Our social responsibility

Transcription

Our
social
responsibility
2008 Report
Table of contents
President’s message / 1
About us / 2
Governance / 3
Personal clients / 7
Commercial clients / 11
Employees / 16
Environment / 21
Communities / 25
Economy / 32
Subsidiaries / C3
This 2008 Social Responsibility Report is published by the
Public Relations Department of National Bank of Canada
pursuant to the Public Accountability Statements Regulations
adopted on March 21, 2002 and as directed by the Financial
Consumer Agency of Canada. It complements the National
Bank Annual Report and provides an overview of our activities
during the year in support of all our stakeholders – clients,
employees, shareholders, community members and
governments. References to the website are provided
throughout the report for those who would like additional
information on the various programs and policies discussed.
Unless otherwise indicated, the information presented refers
to fiscal 2008 (November 1, 2007 to October 31, 2008).
This report is available from any branch, or by calling
514-394-5555 or 1-888-4-TELNAT. It may also be consulted
in its entirety at www.nbc.ca/socialresponsibility.
Également disponible en français.
Comments regarding this document may be forwarded by e-mail
to our Public Relations Department: [email protected].
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1. Agnès Mulongo Nsenga
2. Amélia Becerra
3. Félicia Leblanc
4. Éric Giguère
5. Mathieu Leclerc
6. Philippe Leblanc
7. Victor Parenteau St-Antoine
8. Simon Sauvé
National Bank Financial Group is very committed to the development
of tennis and talent identification. Through the National Bank Young Aces
program, for example, it makes the equipment and resources needed
to take up tennis available to children who are six years old.
/ C2
National Bank Financial Group /
Our social responsibility / 2008 Report
President’s
message
150 years of commitment to the community
National Bank Financial Group has a long tradition —
dating back to its founding in 1859 — of being actively
involved in the communities it serves and contributing
substantially to their economic development.
The strength of its commitment has never faltered,
even in difficult times.
In addition, thanks to our generous donations
and sponsorships program and other initiatives,
we continued to support hundreds of organizations
across Canada. Year after year, National Bank Financial
Group injects millions of dollars into the community,
which directly impacts the quality of life of Canadians.
Throughout 2008 for instance, we continued to do
our utmost to meet, and even sometimes exceed,
the expectations of all of our stakeholders. This social
responsibility report presents an overview of our
commitment to our clients, employees, shareholders
and the communities in which we do business.
Finally, our broad range of socially responsible
actions would not be complete without an unfailing
commitment to the principles of good governance.
These principles are firmly rooted in the way we work
and serve as a point of reference for business
decisions at every level of the organization.
Leading the list of examples of this commitment is
the continued deployment of our One client, one bank
vision, which is aimed at giving clients access to the
same exceptional service, whatever their point of entry
to the Financial Group, and ensuring that our efforts
are even more focused on client satisfaction.
I firmly believe that the depth of an organization
can be measured by the quality of its ties to
the community. National Bank Financial Group
has contributed socially, culturally and economically
to the communities it serves for the past 150 years.
I can assure you that this commitment will endure
and continue to benefit all of our stakeholders
for years to come.
Achieving these objectives would not be possible
without the contribution of our employees, who are
considered one of the organization’s greatest assets,
and rightly so. In fact, employee satisfaction resulted
in the Financial Group appearing on the Hewitt
Associates 50 Best Employers in Canada list for
the fifth consecutive year.
Louis Vachon
President and Chief Executive Officer
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About us
Awards, distinctions and honours
National Bank Financial Group is Quebec’s largest
banking institution and leading partner of SMEs.
It is the sixth largest bank in Canada with branches
in almost every province. It serves clients in
the United States, Europe and other parts of the
world through its network of representative offices,
subsidiaries and partnerships. Its head office is
located in Montreal and its securities are listed
on the Toronto Stock Exchange.
Founded in 1859, National Bank Financial Group
is celebrating its 150th anniversary in 2009.
National Bank Financial Group enjoys an enviable position
in the rankings of leading companies in Quebec and Canada:
• 39th among the 150 most admired companies in Quebec,
according to Léger Marketing and French-language
business magazine Commerce;
• 9th largest employer in Quebec and the 55th largest
in Canada, according to Commerce magazine’s annual
ranking of the top 500 companies in Quebec and Canada.
