Toronto-Dominion Reduces CEO Edmund Clark’s Pay to $10.7 Million

Toronto-Dominion Bank (TD), Canada’s second-largest lender, awarded Chief Executive Officer Edmund Clark C$10.9 million ($10.7 million) in 2012, a 4.4 percent decrease from a year earlier.

Clark, 65, was given C$1.5 million in salary, C$5.03 million in share-based awards, C$1.73 million in non-equity incentive plans and C$134,192 in other compensation, the Toronto-based bank said today in a filing with Canadian regulators. Clark’s total compensation last year was C$11.4 million.

The Toronto-based bank cited the impact of litigation reserves and “the year-over-year decrease in the business performance factor for members of the senior executive team” in the filing. Toronto-Dominion had record adjusted profit of C$7.1 billion in the year ended Oct. 31.

Clark told investors in March that he’s in his “final years” leading the bank.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.