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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
40-F
[Check one]
☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE |
SECURITIES EXCHANGE ACT OF 1934 |
OR
☒ | ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE |
SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended October 31, 2023 | Commission File Number 1-14446 |
THE TORONTO-DOMINION BANK
(Exact name of Registrant as specified in its charter)
Canada
(Province or other jurisdiction of incorporation or organization)
6029
(Primary Standard Industrial Classification Code Number (if applicable))
13-5640479
(I.R.S. Employer Identification Number (if applicable))
c/o General Counsel’s Office
P.O. Box 1
Toronto-Dominion Centre
Toronto, Ontario M5K 1A2
(416)
308-6963
(Address and telephone number of Registrant’s principal executive offices)
Glenn Gibson, The Toronto-Dominion Bank
One Vanderbilt Avenue
New York, NY
10017
(212)
827-700
0(Name, address (including zip code) and telephone number (including area code)
of agent for service in the United States)
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Shares | TD | New York Stock Exchange |
Securities registered or to be registered pursuant to Section 12(g) of the Act.
Not Applicable
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
Not Applicable
(Title of Class)
For annual reports, indicate by check mark the information filed with this form:
☒ | Annual information form | ☒ | Audited annual financial statements |
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
Common Shares | 1,791,422,412 | |||
Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 1(Non-Viability Contingent Capital) | 20,000,000 | |||
Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 3(Non-Viability Contingent Capital) | 20,000,000 | |||
Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 5(Non-Viability Contingent Capital) | 20,000,000 | |||
Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 7(Non-Viability Contingent Capital) | 14,000,000 | |||
Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 9(Non-Viability Contingent Capital) | 8,000,000 | |||
Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 16(Non-Viability Contingent Capital) | 14,000,000 | |||
Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 18(Non-Viability Contingent Capital) | 14,000,000 | |||
Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 22(Non-Viability Contingent Capital) | 14,000,000 | |||
Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 24(Non-Viability Contingent Capital) | 18,000,000 | |||
Class A First Preferred Shares, Series 26 (Non-Viability Contingent Capital)* | 1,750,000 | |||
Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 27 | 850,000 | |||
Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 28 | 800,000 | |||
Class A First Preferred Shares, Series 29 (Non-Viability Contingent Capital)* | 1,500,000 | |||
Class A First Preferred Shares, Series 30 (Non-Viability Contingent Capital)* | 1,750,000 |
* In connection with the issuance of: (i) Limited Recourse Capital Notes NVCC, Series 1, the Registrant issued CAD$1,750 million of Class A First Preferred Shares, Series 26 (Series 26 Preferred Shares) at a price of CAD$1,000 per Series 26 Preferred Share; (ii) Limited Recourse Capital Notes NVCC, Series 2, the Registrant issued CAD$1,500 million of Class A First Preferred Shares, Series 29 (Series 29 Preferred Shares) at a price of CAD$1,000 per Series 29 Preferred Share, and (iii) Limited Recourse Capital Notes NVCC, Series 3, the Registrant issued USD$1,750 million of Class A First Preferred Shares, Series 30 (Series 30 Preferred Shares) at a price of USD$1,000 per Series 30 Preferred Share. The Series 26 Preferred Shares, Series 29 Preferred Shares, and Series 30 Preferred Shares were issued to a trust to be held as limited recourse trust assets in connection with the Limited Recourse Capital Note structure. The Series 26 Preferred Shares, Series 29 Preferred Shares and Series 30 Preferred Shares are eliminated on the Registrant’s consolidated financial statements.
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ | No ☐ |
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).Yes ☒ | No ☐ |
Indicate by check mark whether the Registrant is an emerging growth company, as defined in
Rule 12b-2
of the Exchange Act.Emerging growth company ☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.
☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to
§240.10D-1(b).
☐
Auditor Name: | Auditor Location: | Auditor Firm ID: |
Disclosure Controls and Procedures
The disclosure provided under the headingincluded in Exhibit 99.2: Management’s Discussion and Analysis is incorporated by reference herein.
Accounting Standards and Policies – Controls and Procedures – Disclosure Controls and Procedures
Management’s Annual Report on Internal Control Over Financial Reporting
The disclosure provided under the headingincluded in Exhibit 99.2: Management’s Discussion and Analysis is incorporated by reference herein.
Accounting Standards and Policies – Controls and Procedures – Management’s Report on Internal Control Over Financial Reporting
Attestation Report of the Registered Public Accounting Firm
The disclosure provided under the headingincluded in Exhibit 99.3: 2023 Annual Financial Statements is incorporated by reference herein.
Report of Independent Registered Public Accounting Firm To the Shareholders and Directors of The Toronto-Dominion Bank – Opinion on Internal Control over Financial Reporting
Changes in Internal Control Over Financial Reporting
The disclosure provided under the headingincluded in Exhibit 99.2: Management’s Discussion and Analysis is incorporated by reference herein.
Accounting Standards and Policies – Controls and Procedures – Changes in Internal Control Over Financial Reporting
Audit Committee Financial Expert
The disclosure provided under the headingincluded in Exhibit 99.1Annual Information Form dated November 29, 2023 is incorporated by reference herein.
