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BNS’ retirement package offer revealed in court
Monday, 06 July 2009
More light was shed on Monday on the amount of money the Bank of Nova Scotia was offering its former CEO William 'Bill' Clarke for him to go quietly into retirement.
Court submissions on Monday confirmed that BNS had offered him 3.7 million Canadian dollars
or $281 million as his settlement package after both sides agreed to part company.
Attorney-at-law John Vassell told the Appeal Court panel, hearing the submissions, that Mr. Clarke "wanted significantly" more than that, but he would not say how much more.
Since last week, the Appeal Court has been hearing submissions to determine whether there was an agreement between Mr. Clarke and BNS for the dispute over his retirement package to go to arbitration.
The Bank says there is no agreement, but Mr. Clarke insists that there is one.
He pointed to bank correspondence, which indicated a resolution had been passed by its Canadian management board, that the matter should go to arbitration if he refused the offer.
Mr. Clarke, who headed the local BNS network for over 12 years, was forced into retirement in October last year.
<span style="font-size: 20pt"> The court was told that the Bank moved against Mr. Clarke following allegations of personal and professional misconduct.</span>
The Bank says it is not against arbitration, but wants Mr. Clarke's conduct to be part of the terms of reference.
But Monday, Mr. Clarke's attorneys again rejected any move to include personal conduct in the arbitration hearing.
The Appeal Court reserved its judgement.
Monday, 06 July 2009
More light was shed on Monday on the amount of money the Bank of Nova Scotia was offering its former CEO William 'Bill' Clarke for him to go quietly into retirement.
Court submissions on Monday confirmed that BNS had offered him 3.7 million Canadian dollars
or $281 million as his settlement package after both sides agreed to part company.
Attorney-at-law John Vassell told the Appeal Court panel, hearing the submissions, that Mr. Clarke "wanted significantly" more than that, but he would not say how much more.
Since last week, the Appeal Court has been hearing submissions to determine whether there was an agreement between Mr. Clarke and BNS for the dispute over his retirement package to go to arbitration.
The Bank says there is no agreement, but Mr. Clarke insists that there is one.
He pointed to bank correspondence, which indicated a resolution had been passed by its Canadian management board, that the matter should go to arbitration if he refused the offer.
Mr. Clarke, who headed the local BNS network for over 12 years, was forced into retirement in October last year.
<span style="font-size: 20pt"> The court was told that the Bank moved against Mr. Clarke following allegations of personal and professional misconduct.</span>
The Bank says it is not against arbitration, but wants Mr. Clarke's conduct to be part of the terms of reference.
But Monday, Mr. Clarke's attorneys again rejected any move to include personal conduct in the arbitration hearing.
The Appeal Court reserved its judgement.
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