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Attendance and Remuneration

Our compensation programs reflect best practices

Our model for compensating directors and executives follows best practices for good governance. Directors and executives must own shares, to align their interests with those of other shareholders.

Directors’ Compensation – Fiscal 2017:

Description of fee (a) Amount
Annual retainer fee (including membership on one committee) $215,000 ($140,000 in DSUs and $75,000 in cash) (b)
Fee for each additional committee membership in excess of one $15,000
Fee for each special Board meeting in excess of five per year $2,000
Fee for each special committee meeting in excess of five per year $1,500

Chair retainer fees:
Chairman of the Board $400,000 per year
($150,000 in DSUs and $250,000 in cash) (b)(c)
Audit and Conduct Review Committee $50,000 per year
Governance and Nominating Committee $25,000 per year
Human Resources Committee $50,000 per year
Risk Review Committee $50,000 per year

Directors receive a $15,000 annual travel allowance where their principal residence is (i) 2 or more time zones away from Toronto; or (ii) across a border from Canada.

Directors' Compensation and Attendance for Fiscal 2017

(a) We only pay non-employee directors. They are also reimbursed for expenses incurred in the course of carrying out their duties as a director.

(b) Subject to election by directors to take all or a portion of the cash retainer in additional DSUs (Deferred Share Units) or Shares – see below.

(c) Includes the directors’ annual retainer fee and all committee membership fees.