At CWB Financial Group, our culture is founded on the principles of integrity and accountability and our corporate governance practices are designed to foster ethical conduct, promote responsible business practices and build shareholder value over the long term. We strive to earn the trust of our stakeholders by embodying strong corporate governance practices, some of which are highlighted below.
Canadian Western Bank is governed by the Bank Act (Canada). Canadian Western Bank was created in 1988 through the amalgamation of Bank of Alberta and Western & Pacific Bank of Canada. For more information about us, view our story, and for more on how we are constituted, view our By-laws.
Board of Directors
The Board has developed a mandate for the Board, each committee, Chair of the Board and a committee Chair. The Board delegates certain powers, duties and responsibilities to its committees. Each director, except the CEO, serves on two committees with the Chair of the Board serving on all committees.
For more on our mandates, view the Board of Directors mandate, Chair of the Board mandate, Audit Committee mandate, Governance and Conduct Review Committee mandate, Human Resources Committee mandate, Risk Committee mandate, and the Committee Chair mandate.
Directors are elected individually, not by slate
Independent and/or non-executive members
- Strong corporate governance practices start with an independent chair leading a board of independent, committed directors who oversee strategy and risk management and promote ethical behaviour throughout our organization.
- 10 of our 11 (or 91%) directors are independent
Composition, qualifications and expertise, including gender and other indicators of diversity
Shareholding requirement for directors and executive management
- All independent directors of CWB are required to hold, either directly or indirectly, CWB common shares or Deferred Share Units with a value equivalent to six times the maximum annual cash component of the director retainer.
- The President and CEO is required to hold, either directly or indirectly, CWB common shares, Performance Share Units or Restricted Share Units with a value equivalent to five times their annual salary.
- Executive officers are required to hold, either directly or indirectly, CWB common shares, Performance Share Units or Restricted Share Units with a value equivalent to two times their annual salary.
Orientation and continuing education
Evaluating Board and director performance
The Board's commitment to effective corporate governance includes a two-pronged internal evaluation process and a periodic independent assessment process. In 2021, we moved from assessing the Board and Committees effectiveness and the Directors and Chairs effectiveness on alternating years, to assessing each topic annually.