Laurentian Bank’s top five executives earned $9.5 million in total compensation value in 2022.
This amount of remuneration in salaries and share bonuses is reduced by 4% compared to that of 9.9 million which had been allocated to them a year earlier.
The president and CEO, Torontonian Rania Llewellyn, alone received 3.6 million in total compensation in 2022. But this amount is also down 7% from the 3.89 million that she received. had been allocated in 2021, during his first full year as president of the second largest bank headquartered in Quebec.
This information on the compensation of the five most senior executives is taken from the management circular that is being sent these days to Laurentian Bank shareholders, in anticipation of their annual meeting on April 11 in Montreal.
Recall that at their previous meeting, in April 2022, the bank’s shareholders had voted in an abnormally high proportion – around 12% – against the compensation policy for senior executives.
Meanwhile, in its main operating results, Laurentian Bank ended its fiscal year 2022 with net income of 226 million, four times more than in 2021 as it reorganized its business priorities.
Net profit adjusted for special and non-recurring items also rebounded by 12%, to 237 million, in 2022.
Such a rebound in earnings enabled Laurentian Bank to raise the annualized amount of the dividend paid to its shareholders by 11%, to $1.78.
By 2021, that dividend had been reduced from $2.14 to $1.60 per share.
Furthermore, still in anticipation of its next shareholders’ meeting, Laurentian Bank is announcing the candidacy of a new member to the Board of Directors.
It is an American, Laurent Desmangles, 55, whom the bank describes as “an accomplished adviser with a global perspective and in-depth experience in business strategy and change management” with the Boston Consulting Group in the banking sector.
With this addition, Laurentian Bank’s Board of Directors would only have two members who are residents of Quebec.
Of the nine other directors, seven are residents of Ontario – six in Toronto and one in Guelph – one resides in Vancouver and one resides in the New York area.
In its most recent presentation to stock market investors, the management of Laurentian Bank indicated that markets outside Quebec now account for the majority of its portfolio of residential mortgage loans – 66% in English Canada compared to 34% in Quebec – and of its portfolio commercial loans, 58% of which are located in English Canada and the United States, compared to 42% in Quebec.