TORONTO, March 10, 2015 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced it has filed its Notice of Annual and Special Meeting of Common Shareholders and Management Proxy Circular for 2015 with securities regulators and is mailing the package to shareholders. The circular is also available online at rbc.com/governance.
The circular contains key information about RBC's annual meeting, scheduled to take place on Friday, April 10, 2015, in Toronto, including the election of directors, the appointment of the bank's auditor and proposals from shareholders. The circular also includes a detailed description of the Board's assessment of the performance of RBC named executive officers for fiscal 2014, and related compensation decisions.
RBC earned a record $9 billion in 2014, up 8 per cent from last year with strong return on common equity of 19 per cent and a robust capital position of 9.9 per cent. RBC also delivered strong returns to shareholders. Three and five-year average annual total shareholder returns were 23 per cent and 12 per cent, respectively, above our global peer average and included a 12 per cent increase in our quarterly dividend in 2014 compared to the prior year.
"In 2014, RBC achieved record earnings across all of its businesses and delivered on its strategic goals," said Katie Taylor, Chair of the Board, RBC. "With its focused strategy, financial strength and diversified business model, RBC is well positioned to continue to deliver long-term value."
The Board awarded President & Chief Executive Officer Dave McKay total direct compensation of $7.5 million for 2014, which represents pro-rated compensation for each of the roles he held during the year.
RBC's approach to compensation aligns executives' interests with performance objectives, shareholder interests, sound risk management practices and talent retention, while rewarding behaviours consistent with its values.
The Board recognizes that diversity helps drive innovation and growth and this year, increased its objective for representation of women on the board to at least 30 per cent, up from 25 per cent. Five of the 15 nominees (33 per cent) standing for election to the board at the upcoming annual meeting are women.
The Board recommends that shareholders cast their vote on important items of business in advance voting or at the April 10 annual meeting.
Royal Bank of Canada is Canada's largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America's leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis. We employ approximately 78,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 39 other countries. For more information, please visit rbc.com.
RBC supports a broad range of community initiatives through donations, sponsorships and employee volunteer activities. In 2014, we contributed more than $111 million to causes worldwide, including donations and community investments of more than $76 million and $35 million in sponsorships.
For further information:
Lynda Gauthier, Investor Relations, 416-955-7808
Sandra Nunes, Financial Communications, 416-974-1794