MONTREAL, Feb. 14 /CNW Telbec/ - Laurentian Bank of Canada (LB:TO)
announced today the publication and distribution of its annual meeting
of shareholders notice and management proxy circular. This document is
available on SEDAR, as well as in the Investor Relations section of the
Bank's Web site.
The annual meeting of Laurentian Bank shareholders will be held on March
15, 2011 in Montréal. The circular contains all the information
necessary for shareholders to be able to exercise their voting rights.
In accordance with regulations, the circular provides a complete review
of the compensation programs offered to the Bank's executive officers.
In addition, it outlines the objectives sanctioned by the Board of
Directors in the area of executive officer compensation, which are
aimed at continuously promoting the alignment of the interests of
executive officers with those of shareholders through compensation
plans and assuring transparency with respect to executive compensation
Again this year, a significant portion of executive officer compensation
is related to the organization's future performance vis-à-vis
objectives pre-established by the Board of Directors. For example, 50%
of their annual bonus awarded under the short-term compensation program
must be converted into restricted share units that cannot be redeemed
before their three-year due date. These share units are tied to the
Bank's share price such that officers benefit from any increase and are
also impacted by any decrease in the same way as shareholders are.
In addition, it is important to note that, for the period between
November 1, 2005 and October 31, 2010, the cumulative performance of
Laurentian Bank shares increased by 74% and net diluted earnings per
share by 87%, while total direct compensation grew by 50%.
Election of Directors
Laurentian Bank shareholders are being invited to vote on the election
of 13 candidates for a directorship position. Twelve of the candidates
are currently members of the Board, while Mr. Pierre Anctil is a
candidate for the first time. The 13 candidates are:
Pierre Anctil, President and CEO, Fiera Axium Infrastructure Inc.
Lise Bastarache, Economist and Corporate Director
Jean Bazin, C.R., Counsel with Fraser Milner Casgrain LLP
Richard Bélanger, FCA, President, Toryvel Group Inc.
Ève-Lyne Biron, President and General Manager, Biron Health Group Inc.
Isabelle Courville, President, Hydro-Québec TransÉnergie
L. Denis Desautels, O.C., FCA, Chartered Accountant and Corporate
Pierre Genest, Chairman of the Board, SSQ Life Insurance Company Inc.
Michel Labonté, Corporate Director
Jacqueline C. Orange, Corporate Director
Marie-France Poulin, Vice-President, Camada Group Inc.
Réjean Robitaille, President and CEO, Laurentian Bank
Jonathan I. Wener, C.M., Chairman of the Board, Canderel Management Inc.
About Laurentian Bank
Laurentian Bank of Canada is a banking institution operating across
Canada and offering its clients diversified financial services.
Differentiating itself through excellence in service, as well as
through its simplicity and proximity, the Bank serves individual
consumers and small and medium-sized businesses. The Bank also offers
its products to a wide network of independent financial intermediaries
through B2B Trust, as well as full-service brokerage solutions through
Laurentian Bank Securities.
Laurentian Bank is well established in the Province of Quebec, operating
the third-largest retail branch network. Elsewhere throughout Canada,
it operates in specific market segments where it holds an enviable
position. Laurentian Bank of Canada has more than $22 billion in
balance sheet assets and more than $14 billion in assets under
administration. Founded in 1846, the Bank employs more than 3,500
SOURCE LAURENTIAN BANK OF CANADA
For further information:
Public Affairs, Communications and Investor Relations
514 284-4500, extension 7511