Moreover, for the fifth consecutive year, the Financial Group
appeared on Hewitt Associates’ list of the “50 Best Employers
in Canada.” It also garnered an honourable mention at the
2008 Grands Prix québécois de la qualité for the excellence
of its Customer Relations Centres.
National Bank Financial Group offers integrated financial services to consumers, small and medium-sized
enterprises and large corporations. It carries out
its operations in three business segments — Personal
and Commercial, Wealth Management and Financial
Markets — with assets in excess of $129 billion as
at October 31, 2008.
With the support of its more than 17,000 employees,
the Financial Group offers a comprehensive range
of services, in particular, banking and investment
solutions for consumers and large corporations,
securities brokerage, insurance, wealth management,
as well as mutual fund and pension plan management.
National Bank Financial Group’s prime concern is to
effectively meet the expectations of its stakeholders and
build lasting relationships with them founded on trust.
That is why social responsibility is a fundamental
priority. The Financial Group’s achievements in this
respect are, moreover, recognized by numerous
external organizations. For example, in 2008, for
the second consecutive year, the Financial Group’s
shares were included in the Dow Jones Sustainability
North America Index owing to the Group’s excellent
performance in the area of sustainable development.
This index includes the leading sustainability-driven
companies in North America, determined by applying
a set of some 20 strict economic, environmental
and social criteria.
National Bank Financial Group at a glance
(as at October 31, 2008)
Number of employees
Number of branches
Number of banking machines
Number of individual clients
Total assets
Assets under management and administration
Common share price at closing (TSX: NA)
Stockmarket capitalization
17,146
446
857
2.3 million
$129.3 billion
$209.8 billion
$45.21
$7.2 billion
For the past few years, National Bank Financial Group
has been a member of Canadian Business for Social
Responsibility, a non-profit organization of Canadian
business leaders seeking to operate in a responsible
manner.
Lastly, the Financial Group followed some of the
performance indicators included in the Global
Reporting Initiative Sustainability Reporting
Guidelines in preparing this social responsibility
report. For more information, please visit our website.
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www.nbc.ca More About Us
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› Social Responsibility › Our commitment
Governance
In terms of governance, National Bank Financial Group
envisions its social responsibility as having two
distinct components. First, the organization as
a whole must implement and maintain mechanisms
to ensure its activities are managed soundly and
ethically.
Second, the organization must remain abreast
of the various problems that affect the banking
and financial industry in particular, most notably
fraud, in order to limit their impact on its various
stakeholders as much as possible.
A secure and powerful
transaction website
The Financial Group’s Personal Internet Banking
Solutions transaction website was ranked 2nd
in the 2008 Canadian Bank Secure Site ratings
compiled by the Forrester independent research firm,
placing it among the best in Canada.
Our commitment
Manage soundly
and transparently
Successfully meet the challenges
affecting the financial industry
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Governance
Manage soundly and transparently
The Financial Group has adopted corporate governance rules, policies, codes of professional conduct
and mechanisms to guide its activities and interactions with all parties. Discipline, transparency and
ethics are top priorities.
Corporate governance
National Bank Financial Group participates in the efforts
of regulatory bodies, governments and companies
worldwide to maintain the confidence of investors,
and clients, in capital markets. The Board of Directors,
supported by its committees and members of senior
management, oversees the application of corporate
governance standards that are in line with legislation
and comply with best practices advocated by organizations that specialize in corporate governance.
A detailed description of our corporate governance
practices, including information on the independence
of the members of the Board and its committees, can
be found in the Management Proxy Circular for the
2009 Annual Meeting of Holders of Common Shares,
available on our website. The complete mandate of the
Board and descriptions of the role and achievements
of each committee are also available on the website.
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www.nbc.ca More About Us Investors
Code of Professional Conduct
The Financial Group’s Code of Professional Conduct,
which was introduced in 1985 and is regularly updated, defines the behaviours everyone is expected
to adopt in order to safeguard the organization’s
reputation. It establishes rules for confidentiality,
professional conduct and conflicts of interest.
