Toronto-Dominion Cuts Clark’s Pay After Missing Targets

Toronto-Dominion Bank (TD), Canada’s largest lender by assets, cut Chief Executive Officer Edmund Clark’s compensation 4.1 percent to C$10.4 million ($9.4 million) for 2013 after missing financial targets.

Clark, 66, was given C$1.5 million in salary, C$4.85 million in share-based awards, C$2.35 million of option-based awards, C$1.6 million in incentives and C$136,875 in other compensation, the Toronto-based lender said today in a filing to Canadian securities regulators. That’s down from C$10.9 million for 2012, for his second straight annual decrease. All figures exclude costs to service pensions.

Toronto-Dominion missed its targets in the fiscal year for total shareholder return and its goal of 7 percent to 10 percent growth for adjusted earnings-per-share, according to the filing. The bank failed to meet its goal of growing revenue faster than expenses.

“During the year, despite achieving record results, the bank did not achieve all of the financial and non-financial objectives that were established,” the company said in its filing. “In addition, the bank did not outperform peers in a manner consistent with prior years.”

Clark, who plans to retire on Nov. 1, led Toronto-Dominion to a record profit of C$6.64 billion for the fiscal year ended Oct. 31.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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