National Bank to give shareholders advisory vote on the compensation policy for executive officers beginning in 2010
National Bank of Canada today announced that, beginning next year, it would submit the compensation policy for its executive officers to its shareholders for an advisory vote.
In so doing, the Bank is acknowledging the developments of the past few weeks relating to this matter and fulfilling a wish expressed by many of its shareholders.
The vote on the compensation policy will be non-binding, as had been requested in the related proposal submitted by a shareholder, the Mouvement d’éducation et de défense des actionnaires (MEDAC), for tomorrow’s Annual Meeting.
National Bank therefore becomes the first major bank in Canada to agree to submit its compensation policy for executive officers to shareholders for an advisory vote.
About National Bank of Canada
National Bank of Canada, which is celebrating its 150th anniversary, is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has close to $137 billion in assets and, together with its subsidiaries, employs 17,199 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website at www.nbc.ca.
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National Bank Financial Group