Decision on observation

Norges Bank's Executive Board has decided to place the company Toronto-Dominion Bank under observation for a period of four years due to an unacceptable risk that the company contributes to or is responsible for gross corruption or other serious financial crime, in reference to the conduct-based criterion in the Guidelines for Observation and Exclusion from the Government Pension Fund Global § 4 g. 

The decision is based on a recommendation from the Council on Ethics of 5 March 2025. 

The Board has not independently assessed all aspects of the recommendation but finds it sufficiently substantiated that the observation criteria have been fulfilled. Before deciding to place a company under observation, Norges Bank shall consider whether other measures, including active ownership, may be better suited. The Board’s assessment is that it is not appropriate to use other measures in this case.     

The Council on Ethics' recommendations:
Toronto-Dominion Bank