
http://www.cpaws.org/files/report-response-to-oilsands.pdf
18 http://www.fhr.com/upload/070904UTS.pdf
19 http://www.teckcominco.com/news/05-archive/05-20-
tc.htm
20 www.td.com
21 http://www.pembina.org/newsitem.asp?newsid=5&sec-
tion=
22 Nishnawbe Aski Nation, NAN Supports Protection of
K.I. Lands, press release: February 22, 2006.
23 See, for example, the Ethical Funds shareholder resolu-
tions submitted to Enbridge concerning its proposed
Gateway pipeline.
http://www.ethicalfunds.com/Do_the_right_thing/sri/share-
holder_action/shareholder_resolutions.asp
24 CPAWS, Kitchenuhmayhoosib Inninuwug and Sierra
Legal Defense Fund, Pressure growing for moratorium
on development in northern Ontario, press release: March
20, 2006.
25 UN Draft Declaration on the Rights of Indigenous
Peoples (UNDD) Sub-Commission resolution 1994/95,
Articles 1, 12, 20, 27 and 30.
26 United Nations Department of Economic and Social
Affairs, An Overview of the Principle of Free, Prior and
Informed Consent and Indigenous Peoples in International
and Domestic Law and Practices, New York: January
2005.
27 http://www.miningwatch.ca/index.php?/Skye
28 www.daily-news.ro/article_detail.php?idarticle=24246
29 http://www.rosiamontana.org/
30
http://www.miningwatch.ca/index.php?/Gabriel_Resources
/AMjan06
31 http://www.daily-news.ro/article_detail.php?idarti-
cle=23297
32 www.investorwords.com, 2006.
33 TD Bank Financial Group, 150th Annual Report 2005,
p. 19.
34 TD Bank Financial Group, 150th Annual Report 2005,
p. 38.
35 Ibid, p. 45
36 http://www.td.com/investor/2006/proxy.pdf
37
www.borealcanada.ca/pdf/Boreal_Wealth_Report_Nov_20
05.pdf
Researched and written by Jodie Van Hornand William Barclay, March 2006
Cover photography 2004 Garth Lenz
DirtyMoney.org
2004 Garth Lens
8/9/2019 Bankrupting the future - Big Oil. Big Coal
12/12
The worlds BorealForest, of whichCanada is a major
trustee, is under siege.Canadian Senate Sub-Committee on the Boreal Forest
Rainforest Action Network221 Pine StreetSuite 500San Francisco, CA 94101RAN.org
ForestEthics850 Hastings StreetSuite 604
Vancouver, BC V6C 1E1ForestEthics.org
This report is available on-line at
DirtyMoney.org/Banks_in_the_Boreal/
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