Corporate governance refers to the way in which a company is governed, how it makes decisions, its processes and policies, and how it deals with the various interests of its many stakeholders, including shareholders, customers, employees, and the broader community. As a multinational financial institution with operations in more than 55 countries, Scotiabank's Board of Directors is committed to adopting best practices in corporate governance. Scotiabank aims to adopt practices that meet or exceed local, Canadian, and international standards and requirements, and to ensure that the interests of diverse stakeholders around the world are represented in a balanced way.
The Board of Directors is responsible for developing Scotiabank's approach to corporate governance, and its corporate governance principles and guidelines. The Board has delegated responsibility to the Corporate Governance and Pension Committee of the Board, which is composed entirely of independent directors, to oversee Scotiabank's governance culture. They advise the Board on ways to enhance Scotiabank's corporate governance, consistent with emerging best practices. The Bank's corporate governance policies are designed to ensure the independence of the Board of Directors and its ability to effectively supervise management's operation of the Bank. Scotiabank regularly reviews its corporate governance policies and procedures at all levels and the Board implements changes to our corporate governance framework, where appropriate.
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