On several occasions over the years, the Bank has received shareholder proposals from MÉDAC — and
today from Vancity — requesting the disclosure of the compensation ratio and the method used to calculate
it. The Bank is still not disclosing its total compensation ratio, even though that disclosure has been
mandatory for some time now in the US and several Canadian companies provide the information.
Despite the fact that the compensation ratio should be disclosed for all employees according to the Global
Reporting Initiative Standard (GRI Standard), the public disclosure of non-confidential information in the
Action 13 Country-by-Country Reporting of the OECD/G20 Inclusive Framework on Base Erosion and
Profit Shifting (BEPS), an international initiative to which the Nation has acceded, would allow the
calculation of meaningful compensation ratios that can allow a better interpretation of the total
compensation ratio by enriching the description of the context.
Moreover, the public disclosure of such non-confidential information — as is the case in several other
countries, including in Europe — would be an exercise in transparency, goodwill, and good faith that would
directly feed prevention efforts related to tax evasion, tax avoidance, tax havens, and other legislation of
convenience.
According to the 2024 Edelman Trust Barometer11, 59% of respondents in Canada believe that business
leaders are purposely trying to mislead people by saying things they know are false or gross exaggerations.
Traditional leaders and CEOs are the most distrusted.
For all these reasons, the Bank must publicly disclose, on an annual basis, the non-confidential information
of its Country-by-Country report.