Originally Posted By avro_imagineer <a href="http://ca.finance.yahoo.com/personal-finance/article/canadianbusiness/1022/executive-compensation-bank-slips" target="_blank">http://ca.finance.yahoo.com/pe...nk-slips</a> <<<It hasn’t been a good year for investors at Canada’s largest banks. The current financial crisis, along with the global economic downturn, has savaged the earnings, profits and share prices of just about all of our major financial institutions. But judging from the compensation the banks’ boards of directors planned to hand out to CEOs, you’d think it had been a banner year. The compensation was so over the top that senior managers at three of Canada’s big banks announced they were turning the cheques down.>>> <<d Clark of the Toronto-Dominion Bank (tsx: TD) is the latest CEO to renounce the whopping bonus he was awarded by his board. Earlier this month, Clark announced that he would be donating $3 million in bonus payments to charity after TD’s board awarded him $11 million in total direct compensation for the year. That $11 million was down 19 per cent from the $13.5 million Clark was awarded in 2007>> <<To justify their generous compensation awards, most bank boards cited the relatively strong performance of our banks compared to their international rivals, many of which loaded their balance sheets up with sub prime mortgages, collateralized debt obligations and other now-toxic assets. And while the Canadian banks should be commended for not playing Russian roulette with shareholders’ capital, outperforming Wall Street’s mortgage markets this year is a little like being “taller than pygmies,” said Ian de Verteuil, an analyst at BMO Capital Markets in a recent research note. “It isn’t a harsh yardstick against which to be judged.”>> What could I do with 11 million for a bad performance?
