2023 CEO PERFORMANCE AND COMPENSATION
In determining CEO compensation, we assess overall performance relative to financial, operational, and strategic objectives established at the beginning of the year. Details of these compensation performance targets and results are described on page 42 . We also consider our progress against CWB’s medium -term goals, which line up with our strategic direction, as described on page 50. The Board approved total CEO direct compensation of $2.9 million against a target of $3.0 million for fiscal 2023 and compared to $2.7 million awarded for fiscal 2022. Mr. Fowler received cash compensation (salary and STIP) of $1.5 million against a target of $1.6 million for fiscal 2023, compared to $1.5 million awarded for fiscal 2022 . Further details of Mr. Fowler’s performance and compensation can be found beginning on page 50. Mr. Fowler’s compensation recognizes his leadership during the year and the delivery of financial performance that balanced targeted loan growth and disciplined expense management. It reflects continued investments to execute CWB’s strategic direction against a volatile macro -economic backdrop that put downward pressure on our profitability compared to the prior year.
CONCLUSION
We believe CWB’s executive compensation program creates value for our shareholders and stakeholders, aligns with shareholder interest, contributes to the achievement of long-term profitable and sustainable growth, and compensates our executives fairly. The results of our “say on pay” vote reflects this confidence as it received more than 95% support last year. We continue to monitor our compensation program against market trends and best practices, and adopt compensation practices we believe are appropriate for CWB Financial Group and in the best interests of our shareholders. If you have any comments or questions related to our approach to executive compensation, please provide your feedback by writing to ChairoftheBoard@cwbank.com.
Linda M.O. Hohol
Sarah A. Morgan-Silvester, O.B.C.
Chair, Human Resources Committee
Chair of the Board
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