When Ed Clark receives his multi-million-dollar bonus next week, the chief executive of TD Bank will face immediate pressure to return the money.

Bay Street’s best-paid chieftain is being singled out by shareholders after three of his peers handed back their bonuses at a time when bank bosses around the world are being publicly shamed for dragging the globe into the worst recession in decades.

The pressure from investors comes amid growing signs that a deep shift is afoot in the way executives and investment bankers on Bay Street are paid that could have a lasting impact on the industry.

Shareholders, regulators and politicians are beginning to push for far-reaching changes in incentives in a bid to mitigate risk and help avoid the catastrophic failures that have plunged the global banking industry into crisis.

Some of Canada’s banks are already exploring ways to change their reward structure for investment bankers to avoid creating incentives for dealmakers to hastily arrange risky deals and walk away after collecting their bonuses.

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