CEO Compensation Compared to Realized and Realizable Pay Over Time
The compensation awarded to Mr. Fowler over the past five years, the realized or realizable value as at December 31, 2022, and the value received by shareholders during that time follow:
Value at December 31, 2022 ($ millions)
Value of $100
Total Direct Compensation (TDC) Awarded (1)
To Shareholders (5) ($)
To CEO (4) ($)
A Realized Pay (2)
B Realizable Pay (3)
A+B=C Current Value
Period
2018
2.6
2.3
-
2.3
10/31/2017 to 12/31/2022
88
80
2019
2.5
2.6
-
2.6
10/31/2018 to 12/31/2022
104
92
2020
2.6
2.2
0.1
2.3
10/31/2019 to 12/31/2022
88
82
2021
2.9
1.4
0.8
2.2
10/31/2020 TO 12/31/2022
76
106
2022
2.7
1.8
0.6
2.4
10/31/2021 to 12/31/2022
89
63
Average
89
85
(1) Reflects total direct compensation (salary, actual STIP award payout, and grant- date value of LTIP awards) awarded in each fiscal year; these values are also found in the “Summary Compensation Table” on pa ge 60. (2) Realized pay is the sum of the salary and STIP award payout for the fiscal year, plus the final vesting payout or exercised value over the period of the share units and stock options that were granted during the fiscal year (including any dividend equivalents). (3) Realizable pay is the sum of the current value of unvested units granted during the fiscal year and the in-the-money value of unexercised stock options that were awarded during each fiscal year. For the unvested PSUs, we have assumed target (100%) performance.
(4) Represents the actual realized/realizable value to the CEO for each $100 awarded in TDC for the fiscal year indicated, as at December 31, 2022 for each period. (5) Represents the value on December 31, 2022 of a $100 investment in CWB common shares made on the first day of the period indicated, assuming reinvestment of dividends.
Share Ownership (1)
Total Value of Common Shares ($)
Total Value of Common Shares/RSUs/PSUs ($)
Minimum Value Under Guidelines ($)
Total Value of RSUs (2) ($)
Total Value of PSUs (3) ($)
Required Multiple of Base Salary
Meets Guidelines
Actual Multiple
✓
3,756,806
98,849
1,831,367
5,687,022
4,100,000
5
6.9
(1) Share ownership data is disclosed as at October 31, 2022. As such, the information noted above may not align with the information that is provided for Mr. Fowler in the “ Your Director Nominees ” section on page 8, which is provided as of January 31, 2023. (2) RSUs are valued based on $23.70, the closing price of CWB common shares on the TSX on October 31, 2022. (3) Total Value of PSUs includes the PSUs granted in fiscal 2020 and vested on October 31, 2022, and are valued using a 100% performance multiplier applied to $23.70, the closing price of CWB common shares on the TSX on October 31, 2022, for the purposes of determining compliance with minimum share ownership requirements.
Other Equity Holdings – Stock Options (1)
Unexercisable
Exercisable
(#)
In-the-Money Value ($)
(#)
In-the-Money Value ($)
Total ($)
148,402
-
139,613
-
-
(1) Stock option data is disclosed as at October 31, 2022.
OTHER NAMED EXECUTIVE OFFICERS
2022 COMPENSATION
Highlights of each NEO’s performance regarding individual strategic initiatives and leadership goals are provided in the following pages. The HR Committee reviewed the base salaries of senior executives in 2022 and general increases were awarded to ensure market alignment, and in some cases, to reflect the expanded oversight responsibilities of the executive. In December 2021, the HR Committee determined the 2022 LTIP awards for NEOs, making all grants for fiscal 2022 at target levels for all NEOs, with the exception of Ms. Parra, who received an additional one-time RSU and stock option award as per her employment agreement.
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