Integrity is the hallmark and foundation of Scotiabank's business, and the key to building strong, lasting relationships with all our stakeholders - including shareholders, employees, customers and the communities in which we operate.
A responsibility to act with integrity
Integrity is one of our five core values - integrity, respect, commitment, insight and spirit - that define who we are and who we strive to be as a bank. It is the foundation and hallmark of our business, and the key to building strong, lasting relationships with our stakeholders.
Corporate governance
Scotiabank's commitment to operating with integrity is rooted in a strong corporate governance structure and culture, based on the principles of accountability and openness. As the Bank has grown and expanded beyond Canada, we have worked to ensure that our practices meet both international and Canadian standards and requirements.
- Scotiabank's Board of Directors is led by a non-executive chairman.
- 15 of 16 of the Bank's current directors are independent, including the chairman.
- The representation of women on the Board stands at 25 per cent.
- The Bank developed a formal Corporate Governance Policy* in 2002, which has been enhanced and re-approved each year since. It is reviewed at least annually.
- Shareholders vote for individual directors. Directors receiving more votes "withheld" than "for" in an uncontested election are required to tender their resignation.
- All four of the Board's committees meet independence guidelines in terms of composition.
- The Board conducts an annual review of its performance and that of its committees.
- At each meeting of the Board and Board committees, time is specifically reserved for independent discussion without management present.
- An orientation program is in place for all new directors. They also receive a Corporate Governance Information book, which is updated annually and reissued to all directors. All directors participate in the Board's ongoing education sessions throughout the year.
- All directors, officers and employees of Scotiabank must acknowledge their adherence annually to the Scotiabank Guidelines for Business Conduct. The Bank has also adopted a Financial Reporting Whistleblower Policy.
- Directors are expected to hold Bank common shares and/or Director Deferred Share Units with a value not less than $450,000, a level that must be reached within five years.
For complete information on our Corporate Goverance practices:
- Corporate Governance Policies
- Non-Executive Chairman Mandate
- Board Mandate
- Director Independence Standards
- Membership - Board of Directors
- Director Compensation
- Executive Management
- Summary of Significant Corporate Governance Differences
- Committee Memberships
- Audit and Conduct Review Committee Charter
- Human Resources Committee
- Corporate Governance and Pension Committee
- Executive and Risk Committee
Other Information:
