TD Ameritrade Shareholders Approve Say-On-Pay Proposal On Executive Compensation

TD Ameritrade Holding Corp. (AMTD) shareholders, on an advisory basis, approved compensation for executives of the online brokerage including Chief Executive Fred Tomczyk.

At the company's annual stockholders meeting in Omaha, Neb., a majority of its shareholders voted in favor of the proposal, commonly referred to as a say-on-pay measure.

Tomczyk, who has led TD Ameritrade since late 2008, was awarded roughly $6 million in compensation for fiscal 2011, essentially flat with his payout the prior year.

TD Ameritrade stockholders also re-elected four members to the company's board including Tomczyk and Toronto-Dominion Bank (TD.T, TD) Chief Executive Edmund Clark. TD Bank is the largest shareholder of TD Ameritrade, owning 45% of its shares outstanding.

Additionally, shareholders ratified the appointment of Ernst & Young LLP as TD Ameritrade's independent registered public accounting firm for fiscal 2012.

Shares of TD Ameritrade recently traded down 0.5% at $17.21. The stock has climbed 10% year-to-date.

-By Brett Philbin, Dow Jones Newswires; 212-416-2173; [e-mail]