The chief executive of TD Bank Group saw his total compensation for 2019 fall compared with 2018 when he received a special one-time stock option award of $1.9 million.

According to the proxy circular filed ahead of the bank’s annual meeting, TD says Bharat Masrani earned total compensation valued at $12.6 million in 2019.

The pay packet included $1.4 million in salary, nearly $5.5 million in share-based awards, nearly $2.7 million in option-based awards, a $2-million cash bonus, $907,000 in pension value and $118,000 in other compensation.

That compared with total compensation valued at $15.3 million in 2018 when Masrani earned $1.3 million in salary, nearly $5.6 million in share-based awards, $4.6 million in option-based awards, a $2-million cash bonus, nearly $1.6 million in pension value and $89,000 in other compensation.

Under Masrani’s leadership, TD says the bank delivered “modest” earnings and earnings per share growth though a challenging operating environment.

TD earned $11.7 billion in its 2019 financial year, up from $11.3 billion the previous year.

TD’s other executive officers made the following in 2019:

  • Riaz Ahmed, group head and CFO, TD Bank Group, made total compensation of $4 million, down from $4.3 million in 2018.
  • Bob Dorrance, group head, Wholesale Banking, TD Bank Group, and chairman, CEO and president, TD Securities, made $7.4 million, down from $8.9 million in 2018.
  • Greg Braca, group head, U.S. Banking, TD Bank Group, and president and CEO of the U.S. TD Bank, made $5.3 million, down from $5.8 million in 2018.
  • Teri Currie, group head, Canadian Personal Banking, TD Bank Group, made $6.6 million, up from $4.8 million in 2018.

Gender diversity

Five of the bank’s 13 director nominees are women, or 38%. The bank also notes that three of its 12 executive officer positions are held by women.

Shareholder proposals

TD is facing four shareholder proposals this year.

  1. A request that the bank disclose the equity ratio used by the compensation committee to determine executive compensation.
  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.
  3. A request that the bank set company-wide targets for reducing greenhouse gas emissions associated with its underwriting and lending activities and issue annual progress reports.
  4. A request that the bank inform shareholders of the investments it makes in IT over the next five years.

The bank advised against voting for the first three proposals and explained its current method for addressing the fourth proposal.

TD will hold its annual general meeting April 2, 2020.