TORONTO, Feb. 23 /CNW/ - TD Bank Group (TD) today announced that it has
mailed its Notice of Annual Meeting of Common Shareholders and
Management Proxy Circular to common shareholders of The
Toronto-Dominion Bank. The document is also available online at www.td.com/investor/proxy.jsp.
The management proxy circular contains, in part, detailed descriptions
of TD's executive compensation policy, including the 2010 compensation
of Ed Clark, Group President and Chief Executive Officer, TD.
The Human Resources Committee set Mr. Clark's total direct compensation
for 2010 at $11.275 million, compared with $10.4 million in 2009. In
2010, Mr. Clark voluntarily deferred his cash bonus into deferred share
units. As a result, all of his incentive compensation for 2010 is
equity-based to maximize alignment to long-term shareholder value.
"TD had another great year in 2010, marked by significant growth despite
ongoing weakness in the economy. Thanks to the leadership of Ed and the
management team, the bank's adjusted earnings per share rose eight
percent, back to the record levels we saw in 2007," said Brian Levitt,
TD's Chairman of the Board and member of the Human Resources Committee.
"We're very proud of TD's performance and the bank remains well
positioned to continue to deliver long-term, profitable growth and
During 2010, TD delivered record adjusted earnings of more than $5
billion. These earnings were anchored by very strong performance from
our retail businesses on both sides of the border. TD's Wholesale
business delivered another impressive year ahead of expectations and
performance in the Wealth Management business continued to strengthen
throughout the year. The bank's performance also exceeded North
American peers on several key financial measures, and customer
satisfaction increased during the year.
The bank's focus on delivering legendary customer experiences was
recognized with numerous awards, including TD Canada Trust being named
highest in customer satisfaction among the big five Canadian banks for
the fifth year in a row by J.D. Power & Associates. TD also continued
to build on its strong employment brand and was named one of Aon
Hewitt's 50 Best Employers in Canada for the third year in a row.
The circular also contains information for shareholders regarding TD's
annual meeting, including exercising voting rights on the election of
TD's Board of Directors, the appointment of the auditor, and
shareholder proposals. It also includes information regarding a
non-binding, advisory vote by shareholders on TD's approach to
executive compensation. The meeting will be held on March 31, 2011, in
Victoria, British Columbia.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Group. TD is the sixth largest bank in North America by
branches and serves approximately 19 million customers in four key
businesses operating in a number of locations in key financial centres
around the globe: Canadian Personal and Commercial Banking, including
TD Canada Trust and TD Insurance; Wealth Management, including TD
Waterhouse and an investment in TD Ameritrade; U.S. Personal and
Commercial Banking, including TD Bank, America's Most Convenient Bank;
and Wholesale Banking, including TD Securities. TD also ranks among the
world's leading online financial services firms, with more than 6
million online customers. TD had $620 billion in assets on October 31,
2010. The Toronto-Dominion Bank trades under the symbol "TD" on the
Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
For further information:
Mohammed Nakhooda, Media Relations, (416) 983-8622; Wojtek Dabrowski, Media Relations, (416) 307-8149