TORONTO, March 18 /CNW/ - TD Bank Financial Group today announced that
shareholders of The Toronto-Dominion Bank (TD) will have the opportunity to
vote on an advisory resolution on executive compensation. The vote will be
held for the first time at TD's annual meeting in 2010 and will be
non-binding, as outlined in TD's 2009 proxy circular in the shareholder
proposals on the topic made by Meritas Financial Inc. and Mouvement
d'éducation et de défense des actionnaires (MEDAC), organizations whose goals
are to mobilize shareholders and improve corporate governance.
"TD promotes open and proactive dialogue with shareholders, ensuring
their feedback on compensation and other important issues is heard and
carefully considered by the board," said John Thompson, Chairman of the Board
of TD and member of the Management Resources Committee. "The board carefully
considered this issue and set out its recommendation to shareholders in TD's
proxy circular. It's now clear from the votes held this year at the other
major Canadian banks' meetings that the opinion of the investment community,
while still divided, has moved in favour of an advisory vote, and so we've
acted accordingly."
Meritas and MEDAC have been active participants in TD's ongoing
evaluation of an advisory vote on executive compensation, providing useful
feedback and a commitment to continue this collaborative process. As a result
of TD's decision, both Meritas and MEDAC have indicated they will not present
their shareholder proposals on this topic at TD's annual meeting on April 2,
2009, in Saint John, New Brunswick.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in
North America by branches and serves approximately 17 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
through TD Banknorth and TD Bank, America's Most Convenient Bank; and
Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks
among the world's leading online financial services firms, with more than 5.5
million online customers. TD Bank Financial Group had CDN$585 billion in
assets on January 31, 2009. The Toronto-Dominion Bank trades under the symbol
"TD" on the Toronto and New York Stock Exchanges.
For further information: Nick Petter, Media Relations, (416) 308-0861