National Bank’s top executives earned $35.3 million in total compensation value in 2022, including $10.98 million for new president and CEO Laurent Ferreira.
This total compensation for Mr. Ferreira, made up of base salary, stock bonuses and bonuses to the pension plan, is therefore similar, from his first year in office, to that enjoyed by his predecessor, Louis Vachon, during his last year in office.
This value of Mr. Ferreira’s total compensation as new President and Chief Executive Officer is also increased by $2 million compared to the total compensation of $8.97 million granted to him in his last year in the position. of chief operating officer.
This information on the compensation of the most senior executives of the National Bank is taken from the management circular published Thursday, and which will then be distributed to shareholders in anticipation of their annual meeting on April 21 in Montreal.
We also note in the management circular that it was a year of transition among a few senior management positions at the largest Quebec bank.
Thus, when we exclude the two new senior executives who appear in the compensation table for “named executive officers” in the circular, we obtain an amount of 26.7 million in total value of salaries and bonuses granted in 2022.
This is an increase of $1.1 million compared to the comparable amount of $25.6 million in total compensation among the four senior executives who were already in office a year earlier.
The two additions among these “named executive officers” in the National Bank’s management circular are Marie Chantal Gingras, Chief Financial Officer and Senior Executive Vice-President, and Lucie Blanchet, Senior Executive Vice-President, Personal and client experience.
In their first year in office, Mr.me Gingras was paid a total of $4 million in salary, stock bonuses and pension plan bonuses, while Ms.me Blanchet got $4.5 million in total compensation value.
In business context, remember that during its fiscal year ended October 31, 2022, the National Bank made a net profit of 3.38 billion out of a total income of 9.65 billion. Both of these main results were up 8% from comparable figures at the end of the prior year in 2021.