TORONTO, Feb. 4, 2013 /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 and Special Meeting of Common
Shareholders and Management Proxy Circular for 2013. The circular is
also available online at rbc.com/governance.
The circular contains information about RBC's annual meeting, scheduled
to take place on Thursday, February 28, 2013 in Calgary, 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 2012 performance evaluation and compensation
decisions for RBC President and Chief Executive Officer, Gordon Nixon,
and other named executive officers.
RBC delivered record earnings of $7.5 billion in 2012, up 17 per cent
from the prior year, with a return on common equity of 19.3 per cent
and achieved a one-year total shareholder return of 22 per cent*.
Earnings from continuing operations of $7.6 billion were up nine per
cent from the prior year.
The board awarded Mr. Nixon total direct compensation of $12.6 million
for 2012. This includes $11.1 million of variable compensation, of
which 74 per cent is deferred. His compensation was 12 per cent above
the established target and reflects the fact that Mr. Nixon met or
exceeded a balanced combination of financial, risk, strategic, client
and employee objectives for the year. RBC also met or exceeded the
financial performance objectives used to measure its progress against
its medium-term total shareholder return objectives, including
exceeding return on equity and diluted earnings per share growth.
"In 2012, RBC extended its leadership in Canada while building on the
momentum outside of its domestic market through consistent execution of
its diversified business strategy," said David O'Brien, chairman of the
Board of Directors. "RBC is well positioned to continue delivering
RBC further strengthened the alignment of compensation to evolving best
practices and shareholder interests. For example, for 2012 RBC again
reduced the weighting of stock options in the mid-and long-term
incentive mix for named executive officers.
The board believes that shareholders should have a say on its approach
to compensation, and recommends that shareholders approve the
'say-on-pay' advisory vote at the upcoming annual meeting.
*(as at October 31, 2012)
For further information:
Karen McCarthy, Investor Relations, RBC, 416 955-7809
Tanis Feasby, Financial Communications, RBC, 416 955-5172