Bloomberg News

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

February 21, 2013

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


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