Toronto Dominion Bank (TSX:TD) scaled back the planned compensation of president and CEO Ed Clark by nearly six per cent in 2011 to about $11.3 million.
Clark’s pay would have been about $12 million, or six per cent higher than what the CEO earned in 2010.
But the big Toronto-based bank’s board scaled it back to the 2010 level because of current economic uncertainty and challenging markets, according to the bank’s circular ahead of its March 29 annual meeting in Toronto.
Clark’s payment was made up of $1.5 million in base salary, $1.7 million in cash incentives and $7.8 million in stock incentives.
Like in 2010, Clark deferred his entire cash incentive into TD shares that will be cashed in when he retires.
For all of fiscal 2011, TD Bank’s profits increased to $5.89 billion from $4.64 billion in 2010. Revenue was up $21.59 billion from $19.57 billion.
“TD had a record year in 2011, despite the challenging macroeconomic environment,” said Brian Levitt, TD’s chairman.
“Our full-year adjusted earnings per share rose 18%. These results validate the bank’s strategy of focusing on high-quality, reliable retail earnings and best-in-class service.”
TD Bank is one of North America;s biggest retail banks, with operations across Canada and in several parts of New England and the U.S. northeastern and mid-Atlantic states.