In 2007, a comparative analysis of codes in the
industry showed that our Code was still current
and still reflected high standards.
The Code of Professional Conduct applies to all
employees and officers and, insofar as the provisions
of the Code apply to them, the members of the Board
of Directors. We have also implemented a series
of measures to ensure that the Financial Group’s
consultants, contract workers and service providers
are made aware of our Code and follow the provisions
applicable to their activities.
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Our key policies
In order to strengthen corporate governance, National Bank
Financial Group has adopted policies covering every aspect of its
operations, established the mechanisms needed to monitor their
application and taken measures to ensure that they are regularly
reviewed. Here are some examples:
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Business continuity
Third party asset administration and management risk
Information confidentiality
Information security
Information disclosure
Outsourcing risk management
Operational risk management
Reputational risk management
Advertising design and production
Complaint settlement
Policy with respect to the Proceeds of Crime (Money Laundering)
and Terrorist Financing Act
• Prohibited transactions on securities of the Bank
and its subsidiaries
• Outside directorships
Financial certification process
In 2004, National Bank Financial Group established
a separate sector dedicated exclusively to the financial
certification process. As required by Canadian legislation, managers and members of management who
are directly or indirectly involved in preparing financial
information now certify the quality and fairness of that
information on a quarterly and annual basis.
Transparency in the sale
of financial products
National Bank Financial Group took steps in 2008 to
enhance the transparency of its communications concerning the sale of certain financial products, including
principal-protected notes and variable-return guaranteed investment certificates (GICs). These products
are the subject of new federal regulations adopted in
July 2008 requiring compulsory disclosure of several
types of information, including fees, potential returns
and related risks.
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www.nbc.ca More About Us Governance Codes & Commitments
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Successfully meet the challenges
affecting the financial industry
National Bank Financial Group’s social responsibility
in terms of corporate governance can also be seen
in our disciplined monitoring of the various issues
affecting the financial industry and our adoption
of appropriate measures to deal with them.
Combating money laundering
and terrorist financing
In 2008, National Bank Financial Group continued
to implement measures to further improve its ability
to effectively combat money laundering and terrorist
financing across its various business lines.
The Financial Group took advantage of the introduction
of new regulatory requirements to review its processes
and implement a series of measures relating to client
identification, information collection, documentation
and reporting requirements. A team dedicated exclusively to analyzing internal procedures and business
processes was assembled. In addition to reviewing
every step taken to date, it examined the best way
to integrate regulatory changes into our operations.
An ongoing training program was also developed
to cover all internal procedures and standards established for this purpose. The program affects all levels
of the organization as well as members of the Board
of Directors.
Protecting the confidentiality
of our clients’ information
National Bank Financial Group considers the confidentiality of client information to be of the utmost
importance. In 2008, we took further steps to
strengthen our protection measures.
The Information Confidentiality Policy
The Information Confidentiality Policy is one of the preferred
methods for raising awareness of our practices. The policy
is rooted in industry best practices and applies to all
the organization’s operations. It covers every step of
the personal information management process for both
individual and commercial clients. Highlights include:
Employee training and awareness
Financial Group employees receive training and are made aware
of the importance of ensuring information confidentiality.
This element is part of the Code of Professional Conduct and
a strict condition of employment.
Implementation of security measures
The Financial Group has implemented a wide range of security
measures, which can be grouped into three major categories:
• Physical measures – e.g., secure access to premises and
secure storage of hardware
• Administrative measures – e.g., access to confidential
information limited to employees whose duties require it
• Technical measures – e.g., disciplined management
of passwords and use of firewalls
Specialized teams carry out the various activities
related to information security. That way, the Financial
Group is able to monitor changes in practices
to ensure the sound management of information
confidentiality risk.
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Governance
The following are some examples of information
security initiatives implemented this year by National
Bank Financial Group:
Information security awareness campaign
In January 2008, a major information security awareness campaign was launched. The campaign targeted
all Financial Group employees at every level of
the organization. Slated to run for three years,
it is intended to remind employees of the various
components of information security and the importance of ongoing vigilance in ensuring that best
practices are maintained.
