Tuesday, July 29th24.6°C
21450
21739

Most TD Bank executives saw their pay shrink last year after missed targets

TORONTO - Most top executives at TD Bank (TSX:TD) saw their pay shrink last year, as the financial institution's performance missed its own targets.

Retiring chief executive Ed Clark received $10.3 million in direct compensation, a decrease of four per cent from $10.75 million in 2012, the bank said in its proxy circular released on Thursday.

Chief operating officer Bharat Masrani was the only one from the bank's top six executives to get a pay increase. His total compensation rose 13 per cent to $6.7 million.

Masrani took the new executive position mid-year as part of his transition into the CEO role when Clark retires in November.

"During the year, despite achieving record results, the bank did not achieve all of the financial and non-financial objectives that were established," the bank said.

"In addition, the bank did not outperform peers in a manner consistent with prior years."

Other executives like Tim Hockey, head of Canadian banking, saw his pay drop 1.5 per cent to $4.53 million, while direct compensation to chief financial officer Colleen Johnston fell 3.4 per cent to $2.95 million.

Clark will also receive a lifetime pension valued at nearly $2.5 million that "will continue unreduced to Mr. Clark's surviving spouse for her lifetime following his death," the bank said.

In 2013, TD Bank's net income slipped to $6.66 billion from $6.47 billion a year earlier. Total revenue increased to $27.26 billion from $25.55 billion.

Adjusted earnings per share fell short of the bank's expectations, rising 0.4 per cent for the year to $7.45 per share. The bank had an annual growth target of seven to 10 per cent.

Last month, Royal Bank (TSX:RY) reported that chief executive Gord Nixon received a pay increase of about one per cent to $12.7 million in 2013.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15446.55+1.33
S&P CDNX1016.50-3.35
DJIA16912.11-70.48
Nasdaq4442.698-2.211
S&P 5001969.95-8.96
CDN Dollar0.9212-0.0004
Gold1310.00+6.70
Oil101.06+0.09
Lumber322.20-0.80
Natural Gas3.73-0.017

 
Okanagan Companies
Pacific Safety0.185-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.20+0.05
Cantex0.085+0.02
Anavex Life Sciences0.2675+0.0025
Metalex Ventures0.085+0.005
Russel Metals35.29+0.14
Copper Mountain Mining2.86-0.11
Colorado Resources0.2250.00
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.035+0.015
Mission Ready Services0.155-0.035

 



22563

FEATURED Property
1786981312 Raven Drive, Kelowna, BC
10078144 bedrooms
$439,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22581