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TD Bank Group president and CEO Bharat Masrani’s total compensation was down in 2020, according to the bank’s proxy circular.

Masrani’s total compensation was $10.5 million last year — down from $12.6 million in 2019 — as the effects of the pandemic took a bite out of executive compensation.

According to the circular, the bank’s net income after tax was $9.7 billion — 14% below its 2020 target. This contributed to a business performance factor of -12.7% in the year, and a corresponding 12.7% reduction in variable compensation for executives.

Masrani’s 2020 pay included $1.45 million in salary, $4.8 million in share-based awards, $2.4 million in options-based awards, a $1.8-million cash bonus and about $83,000 in other compensation. He received no pension value for the year.

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That compared with the $1.44 million in salary Masrani was paid last year, in addition to $5.5 million in share-based awards, $2.7 million in options-based awards, a $2-million cash bonus, $907,000 in pension value and $118,000 in other compensation.

TD’s other executive officers made the following in 2020:

  • Riaz Ahmed, group head and CFO, TD Bank Group, made total compensation of $3.7 million, down from $4 million in 2019
  • Bob Dorrance, group head, wholesale banking, TD Bank Group, and chairman, CEO and president, TD Securities, made $8.5 million, up from $7.4 million in 2019 (TD Securities had a 133% year-over-year increase in net income after tax that was “well in excess of performance targets,” the circular noted)
  • Greg Braca, group head, U.S. banking, TD Bank Group, and president and CEO of the U.S. TD Bank, made $4.8 million, down from $5.3 million in 2019
  • Teri Currie, group head, Canadian personal banking, TD Bank Group, made $5 million, down from $6.6 million in 2019

Gender diversity

Five of the bank’s 14 director nominees were women, or 36%. The bank noted that two of its 10 executive officer positions were held by women.

Shareholder proposals

TD is facing two shareholder proposals this year.

  1. A request that the bank produce a report on loans it has made in recent years in support of the circular economy (reducing waste and greenhouse gas emissions).
  2. A request that the bank set a diversity target of more than 40% for the composition of its board of directors for the next five years.

The bank advised against voting for the proposals.

TD will hold its annual general meeting via webcast and by phone on April 1.