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.
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