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BNS willing to take Ex-CEO retirement row to arbitration
Thursday, 02 July 2009
As the legal tussle between the Bank of Nova Scotia (BNS) and its former CEO William Bill Clarke continues, the bank says it is willing to go to arbitration over his retirement package.
However, this is only if Mr. Clarke agrees that his conduct at the bank will be included as part of the proceedings.
Mr. Clarke and his attorneys have consistently rejected the request that his behaviour at the bank be brought under scrutiny during arbitration, claiming it has no bearing on the proceedings.
But during submissions on Thursday before the Appeal Court, the Bank's attorney John Vassell said the financial institution was prepared to go to arbitration if Mr. Clarke's conduct forms part of the terms of reference.
Over the past two days Mr. Vassell has indicated that allegations of misconduct led to the bank's Canadian Board forcing Mr. Clarke into retirement.
Mr. Clarke, who stepped down in October last year, is appealing a ruling by the lower court that there was no agreement between the parties for his retirement package to go to arbitration.
This, after he rejected several compensation packages offered by the Canadian based bank.
Documents submitted before the court showed that in July last year BNS reportedly offered Mr. Clarke between two and three million Canadian dollars or more than 200 million Jamaican dollars in compensation.
But the former CEO rejected this claiming, the figure is way below what he would have earned over the remaining seven years before his retirement on 2015.
Mr. Clarke reportedly earned $33 million last year.
The hearing was cut short on Thursday when one of the judges claimed he was exhausted.
Proceedings continue next Monday, when the court says it will also hear arguments surrounding the perks being paid to Mr. Clarke.
BNS says it wants to stop paying for the bodyguards, housekeepers and gardeners assigned to Mr. Clarke.
But Mr. Clarke is challenging the move.
Thursday, 02 July 2009
As the legal tussle between the Bank of Nova Scotia (BNS) and its former CEO William Bill Clarke continues, the bank says it is willing to go to arbitration over his retirement package.
However, this is only if Mr. Clarke agrees that his conduct at the bank will be included as part of the proceedings.
Mr. Clarke and his attorneys have consistently rejected the request that his behaviour at the bank be brought under scrutiny during arbitration, claiming it has no bearing on the proceedings.
But during submissions on Thursday before the Appeal Court, the Bank's attorney John Vassell said the financial institution was prepared to go to arbitration if Mr. Clarke's conduct forms part of the terms of reference.
Over the past two days Mr. Vassell has indicated that allegations of misconduct led to the bank's Canadian Board forcing Mr. Clarke into retirement.
Mr. Clarke, who stepped down in October last year, is appealing a ruling by the lower court that there was no agreement between the parties for his retirement package to go to arbitration.
This, after he rejected several compensation packages offered by the Canadian based bank.
Documents submitted before the court showed that in July last year BNS reportedly offered Mr. Clarke between two and three million Canadian dollars or more than 200 million Jamaican dollars in compensation.
But the former CEO rejected this claiming, the figure is way below what he would have earned over the remaining seven years before his retirement on 2015.
Mr. Clarke reportedly earned $33 million last year.
The hearing was cut short on Thursday when one of the judges claimed he was exhausted.
Proceedings continue next Monday, when the court says it will also hear arguments surrounding the perks being paid to Mr. Clarke.
BNS says it wants to stop paying for the bodyguards, housekeepers and gardeners assigned to Mr. Clarke.
But Mr. Clarke is challenging the move.