TORONTO, Jan. 31, 2014 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE)
today announced it has filed with securities regulators and is mailing
to shareholders its Notice of Annual Meeting of Common Shareholders and
Management Proxy Circular for 2014. The circular is also available
online at rbc.com/governance.
The circular contains information about RBC's annual meeting, scheduled
to take place on Wednesday, February 26, 2014 in Toronto, including the
election of directors, the appointment of the bank's auditor and
proposals from shareholders. The circular also includes a detailed
explanation of the board's assessment of the performance of RBC
President and Chief Executive Officer, Gordon Nixon, and other named
executive officers for fiscal 2013, and related compensation decisions.
RBC delivered record net income of $8.4 billion in 2013, up 12 per cent
from the prior year, with a return on common equity (ROE) of 19.4 per
cent. Three and five-year average annual total shareholder returns
(TSR) were 13 per cent at fiscal year-end, and one-year TSR was 28 per
"In 2013, RBC delivered record earnings, increased efficiency and made
significant progress against our strategic goals while gaining market
share in key businesses in Canada and globally," said Kathleen Taylor,
chair of the Board of Directors. "RBC has the financial strength,
diversified business mix and the right values and culture to continue
to deliver on our proven long-term strategy."
The board awarded Mr. Nixon total direct compensation of $12.7 million
for 2013, which is up marginally from last year. This includes $11.2
million of variable compensation, of which 74 per cent is deferred. Mr.
Nixon exceeded a combination of financial, client, risk, strategic, and
operational performance goals for the year. RBC also met or exceeded
the financial performance objectives used to measure progress against
its medium-term total shareholder return objectives, including
exceeding ROE and diluted earnings per share growth.
RBC further strengthened the alignment of compensation to evolving best
practices and shareholder interests in 2013. For example, RBC added
explicit key customer metrics in determining annual variable short-term
incentive awards and adopted the use of ROE in combination with net
income in measuring financial performance.
The board believes that shareholders should have a say on our approach
to compensation, and recommends that shareholders approve the
'say-on-pay' advisory vote at the upcoming annual meeting.
For further information:
Karen McCarthy, Investor Relations, RBC, 416-955-7809
Tanis Feasby, Financial Communications, RBC, 416-955-5172