Results
The PSUs granted in fiscal 2021 vested on October 31, 2023, and were paid out with an overall performance multiplier of 85% (rounded). Our performance results for each performance metric of the 2020 PSU grant, the resulting performance multipliers and the weighted performance factors follow:
Performance Multiplier
Weighted Performance Factor
Weighting
Three-Year Relative TSR Strategic Initiatives (see details below)
76% (1)
60%
45%
40%
40%
TOTAL
85%
• Progressed our digital and payments capabilities in support of growing full-service client relationships. • Made targeted enhancements to our full-service offering and experience to meet the evolving needs of our clients. • Strengthened the growth potential of our Equipment business through integration, leadership, and cultural alignment. • Continued to transform our wealth business to strengthen CWB’s full -service value proposition. • Grew CWB brand awareness and familiarity with business owners across Canada. • Progressed on diversity and inclusion initiatives. • Progressed on targeted talent development, and retention initiatives. • Fostered a ‘ People First ’ culture through a demonstrated commitment to personalized learning. management, • Evolved ‘ Total Rewards ’ structure to be more competitive, attractive, and responsive to the evolving competition for talent. • Progressed the redevelopment of our enhanced risk management tools and processes. • Continued to deliver strong diversification by geography and industry. • Continued to strengthen and diversify funding sources. • Matured our cyber security capabilities. • Migrated to a fully out-sourced cloud-based data centre. • Progressed integration of sustainability into our ongoing Strategic Direction.
Unrivaled Client Experience
110%
13%
14%
Destination for Top Talent
125%
13%
16%
Optimize our Business
67%
14%
9%
Overall Performance Multiplier (potential of 0% - 200%)
85%
(1) Relative TSR trend based on results through October 31, 2023, representing the 58 th percentile for the small cap index (40% weight) and the 22 nd percentile for the capped financials index (60% weight).
2022 PSU Grant
The PSUs granted in fiscal 2022 were structured similarly to those granted in fiscal 2021.
2023 PSU Grant
The PSUs granted in fiscal 2023 were structured similarly to those granted in 2021, with the exception of changes made to the relative TSR component of the PSUs, resulting in a symmetrical performance/payout schedule (as outlined below).
2023 PSU Changes
TSR Performance Multiplier Narrowed
Performance multiplier is calculated according to the following schedule, with linear interpolation determined between the percentile ranks shown below.
CWB’s TSR Ranking
Performance Multiplier
25 th Percentile and below
50%
50 th Percentile
100%
75 th Percentile and above
150%
However, if CWB delivers negative TSR during the performance period but is ranked above the 50 th percentile, the performance multiplier will be reduced to 100%.
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