The following graph shows the cumulative return of $100 invested in common shares of CWB as at October 31, 2017 until October 31, 2022 compared to the cumulative return of $100 invested in the S&P/TSX Composite Index and in the S&P/TSX Financials Index over the same period. The graph also demonstrates the trend in total annual compensation earned by the five most highly compensated NEOs (1) over the same five-year period (2) .
FIVE-YEAR TOTAL SHAREHOLDER RETURN ON $100 INVESTMENT (ASSUMING REINVESTMENT OF DIVIDENDS)
(1) CWB had six NEOs in 2021 rather than five NEOs as in most years. This is a result of having two CFOs during 2021. For continuity, only the five most highly compensated NEOs in a given year are included in the aggregate NEO compensation total above. (2) In fiscal 2022, certain one-time sign-on amounts (share-based awards, stock option-based awards, bonus, and payment to Supplemental Retirement Plan) were awarded to Ms. Parra, as per her employment agreement. Including such one-time sign-on amounts, the aggregate NEO compensation for fiscal 2022 is $8.3 million.
COST OF MANAGEMENT
Cost of management is a measure used by some shareholders to compare financial performance to the compensation awarded to senior officers. While the HR Committee does not specifically consider this measure in executive compensation decisions, the following data is provided for shareholder information. This table compares the aggregate compensation awarded to the five most highly compensated NEOs with adjusted common shareholders ’ net income (as reported in our annual MD&A) (1) .
Aggregate NEO Compensation (2) ($ Millions)
Adjusted Common Shareholders ’ Net Income ($ Millions)
Cost of Management as a percentage of Adjusted Common Shareholders ’ Net Income (%)
(1) Non-GAAP measure. See page 39 of this Circular for more details. Disclosure of adjusted measures and other non-GAAP measures can be found in the Non-GAAP Measures section of our 2022 MD&A. (2) CWB had six NEOs in 2021 rather than five NEOs as in most years. This is a result of having two CFOs during 2021. For continuity, only the five most highly compensated NEOs in a given year are included in the aggregate NEO compensation total above.
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