TORONTO, Feb. 20, 2014 /CNW/ - TD Bank Group ("TD" or the "Bank") 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 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, a by-law amendment, and shareholder proposals. It also
includes information regarding a non-binding, advisory vote by
shareholders on TD's approach to executive compensation disclosed in
the circular. The meeting will be held on April 3, 2014, at the Hyatt
Regency in Calgary.
The circular also contains, among other items, detailed descriptions of
TD's approach to executive compensation, including the 2013
compensation of Ed Clark, Group President and Chief Executive Officer,
TD.
The Board, on a recommendation from its Human Resources Committee, set
Mr. Clark's total direct compensation for 2013 at $10.3 million, a 4
per cent decrease from 2012. In making this decision, the committee
considered a number of factors, including TD's performance against
financial and non-financial objectives as well as performance relative
to peer organizations.
"In a challenging operating environment, TD delivered a strong
performance in 2013," said Brian Levitt, TD's Chairman of the Board and
member of the Human Resources Committee. "The Bank's full-year adjusted
earnings exceeded $7 billion and we announced a stock dividend of one
common share per each issued and outstanding common share, which
reflects the substantial appreciation of our share price over the last
decade. Total bank earnings were impacted by challenges in the
insurance business where significant charges were incurred associated
with severe weather related events and increased general insurance
claims."
TD's 2013 earnings were driven by strong results in its North American
retail and wealth businesses, and TD continues to be recognized as a
leader in customer satisfaction. For the eighth consecutive year, TD
Canada Trust received the highest ranking in customer satisfaction
among the Top Five banks by the J.D. Power 2013 Canadian Retail Banking Customer Satisfaction StudySM. In the U.S., TD Bank, America's Most Convenient Bank, was recognized
by J.D. Power as a leader in retail banking in Florida, and in small
business banking customer satisfaction in the Northeast.
"In 2013 we were proud to achieve a terrific milestone in our North
American success story: TD Bank, America's Most Convenient Bank,
delivered $1.6 billion in adjusted earnings, despite a challenging
operating environment," said Mr. Levitt.
TD continued its strategic growth in 2013, completing the acquisition of
Epoch Holding Corporation and its wholly-owned subsidiary Epoch
Investment Partners, Inc., completing the acquisition of substantially
all of Target Corporation's existing U.S. Visa and private label credit
card portfolio and becoming the exclusive issuer of Target-branded Visa
and private label consumer credit cards to Target's U.S. customers, and
completing the negotiation of transactions with Aimia Inc. and Canadian
Imperial Bank of Commerce ("CIBC") under which TD became the primary
issuer of credit cards for Aeroplan, and acquired approximately 50% of
CIBC's existing Aeroplan credit card portfolio.
"The Board is pleased with TD's 2013 performance, and we are confident
in our ability to succeed in 2014 and beyond as we continue to
strategically invest in our businesses while managing expense growth,"
said Mr. Levitt.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Group ("TD" or "the Bank"). TD is the sixth largest bank in
North America by branches and serves over 22 million customers in three
key businesses operating in a number of locations in financial centres
around the globe: Canadian Retail, including TD Canada Trust, TD Auto
Finance Canada, TD Wealth, TD Direct Investing, and TD Insurance; U.S.
Retail, including TD Bank, America's Most Convenient Bank, TD Auto
Finance U.S., and an investment in TD Ameritrade; and Wholesale
Banking, including TD Securities. TD also ranks among the world's
leading online financial services firms, with approximately 8 million
active online and mobile customers. TD had CDN$862.0 billion in assets
on October 31, 2013. The Toronto-Dominion Bank trades under the symbol
"TD" on the Toronto and New York Stock Exchanges.
Note on "adjusted" results and non-GAAP financial measures
TD prepares its consolidated financial statements in accordance with
International Financial Reporting Standards ("IFRS"), the current
generally accepted accounting principles ("GAAP"), and refers to
results prepared in accordance with IFRS as the "reported" results. TD
also utilizes non-GAAP financial measures referred to as "adjusted"
results (i.e., reported results excluding "items of note", net of
income taxes) to assess each of its businesses and measure TD's overall
performance. The items of note relate to items which management does
not believe are or would be indicative of underlying business
performance. TD believes that adjusted results provide the reader with
a better understanding of how management views the bank's performance.
Adjusted results and adjusted earnings are not defined terms under GAAP
and, therefore, may not be comparable to similar terms used by other
issuers. For more information of a general nature, see "How the Bank
Reports" in the Bank's 2013 Management's Discussion & Analysis.
SOURCE TD Bank Group