Fraud Prevention Month
For the third consecutive year, National Bank Financial
Group took part in the Fraud Prevention Forum to
promote Fraud Prevention Month. As part of this
initiative, a number of awareness activities were
organized for clients and employees. Close to 500
employees attended a seminar on information
security. A series of targeted messages were also
sent through a number of channels, namely, account
statements, ABM receipts, the Financial Group’s
website and TelNat telephone banking.
The Fraud Prevention Forum is a concerned group
of private sector firms, consumer groups, government agencies and law enforcement organizations
committed to fighting fraud aimed at consumers
and businesses.
Virtual info centre on security situations
A virtual info centre containing vital information
on important or urgent security situations was added
to the Intranet in 2008 increasing the resources
available to employees. In addition to being an
unparalleled source of information, this tool provides
procedures to follow and people to contact if a situation
requires it.
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Ensuring the integrity
of electronic transactions
As a responsible financial institution, National Bank
Financial Group assigns considerable importance
to the integrity of electronic transactions and fraud
prevention. Every year, we make significant investments in our infrastructure and activities in order
to maintain a high level of security.
Smart cards
In 2008, National Bank Financial Group began
deploying its new smart debit and credit cards.
Tested around the world, smart card technology
further enhances security standards.
Internet Banking Solutions
New measures were deployed in 2008 to improve
security on our Internet Banking Solutions platform
for both individual and business clients. Specifically,
a new step was added to the user identification
process. Clients must now register the computers
they use to access their bank account or answer
pre-selected secret questions from their profile.
The Financial Group also began implementing a new
protection measure intended exclusively for business
clients, who will be able to benefit from an additional
authentication step. The new measure will be either
required or optional, depending on the type of transaction requested.
“I protect my identity on the Internet” campaign
For the second consecutive year, National Bank
Financial Group joined forces with the Information
Security Institute of Quebec (ISIQ) to promote its
“I protect my identity on the Internet” campaign.
The campaign includes a major awareness initiative,
notably on the Internet, and a regional tour of Quebec.
The purpose of the campaign is to explain the ins
and outs of identity theft and encourage Quebecers
to adopt secure behaviours.
Personalclients
National Bank Financial Group is committed to making
its services as accessible as possible to its Personal
Banking clients. We do this by ensuring that clients
can easily carry out their transactions in a branch,
at an ABM, by telephone or online. In addition,
we have invested considerable effort in developing
services that are tailored to the specific needs
of our diverse clientele.
Our commitment
Maximize accessibility
via our distribution networks
for our diverse clientele
Client satisfaction: A top priority
We have implemented several tools to measure the satisfaction of our clients with the products and services we
offer. For example, under our Mystery Shopper program,
1,300 clients, recruited across Canada by an outside firm,
call or visit our many branches and then share their comments, which are subsequently collected and compiled.
In addition, for the past several years, we have carried
out client surveys, conducting some 60,000 interviews
with Personal and Commercial Banking clients Canada-wide
each year. According to these surveys, the number of
Personal Banking clients who are “very satisfied” overall
with in-branch service has grown nearly 11% in the past
five years. The feedback we receive from these surveys
and other evaluation tools is used to finetune or develop
various programs in order to continually improve our
service offering.
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Personalclients
via our distribution networks
Investing in our branch network
National Bank Financial Group comprises a network
of 446 branches across Canada. We regularly invest
in our branches to make them more attractive to
our clients, more accessible to persons with reduced
mobility and more functional for our employees. Over
the past year, we have invested close to $10 million
in renovations. By hiring local companies to carry
out the work, we also contributed to the economies
of several communities.
During fiscal 2008, National Bank Financial Group
opened eight new branches and relocated, merged
or closed nine branches. Depending on where the
branch is located, clients are given four to six months’
written notice, as required by legislation.
Branches closed
Branches opened
Quebec
Quebec
9880 boul. Leduc, Suite 10, Brossard
3001 12e Avenue Nord, 5th Floor,
Sherbrooke
2535 boul. Laurier, Sainte-Foy*
68 boul. Gréber, Gatineau
137 rue Child, Coaticook*
973 boul. Curé-Labelle, Blainville
1923 rue Davis, Jonquière
2400 rue des Nations, Montreal**
1056 boul. Maloney Ouest, Gatineau
347 rue Child, Coaticook
305 boul. de laSeigneurie Ouest, Blainville
2095 boul. Mellon, Jonquière
1130 boul. Marcel-Laurin, Montreal
New Brunswick
New Brunswick
116 RoseberryStreet, Campbellton*
120 RoseberryStreet, Campbellton
Ontario
Ontario
2 Orchard Heights Boulevard, Aurora
133 Pedersen Drive, Aurora
* Designates a branch that was re-opened less than 500 metres away
** Designates counter services
Providing top-notch online
banking services
Offering adapted telephone services
Each year, we invest heavily in our technological
infrastructures in order to keep pace with the growing
demand for electronic services and continue to deliver
high-quality service in a very secure environment.
With our Internet Banking Solutions, clients can do
their banking at their convenience, 24 hours a day,
seven days a week – and enrolment is free.
In addition to its branches, ABMs and electronic
banking services, National Bank Financial Group
offers clients telephone banking services, in particular
via TelNat. This service, which is available to Personal
and Commercial Banking clients, is one of our key
customer service outlets. TelNat is also equipped with
a device to help representatives communicate with
hearing-impaired clients.
As statistics show, the number of clients who use
our electronic transaction tools and services and
our website has steadily risen in the past few years.
Clients appreciate the diverse means available
to them to carry out their transactions.
Growth in Internet Banking Solutions subscribers
Transaction breakdown for bill payments
(fiscal year ended October 31, in thousands)
(fiscal year ended October 31, 2008)
886
19.5% Via ABM
778
693
538
608
61% Online
4% In-branch
423
15.5% By telephone
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Installing secure ABMs
Between now and June 2009, we will be replacing all
ABMs in our network so that our clients can benefit
from the many advantages of smart card technology,
especially enhanced security.
Because they have a built-in microchip, smart debit
and credit cards, which in all other respects resemble
regular debit or credit cards, are more difficult to clone.
In addition, all new ABMs will be audio-enabled
so that clients who are blind or visually impaired
can receive voice instructions to guide them through
their banking transactions.
In 2008, we installed 27 new ABMs, thereby bringing the total number of ABMs in our network to 857
Canada-wide.
Customer service
Service quality is a constant concern for all National Bank
Financial Group employees. To promote a culture that
is centred on client needs, we have been gradually
implementing the Destination Client program since 2003.
This program now extends to most of our subsidiaries
and over 20 corporate sectors and support units.
This program includes:
• the implementation of service standards to ensure
consistent service
• employee training
• the development of activities and tools to support
employees in the work they do and to help them
maintain their commitment to service quality
The purpose of this major program is to give clients
access to the same high-quality service, whatever their
point of entry to the Financial Group. As a result, all
employees, whether in the branches or at Head Office,
are even more focused on ensuring that clients find
it easy and pleasant to do business with us.
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Personalclients
Maximize accessibility for our diverse clientele
At National Bank Financial Group, we are committed
to offering services that reflect the demographic
and cultural changes in our society.
Recruiting a multilingual workforce
National Bank Financial Group makes a special effort
to recruit applicants who are able to serve clients
in their mother tongue. At some of our call centres,
employees can assist clients in as many as 19
languages and dialects.
Branches serving a multicultural clientele also offer
services in several languages. For example, our
branches in predominantly Asian areas of greater
Toronto, Montreal and Vancouver are staffed by
employees who speak Mandarin and Cantonese.
The National Bank Financial Group website also
includes a section that briefly describes our various
products in Mandarin.
Meeting special needs
Because not all clients have the same needs, we have
designed a number of solutions that take individual realities
into account. Here are some examples:
ClickStudent
The ClickStudent package allows full-time post-secondary
students between the ages of 18 and 24 to, among other things,
carry out an unlimited number of electronic transactions for just
$2.75 a month.
National BankFinancial Group has developed an accessible,
simple and effective complaint settlement process, which is
clearly explained on its website.
