Aggregate executive compensation
In accordance with Standard 15 of the Financial Stability Board’s Principles for Sound Compensation Practices and Implementation Standards and Basel Committee on Banking Supervision’s Pillar 3 disclosure requirements, the tables below summarize aggregate quantitative information on compensation paid or awarded to 15 Senior Officers (which includes fees paid to members of the Board of Directors) and 33 other employees who could have material impact on Canada Life’s risk exposure (“Material Risk Takers”).
Compensation amounts reflect services rendered to The Canada Life Assurance Company and its respective subsidiaries.
2020 compensation awards ($ millions)
Senior Officers | Senior Officers | Material Risk Takers | Material Risk Takers | |
|---|---|---|---|---|
Salary | 17.7 | 14.9 | ||
Other | 0.5 | 2.1 | ||
Cash-based | 9.6 | 11.7 | ||
Share units | 12.4 | 8.8 | ||
| Stock options 1 (Variable compensation) | 6.1 | 2.1 |
1 Option based awards are calculated based on Black-Scholes value at the time of grant.
1 Includes cash-based awards granted in respect of 2020 that have been deferred to meet compensation policy requirements. Excludes annual bonuses deferred, at the discretion of the employee, in the form of share units.
2 Includes all outstanding unvested and vested share units and stock options as at December 31, 2020.