Directors and Executive Officers – Audit Committee
:
Code of Ethics
The Registrant has adopted the
Code of Conduct and Ethics for Employees and Directors
(the “Code”) as its code of ethics applicable to all its employees and directors, including the Registrant’s Group President and Chief Executive Officer, Group Head and Chief Financial Officer, and Senior Vice President, Finance, Controller and Chief Accountant. The Registrant posts the Code on its website atwww.td.com
and also undertakes to provide a copy of the Code to any person without charge upon request. Such request may be made by mail, telephone ore-mail
to:The Toronto-Dominion Bank
TD Shareholder Relations
P.O. Box 1, Toronto-Dominion Centre
Toronto, Ontario, Canada M5K 1A2
Telephone:
1-866-756-8936
E-mail:
tdshinfo@td.com
On February 14, 2023, an amended version of the Code was filed with the SEC on Form
6-K
and made available on the Registrant’s website.The key amendments made to the Coderevisions were made to align to the Anti-Bribery and Anti-Corruption Policy, and additional language added to clarify that U.S. employees are strictly prohibited from accepting any gift card, of any value, at any time. b) 2E)amendments made to highlight the importance of only communicating through approved TD channels when conducting TD business (e.g., no use of text, WhatsApp, etc.). A scenario emphasizing the importance of this concept is included in the 2023 Code training course. c)the obligation to provide truthful information when cooperating in such a review is now stated explicitly d) 3C)following the adoption of the new Outside Business Activity (OBA) system, language has been updated to direct employees to submit any corporate opportunity with a personal component via the OBA system forthe title changed to “Protecting and Safeguarding Confidential Information” and further emphasis placed on the importance of meeting this obligation in the context of
at that time included: a) 2B)
Gifts and Entertainment
Communication on Behalf of TD or about TD
2K Cooperating with Audits, Reviews, and Investigations
Corporate Opportunities
pre-approval.
e)4C) Protecting and Safeguarding TD Information
remote work arrangements. In addition to these changes, certain other editorial, technical, organizational, administrative and
non-substantive
amendments were made to the Code.No waivers from the provisions of the Code were granted in the fiscal year ended October 31, 2023 to the Registrant’s Group President and Chief Executive Officer, Group Head and Chief Financial Officer, and Senior Vice President, Finance, Controller and Chief Accountant.
Principal Accountant Fees and Services
The disclosure regarding Audit Fees, Audit-Related Fees, Tax Fees and All Other Fees provided under the headingincluded in Exhibit 99.1: Annual Information Form dated November 29, 2023 is incorporated by reference herein.
Directors and Executive Officers –
Pre-Approval
Policies and Shareholders’ Auditor Service FeesPre-Approval
Policy for Audit andNon-Audit
ServicesThe disclosure provided under the headingincluded in Exhibit 99.1: Annual Information Form dated November 29, 2023 is incorporated by reference herein.
Directors and Executive Officers –
Pre-Approval
Policies and Shareholders’ Auditor Service FeesDuring the fiscal year ended October 31, 2023, the waiver of
pre-approval
provisions set forth in the applicable rules of the SEC were not utilized for any services related to Audit-Related Fees, Tax Fees or All Other Fees and the Audit Committee did not approve any such fees subject to the waiver ofpre-approval
provisions.Hours Expended on Audit Attributed to Persons Other than the Principal Accountant’s Employees
Not Applicable
Off-balance
Sheet ArrangementsThe disclosure provided under the headingincluded in Exhibit 99.2: Management’s Discussion and Analysis is incorporated by reference herein.
Group Financial Condition – Securitization and
Off-Balance
Sheet ArrangementsContractual and Other Obligations
The disclosure provided in Table 58:included in Exhibit 99.2: Management’s Discussion and Analysis is incorporated by reference herein.
Remaining Contractual Maturity
Identification of the Audit Committee
The disclosure provided under the headingincluded in Exhibit 99.1: Annual Information Form dated November 29, 2023 identifying the Registrant’s Audit Committee is incorporated by reference herein.
Directors and Executive Officers – Audit Committee
Mine Safety Disclosure
Not Applicable
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not Applicable
Recovery of Erroneously Awarded Compensation.
Not Applicable
Undertaking
Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to
Form 40-F;
the securities in relation to which the obligation to file an annual report on Form40-F
arises; or transactions in said securities.Comparison of New York Stock Exchange Corporate Governance Rules
A comparison of NYSE Corporate Governance Rules required to be followed by U.S. Domestic Issuers under the NYSE’s listing standards and the Corporate Governance practices of The Toronto-Dominion Bank (disclosure required by section 303A.11 of the NYSE Listed Company Manual) is available on the Corporate Governance section of the Registrant’s website at www.td.com/governance.
Signatures
Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on
Form 40-F
and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.Registrant: | THE TORONTO-DOMINION BANK | |||
By: | /s/ Kelvin Tran | |||
Name: | Kelvin Tran | |||
Title: | Group Head and Chief Financial Officer | |||
Date: | November 30, 2023 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
40-F
ANNUAL REPORT PURSUANT TO
SECTION 13(a) or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
THE TORONTO-DOMINION BANK
EXHIBITS
INDEX TO EXHIBITS
No. | Exhibits | |
97 | Incentive Compensation Clawback Policy | |
99.1 | Annual Information Form dated November 29, 2023 | |
99.2 | Management’s Discussion and Analysis | |
99.3 | 2023 Annual Financial Statements | |
99.4 | Industry Guide 3 – Return on Assets, Dividend Payouts, and Equity to Assets Ratios | |
99.5 | Code of Ethics | |
99.6 | Consent of Independent Registered Public Accounting Firm | |
99.7 | Certification Pursuant to Section 302 of the U.S. Sarbanes-Oxley Act of 2002 | |
99.8 | Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the U.S. Sarbanes-Oxley Act of 2002 | |
101 | The following financial information from The Toronto-Dominion Bank’s Annual Report on Form 40-F for the year ended October 31, 2023 formatted in Inline XBRL: (i) Consolidated Balance Sheet as at October 31, 2023 and 2022; (ii) Consolidated Statements of Income, Comprehensive Income, Changes in Equity, and Cash Flows for the years then ended October 31, 2023; and (iii) Notes to Consolidated Financial Statements. | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |