Canada's Challenger Bank™

Welcome To Our 2020 Online Annual Report

David LeGresley

David LeGresley
Board Chair

Andrew Moor

Andrew Moor
President and Chief Executive Officer

Fellow Shareholders:

Welcome to the home page of our digital annual report.

This site serves as a repository for several documents that we encourage you to review:

  • Management’s Discussion and Analysis, which serves as our annual report on all aspects of Canada’s Challenger Bank™ – our growing Personal and Commercial banking operations, capabilities, short and mid-term goals, approach to ESG stewardship and the record financial results of 2020. We designed our MD&A to be the chief reference source for shareholders to use as a guide to our growth and value-creation strategies rather than separating those discussions in a shareholders’ letter as we did in the past. We believe this integrated approach is in keeping with best practice   
  • Management Information Circular, which explains our corporate governance and pay-for-performance management compensation practices and profiles the Directors standing for election at our virtual shareholders’ meeting on May 12, 2021
  • Sustainability Report and Public Accountability Statement, which explores our approach to sustainability in areas including workforce development, workplace equity diversity and inclusion, environmental management and the Bank’s important social investments in our communities – all within the context of our ESG strategies
  • Annual Information Form, which serves as an addendum to the detailed disclosures Equitable makes as member of the S&P/TSX Composite Index

In producing these reports, our objective is to provide meaningful insights that you can use to evaluate Equitable’s business philosophies, core values, marketplace potential and the progress made to fulfill our central purpose of driving change in Canadian banking to enrich people’s lives. Following your document review, we hope your conclusion matches ours and that of over 250,000 customers: that Canada’s Challenger Bank is a great place to save, invest and borrow.

The Pandemic

Faced with the COVID-19 pandemic, Equitable is demonstrating strength and agility by helping our customers and partners cope with the unique challenges created by physical distancing and societal lockdowns.  Never have the Bank’s digital capabilities, EQ Bank platform, branchless business model and innovative nature been of greater relevance or as essential.

Since the pandemic began a year ago, our employees across Canada have displayed great flexibility and resourcefulness in working from home. Their passion for service is a differentiating quality of our Bank and one that deserves recognition. We sincerely appreciate the sacrifices made by our team, at every level, to achieve performance excellence for all stakeholders under trying circumstances. We take our duty of care to employees seriously and will continue to safeguard their health and safety while challenging ourselves to build a rewarding and respectful workplace.

Board Renewal

Board renewal is an important aspect of good governance for all companies, Equitable included as we grow in size, scope and sophistication. Simply put, as Directors we must keep pace with the needs of the Bank as a whole and carefully recruit new Board members from time to time with relevant expertise, proven leadership experience and broad perspectives. This is one of those times.

In December 2020, we were pleased to welcome Diane Giard and Yongah Kim to our Board. Diane brings extensive retail banking, digital banking and risk management experience to the Board having served two domestic systemically important banks during her career. Yongah is Professor of Strategy at the University of Toronto’s Rotman School of Management and previously served as a senior partner at McKinsey & Company advising leading financial institutions on a global basis. Their biographies are included in our Management Information Circular.

This year’s annual meeting will mark the retirement of Eric Beutel as a Director. Eric joined our Board in 1994, a full 10 years before Equitable’s initial public offering. He has played a formative role in the development of our corporate governance approach, serving most recently on the Board’s Audit, Governance & Nominating committees and our Credit Risk Sub-Committee, but also in our evolution from a regional trust company to Canada’s nineth largest Schedule I Bank. We thank Eric for his wise counsel, outstanding leadership and commitment to Equitable.

As a result of these personnel changes, our Board will consist of 11 Directors, five of whom are women and all of whom are well qualified to serve.

Shareholders wishing to discuss our comprehensive ESG strategies and approach to value creation are encouraged to do so by contacting us at investor_enquiry@eqbank.ca.

Thank You

As the COVID-19 vaccination campaign begins in Canada, there is reason for optimism as we look forward to the return of a healthier world. At Equitable Bank, we certainly share that optimism along with a deeply held belief that our institution can play a role in building a better tomorrow for all stakeholders.

We thank our customers, shareholders and business partners for your confidence in Canada’s Challenger Bank. 

Yours sincerely,

David LeGresley
David LeGresley
Board Chair
Andrew Moor
Andrew Moor
President and Chief Executive Officer