CWB-Management Proxy Circular-2023-EN

STEPHEN H.E. MURPHY, Group Head, Commercial, Personal and Wealth

Mr. Murphy was appointed as CWB’s Group Head, Commercial, Personal and Wealth in April 2022, and previously served as CWB’s E VP, Banking. Mr. Murphy's responsibilities include overseeing CWB’s national banking centre network, as well as corporate lending, commercial real estate lending, specialty finance (including CWB Maxium Financial and CWB Franchise Finance), CWB Wealth, operations, centralized services and sales effectiveness. Mr. Murphy has been with CWB Financial Group since 2016, and has over 25 years of banking experience. Prior to joining CWB, Mr. Murphy was a senior officer of one of the Largest Canadian Banks, where he most recently was responsible for British Columbia mid-market commercial banking and, prior to that, was special assistant to the CEO. Mr. Murphy received a Bachelor of Administrative and Commercial Studies from the University of Western Ontario and a Master of Business Administration from the Richard Ivey School of Business.

2022 Performance Highlights

• Delivered 14% annual loan growth in our general commercial loan portfolio and 8% growth of branch-raised deposits. • Continued expansion in Ontario with the successful opening of a new banking centre in Markham, Ontario. • Oversaw prudent lending and compliance activities with strong credit portfolio performance.

• Executed further transformation and integration of our CWB Wealth business, including the launch a harmonized CWB Wealth brand. • Implemented a new leadership structure, managing multiple successions and promoting several internal enterprise talents to the SVP level. • Supported employee engagement , with CWB named as one of this year’s top 20 Best Workplaces TM in Canada and one of the Best Workplaces TM for Hybrid Work, by Great Place to Work Canada®.

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.

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








(1) Share ownership data is disclosed as at October 31, 2022. (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)




In-the-Money Value ($)


In-the-Money Value ($)

Total ($)






(1) Stock option data is disclosed as at October 31, 2022.

57 | Canadian Western Bank- Management Proxy Circular

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