TORONTO, February 7, 2011 Royal Bank of Canada (RY on TSX and NYSE) today announced it has filed with securities regulators and is mailing to shareholders its Notice of Annual Meeting of Common Shareholders and Management Proxy Circular for 2011. The circular is also available online at www.rbc.com/governance.
The circular contains information about the RBC annual meeting, scheduled to take place on Thursday, March 3, 2011 in Toronto, including information relating to the 14 nominees proposed for election as RBC directors, the appointment of the bank's auditors and proposals from shareholders.
The circular also provides disclosure about changes to and features of compensation programs for employees and senior executives. These programs demonstrate RBC's ongoing leadership in corporate governance and the alignment of our compensation programs with risk management principles, shareholders' interests and best practices.
"The board of directors establishes executive compensation programs designed to reward individual contribution to superior financial performance and sustainable long-term shareholder value," said David O'Brien, chairman of the board. "In 2010, RBC delivered top quartile total shareholder returns for the three-year and five-year periods compared to our global peer group."
Key items in the circular include:
The RBC board of directors believes that shareholders should
have a say on our approach to compensation and has in place
a policy for an annual shareholder advisory vote. The circular
includes the board's recommendation that shareholders approve
a non-binding resolution accepting the approach to executive
compensation disclosed in the document.
- 30 -
For more information, please contact:
Karen McCarthy, Toronto, (416) 955-7809,
Gillian McArdle, Toronto, (416) 974-5506
or toll-free 1-888-880-2173, firstname.lastname@example.org