CWB Strategic Objective Initiative/Performance
• Successfully launched a personal and small business digital banking platform. The small business platform can integrate with third party accounting platforms and provide our clients with predictive cash flow modelling. • Expanded our presence in the Ontario market, supported by the opening of our new Markham banking centre, building on the success of our first Ontario location in Mississauga in 2020. The targeted expansion in Ontario and enhancement of our digital capabilities supports our ability to deliver an unrivaled client experience to more business owners across Canada. • Consolidated and relocated our regional office and banking centre within downtown Vancouver to a new modern flagship banking centre. The highly visible location on West Georgia provides prominent branding, supports hybrid work, and integrates our business and personal banking, trust services and CWB Wealth teams to provide an elevated client experience and capitalize on an opportunity to grow our market share in British Columbia. • Successfully harmonized our wealth management brands with the launch of CWB Wealth. The launch further integrates our acquired wealth management operations under one brand and strategically positions us to expand full-service client offerings and opportunities, and provide a unique client experience in Canadian private wealth advisory services. • Invested in a venture capital fund managed by a global fintech- focused investor that invests in, and partners with, some of the world’s most innovative financial technology companies. Participation in this fund will provide insights to emerging trends and partnership opportunities to further elevate our digital client experience and product offering. • Delivered 14% annual loan growth in our general commercial loan portfolio as we executed on our strategic focus of expanding full-service client opportunities. General commercial loans now represent 35% of total loans, up from 33% one year ago. Expansion of full-service client opportunities also supported 8% growth in relationship based branch-raised deposits. • Achieved 11% annual loan growth in Ontario, supported by strong momentum from our Mississauga and newly opened Markham banking centres. Ontario loans now represent 24% of total loans, up from 23% one year ago. • Achieved strong progress on our approach to sustainability, including improving or maintaining ESG ratings against increasing market expectations and peer performance, and releasing our inaugural Sustainability Report, demonstrating our continued commitment to develop and disclose our approach to the ESG factors that we identify as the most important to our clients, people, communities and investors. • Materially completed the development of revised AIRB tools, incorporating targeted enhancements and the final 2023 Capital Adequacy Requirements guidelines. Next year, we will commence the integration of our revised AIRB tools into our business processes and data.
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2022 CEO COMPENSATION
Mr. Fowler's base salary was set by the Board at $820,000 for the 2022 calendar year, resulting in salary of $815,000 for the 2022 fiscal year. For fiscal 2022, the Board awarded Mr. Fowler an annual STIP award equal to 84% of base salary, and an LTIP award equal to 145% of his calendar 2022 base salary.
UPCOMING CHANGES TO CEO COMPENSATION
For fiscal 2023, the Board has approved an increase to Mr. Fowler's LTIP award to 170% of his base salary.
Compensation Over Time (1)
Total Direct Compensation ($)
2022 Actual Compensation Mix
(1) Compensation data is disclosed as at October 31 of each fiscal year shown. The values are based on the salary and short-term incentive compensation earned in each fiscal year, and the grant-date value of each LTIP award. (2) Base salary is granted for each calendar year. The amounts shown in the chart above reflect the amount of base salary earned during a fiscal year.
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