TDAM has collaborated extensively with Canadian securities regulators on environmental and social disclosure for many years.

In the summer of 2010, TDAM and the Canada Pension Plan Investment Board were the only two institutional investors who were on the expert panel that helped the Ontario Securities Commission write Canada's national regulatory notice on environmental disclosure.

In the fall of 2010, we trained more than 150 staff of Canada's various securities commissions on environmental and social disclosure issues.

In 2011, TDAM helped the Toronto Stock Exchange design and run E&S disclosure workshops for 75 representatives of listed companies across a wide range of industries.

Our policy explicitly supports efforts by Canadian securities regulators to be more active in enforcing ESG disclosure standards.

With respect to proxy voting, when a disconnect exists between CEO pay and shareholder performance, we believe it is insufficient to only cast an opposing vote on a non-binding decision regarding CEO pay. Our default is to also cast a binding vote against all members of the board's compensation committee for having allowed the disconnect to occur.