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- Total compensation “target” level for each executive is the sum of
actual base salary and “target” amounts for short-, mid- and long-term
incentives, plus pensions, benefits and perquisites and are set at the
median of the relevant comparator markets:
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- for Canadian executives, the relevant market is generally the
other four major Canadian banks (Bank of Nova Scotia, Canadian
Imperial Bank of Commerce, Royal Bank of Canada and The Toronto-
Dominion Bank), although for specialized positions, the Bank
may consider a broader market, such as a broader group of large
Canadian organizations (those with revenue over $5 billion), and
- for U.S. executives, the relevant market is a comparable group of
about 10 U.S. regional mid-sized banks. These banks are all publicly
traded and are comparable to the Bank’s U.S. operations in terms
of business mix and size.
- The actual amount of total direct compensation (the sum of base salary
and short-, mid- and long-term incentives) paid to executives may be
increased to deliver pay above the median when business performance
exceeds expectations in terms of year-over-year growth, and relative
performance as measured against the Bank’s peer group. (For business
performance purposes, the peer group is comprised of the other four
major Canadian banks listed above, and National Bank of Canada.)
- Conversely, if performance is below expectations, the actual amount of
total direct compensation paid will be decreased to deliver pay below
the median.
Full Report on Executive Compensation for 2007 (PDF 144 Kb, 9 pages)
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