The audit—conducted by law firms Covington & Burling LLP and WeirFoulds LLP—examined TD’s policies around employee policies, human resources investigations, talent acquisition and company culture. The report found TD had many diversity and inclusion initiatives and programs, but that it could improve in areas like communicating opportunities and tracking demographics. (The Logic)

Talking point: TD is the first Canadian bank to carry out a racial equity audit amid pressure from shareholders in response to the Black Lives Matter movement. CIBC, National Bank, RBC and BMO have since said they too will review racial equity practices. Emma Pullman, head of shareholder engagement and ESG at the B.C. General Employees’ Union—the shareholder group that initially prompted the TD audit—said that while the bank has lots of initiatives in place, they’re mainly focused on employee practices and their effectiveness isn’t clear.