TORONTO – The chief executive of Toronto Dominion Bank (TSX:TD) saw his compensation set at $10.75 million last year, a five per cent decrease from 2011.
Ed Clark’s payment was made up of $1.5 million in base salary, $1.725 million in cash incentives and $7.525 million in stock incentives.
Clark deferred his entire cash incentive into TD shares that will be cashed in when he retires, as he did in 2011 and 2010.
Clark’s total compensation in 2011 was $11.275 million.
TD’s board of directors noted the bank’s financial performance was strong and that Clark’s “personal performance was outstanding.”
Still, it said items that impacted litigation reserves represented a significant financial expense, and as a result, the board “believed that adjustments to compensation were appropriate.”
For all of fiscal 2012, TD earned $6.47 billion or $6.76 per diluted share on $23.12 billion in revenue. That compared with a profit of $6.05 billion or $6.43 per diluted share on $21.66 billion in revenue in the prior year.
TD Bank is one of North America’s biggest retail banks, with operations across Canada and in several parts of New England and the U.S. northeastern and mid-Atlantic states.