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TD Bank chief ‘worth more’

The chief executive officer of the Toronto-Dominion Bank deserves morethan $8 million for his performance last year, the bank’s chairmanassured shareholders Thursday.

The chief executive officer of the Toronto-Dominion Bank deserves more than $8 million for his performance last year, the bank’s chairman assured shareholders Thursday.

John Thompson told the annual meeting that CEO Ed Clark’s management team “had the foresight to avoid the U.S. subprime market; we didn’t invest in or sell third-party asset-backed commercial paper and other risky financial instruments.”

As a result, Thompson said, TD avoided billions of dollars in losses and is ranked as one of the safest banks in the world.

The board awarded the CEO $11 million in total compensation for 2008, down 19 per cent from 2007, and Clark then declined to accept $3 million, for a reduction of 41 per cent.

 
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