A simple process
General problems
The person in charge of
customer service for the
branch, department or
subsidiary with which the
client does business receives
and handles the complaint.
If there is an impasse
The Mediation Department intervenes.
If the impasse continues
The Office of the Ombudsman for clients
takes over the file.
If the complaint is not settled
to the client’s satisfaction
The client can contact the Ombudsman
for Banking Services and Investments.
The role of the Ombudsman is to encourage the fair settlement
of complaints at the first level of intervention. Compared to last
year, the Mediation Department and the Office of the Ombudsman received 44% and 16% fewer complaints, respectively.
The number of complaints from National BankFinancial Group
clients to the Office of the Ombudsman for Banking Services
and Investments also decreased.
Keeping clients well informed
Perspective
The Perspective banking program for clients 60 and over was
introduced in 2006. For the modest sum of $3.95 per month,
it offers many advantages to today’s seniors, who are increasingly
at ease with electronic tools.
Accessible
The Accessible package, available for a flat monthly fee of $3.95,
offers 12 debits per month, including two withdrawals, transfers
or withdrawals for bill payments at the branch and 10 electronic
transactions.
When clients open an account, branch personnel can
recommend the package that best suits their needs.
The online account opening process also includes
a step that helps clients select the most appropriate
banking package.
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Ombudsman for clients
Having access to financial services goes hand-in-hand
with having access to the information necessary to
make educated decisions. That is why keeping clients
informed of their rights and responsibilities as well as
our products and services is a priority for us at National
Bank Financial Group. In addition to the documentation
available at our various banking outlets and on our
website, we hold meetings and seminars, including:
Retirement Information Sessions
To help the large percentage of Canadians who are
nearing retirement age better plan for the next stage
of their lives, National Bank Financial Group held 51
“Retirement Information Sessions” in the fall of 2008
in 39 cities across Canada. The sessions attracted
more than 4,000 people.
Training for do-it-yourself investors
National Bank Direct Brokerage offers seminars and
webinars for independent investors. In 2008, several
hundred clients benefitted from informative presentations on topics such as technical analysis, emerging
markets and tools for independent investors, to name
just a few.
Captain John’s Harbour Boat Restaurant, moored in downtown Toronto,
has been a client of National Bank Financial Group since the 1970s.
Commercialclients
National Bank Financial Group is much more than just
a service provider. Its unique advisory expertise gives
it the resources it needs to position itself upstream
from its corporate clients’ value chains. The Financial
Group’s social responsibility therefore appears
as an elevated level of engagement in the growth
and development of businesses.
Our commitment — Contribute to the
growth of our clients’ businesses as:
Partners in business
Partners in acquiring knowledge
Partners in business longevity
We act as a true partner in the success of our commercial clients, whether we are financing activities,
assisting with business transfers or contributing
to the spread of knowledge.
Satisfaction with products and services:
a constant concern
National Bank Financial Group’s priorities include listening
to commercial clients so as to assess their level of satisfaction
with the products and services we offer and, if necessary,
implement programs to improve them. We conduct a wide
range of satisfaction surveys and organize discussion
groups involving client businesses.
Our surveys show a 28% increase over the past five years
in the proportion of our clients who say they are “very
satisfied.” These surveys reach over 5,500 clients across
Canada each year.
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Commercialclients
Supporting agribusinesses
Partners in business
Acting responsibly towards our commercial clients
means offering them reliable, effective products and
services that make it easier to manage their activities.
Developing solutions
tailored to client needs
Credit, investments, insurance and banking transactions
are just a few examples of the wide range of products
and services offered by the Financial Group. The organization also provides exceptional customer service.
We take particular care to ensure that clients are
offered products suited to their needs and the current
economic situation. In 2008, for example, we added
new products to our selection, including the Progressive
Interest Business Account and GICs that are redeemable without penalty.
BusinessFlex
Through its packages and families of products,
National Bank Financial Group facilitates the management of routine business transactions. BusinessFlex
Solutions, launched in 2004, are a range of financing
and investment solutions designed specifically for
small businesses that have commercial commitments
with us totalling under $500,000. Effective, practical
and user-friendly, BusinessFlex Solutions are supported
by peerless customer service and an unmatched
Internet infrastructure.
