Toronto-Dominion Bank Chief Executive Officer Edmund Clark’s 2011 compensation amounted to C$11.4 million ($11.4 million), about the same as a year earlier.
Clark, 64, was granted C$1.5 million in salary, C$5.2 million in share-based awards, C$1.96 million in non-equity incentive plans, C$2.6 million in option-based awards and C$105,696 in other compensation, the Toronto-based bank said today in a filing to Canadian securities regulators.
While Clark’s performance was “excellent,” his pay was unchanged “in light of the current economic outlook and external environment,” said Toronto-Dominion, Canada’s second-largest bank. His direct compensation for 2011 would have been C$11.95 million if not for those reasons, the bank said.
Toronto-Dominion posted record earnings in 2011 of C$6.05 billion, or C$6.43 a share under International Financial Reporting Standards. The stock gained 2.8 percent last year, second-most among 10 companies in the Standard & Poor’s/TSX Banks Index.
Chief Financial Officer Colleen Johnston received C$3.25 million in total direct compensation, a 6.9 percent increase from 2010, according to the regulatory filing. Domestic consumer-banking head Tim Hockey received C$4.78 million, a 4.9 percent increase.
U.S. consumer-banking head Bharat Masrani was awarded C$6.99 million, up 10 percent from a year earlier. Robert Dorrance, head of Toronto-Dominion’s investment bank TD Securities, was awarded C$7.15 million, a 12 percent decline, reflecting lower adjusted net income in that business, according to the filing.
Toronto-Dominion said in a separate statement that it awarded Clark C$11.28 million. That excludes the $105,696 in “all other compensation” for transportation, wellness and housing allowances, and premiums and applicable taxes.
Royal Bank of Canada, the country’s largest bank, disclosed this month it awarded CEO Gordon Nixon C$10.1 million in 2011, an 8.3 decrease from the previous year.