Masrani made the remarks as he faced shareholders Thursday at the bank's annual general meeting, the first since its
"Regretfully, our program was not where it needed to be," said Masrani. "We know where our issues are, we are working to fix them."
He said that he understands shareholders want to know more about the investigation, which includes the
"I'm hoping that in the near term, I will be able to, and I'd be really thrilled that at that time, you know, I could provide more detail," said Masrani.
"But in the meantime, I would ask you to be patient."
TD called off the
Masrani was also pressed Thursday on the share price performance of the bank, which has sunk over 27 per cent from the high reached in
The bank's fundamental performance is strong, he said, but he acknowledged that the investigation has weighed on the stock.
"Without a doubt shareholders have some anxiety, as do we, regarding our issue in the
Masrani emphasized that TD still has a significant presence and potential in the
The bank also faced questions on its climate efforts, ranging from its lobbying affiliations to its direct efforts on emission reductions.
A shareholder resolution put forward by Investors for Paris Compliance calling on the bank to disclose more details on how it plans to achieve its net zero targets received 28.6 per cent support, up from 23.5 per cent for a similar resolution last year.
“Investor pressure will only grow for accountability at the bank as the climate crisis accelerates," she said.
A proposal for an advisory vote on environmental policies, proposed by Le Mouvement d’éducation et de défense des actionnaires, received 17.9 per cent support.
Climate issues saw the most support among shareholder resolutions, including almost 29 per cent support for a proposal to have TD provide more details on its transitions plans, and 18 per cent support for an advisory vote on environmental policies.
This report by The Canadian Press was first published
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