Marc Tellier's Director Role with National Bank Hi Everyone - I've been reading for months and really appreciate most of the discussion and information that is posted here. I would strongly recommend anyone else that is reading along to join and post your questions and info. Hopefully all goes well with my first post.
This is a topic that I searched for but didn't see any discussion from the board.
Can anyone confirm that Marc Tellier's role with National Bank will be ending on April 4th at the National Bank AGM? The following article is in french and isn't really about Tellier or YLO, but does have a few lines at the end. My question: is this common knowledge? What implications does this have for refinancing potential with National Bank? I.e. No longer conflict of interest? Does this imply that the bank wants to work a deal for YLO but needed transparency, arms-length from CEO, etc? I'd appreciate any discussion on this and I appologize in advance if this has already been brough up and I missed it.
https://www.985fm.ca/economie/nouvelles/la-remuneration-du-grand-patron-de-la-banque-natio-128344.html
Translated with Google Translate:
The remuneration of thechief executive ofNational Bankexplodesby 48 percent
MONTREAL - The total compensation of chief executive of National Bank (TSX: NA), Louis Vachon, exploded by 48 percent in a year to reach $ 8.47 million in 2010-11.
By itself, the base salary of Mr. Vachon has jumped 12 percent, amounting to nearly $ 955 000. In addition, there were a cash bonus of $ 1.8 million of stock-based awards and options valued at $ 4.5 million and $ 994 000 under its pension plan.
The four other highest paid executives of the bank for their part were treated to an increase in total compensation between 10 and 60 percent over one year.
In a statement released Thursday, the institution claimed to have made a "structural change in the target total direct compensation of the President and CEO since it was significantly lower than the reference market and even taking into account the relative size of the bank. "
"The board believes that the future of the bank is in good hands, that its officers and some 19,000 employees are committed to balancing the interests of customers and prosperity for shareholders," said the chairman of council, Jean Douville, highlighting the good performance of the financial institution in recent years.
Results
National Bank has also published Thursday the results of its first quarter. With a good loan growth and strong performance of financial markets sector, the Montreal institution has posted net profits rose slightly.
During the period that ended Jan. 31, the bank recorded a net profit of $ 332 million ($ 1.99 per share), up three percent compared to $ 322 million ($ 1.86 per share) released a year earlier.
The results far exceeded expectations of analysts, who on average expected earnings per share of $ 1.82.
Quarterly revenues totaled $ 1.24 billion, up seven percent.
The profitability of banking services to individuals and businesses grew by nine percent while that of wealth management fell by 31.3 percent. Proceeds of capital markets, however increased by 13.2 percent.
The return on equity, a key indicator of the performance of financial institutions, has declined, reaching 21.8 percent, against 22.3 percent during the same quarter the previous year.
The ratio of Tier I capital also declined, reaching 12.7 percent in late January, against 13.6 percent three months earlier, mainly due to the acquisition of the division of investment advisory services HSBC Securities Canada and the adoption of international accounting standards (IFRS).
Louis Vachon argued that the National Bank showed an "excellent credit" and continued to "prudently manage its costs."
The institution also announced Thursday that it recommended the election of son Lino Saputo, chief executive of Saputo (TSX: SAP), and Maryse Bertrand, vice-president of CBC / Radio-Canada, to its board of administration. They will replace Nicole Diamond-Gelinas, Jean Gaulin and Marc Tellier, CEO of Yellow Media (TSX: YLO).
The annual meeting of shareholders to be held April 4 in Montreal.
The results were released after markets closed. The action of the National Bank closed at $ 77.48 Thursday, up 0.5 percent, the Toronto Stock Exchange.