Alan MacGibbon was re-elected as chairman of the board at TD Bank Group’s annual meeting on Thursday, with 57.7% of shareholder votes in favour and 42.3% of votes withheld.
This comes after a tumultuous year for TD. Last October, U.S. regulators slapped a US$3.09 billion fine on the bank after it pleaded guilty to charges related to money laundering.
Last May, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) also levied a $9.2-million fine for the bank’s non-compliance with money laundering and terrorist financing measures.
Of the 57 fines over US$500,000 that were imposed by global regulators last year, the U.S. fine was the largest in the world and the FINTRAC fine was the largest in Canada.
Other TD board members also saw lower than usual support from shareholders. Mary A. Winston received 72.8% of votes, with 72.7% for Cherie L. Brant and 71.4% for S. Jane Rowe. All other board members received at least 95% of votes in favour, including Raymond Chun, who took over as president and CEO on Feb. 1, at 99.6%.
MacGibbon will be stepping down from the board at the end of the year.
In contrast, the board of directors of other major Canadian banks received high levels of support. The highest number of votes withheld for any board member at RBC was just 2.79% during the annual meeting Thursday, 5.24% at Scotiabank on Tuesday and 5.47% at CIBC at the meeting last week.
The Bank of Montreal’s annual shareholder meeting is on Friday, and the National Bank of Canada will have its on April 24.
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