Payroll service
National Bank Financial Group and its partners offer
small and large businesses the chance to benefit,
at little cost, from one of the best payroll solutions
available on the market. By using this service, clients
can cut down on the time needed to prepare their
payroll while reducing the associated risks, so they
can focus on value-added activities.
In 2008, the Financial Group’s service proposal was
improved with the addition of a new model guiding
the organization’s dealings with SME and Agribusiness
clients. This business model increases the Financial
Group’s advisory role and will allow us to build closer
relationships with our clients by devoting more quality
time to them. Our commercial clients will now be able
to count on the assistance of two managers, supported
by a team of seasoned advisors, who will closely
monitor changes in the business’s needs and help
it attain its performance objectives.
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For the past several years, National Bank Financial
Group has offered personalized service to SMEs
in the agricultural industry with a view meeting their
specific financial management and administration
needs. In Quebec, the Financial Group has more than
100 specialized advisors, most of them accredited
agronomists, who are able to understand and advise
clients in this sector. This service is also offered
to clients in Moncton, New Brunswick and in Ontario
and Western Canada.
The network abroad
With some 1,200 banking correspondents in over 120
countries, National Bank Financial Group offers its commercial
clients wanting to do business abroad the opportunity
to benefit from a wide choice of partners.
Our representatives in London and Paris (where National
Bank Financial Group has been present for 100 years)
provide top quality support to businesses undertaking
commercial transactions in Europe, the Middle East and
Africa. Our local presence in Hong Kong and Shanghai gives
our clients additional resources to penetrate Asian markets.
National Bank Financial Group’s international network
is completed by our partners in the United States.
The Financial Group also has a branch in New York City.
Supporting exports
To facilitate and secure its clients’ international transactions, National Bank Financial Group offers a complete
range of proven products and services seamlessly
tailored to the size of each business. Accompaniment
is multidimensional and ranges from assessing buyers
and opening foreign bank accounts to dispensing
advice in the negotiation of commercial contracts.
No matter what services are required, the assistance
of experts from National Bank Financial Group significantly reduces risks and maximizes the benefits of our
commercial clients’ investments.
In 2008, the Financial Group associated itself with
several international events. Through its presence
at the Salon international de l’alimentation (SIAL)
and Futurallia Quebec, the Financial Group promoted
the growth of its clients’ business networks and their
access to international markets.
Partners in acquiring knowledge
Each year, the Financial Group devotes considerable
effort to increasing client knowledge. Here are a few
examples of initiatives taken in 2008:
National Bank meetings
High-level conferences presented in a friendly environment conducive to discussion, National Bank
meetings are greatly appreciated by entrepreneurs.
These meetings, because they are held in the network
across the province of Quebec, draw a large number
of people, who appreciate the opportunity to hone
their knowledge on such topics as foreign currency,
economic prospects and financial prospects in international markets.
Export China study by SECOR Asia
National Bank Financial Group teamed up with SECOR
Asia to carry out an important study of the Chinese
economy and the business opportunities it offers
for Quebec businesses. The results of this study were
revealed to our commercial clients in December 2008
during a series of breakfast conferences.
Internet site
Through its Internet site, National Bank Financial
Group provides its commercial clients with a vast array
of guides and information resources covering several
areas of interest. These materials include, among
others, information capsules for farmers and advice
and guidance on business planning and business
transfers. The site even features videos containing
advice concerning international transactions. Clients
can also choose to subscribe to Business Solution.
Published six times a year, this free e-newsletter
is chock full of valuable advice and useful links.
The National Bank SME Awards
For the fifteenth consecutive year, National Bank Financial
Group showcased the hard work, innovation and performance of SMEs throughout Quebec through a unique recognition program. Each year, the Financial Group chooses
12 winners from the program finalists. The winners receive
several prizes, including an advertising campaign to raise
the profile of their businesses. One contest category is
reserved exclusively for SMEs in the agricultural sector.
The National Bank SME Awards highlight the exceptional performance of 12 businesses, featured in the photo. The provincial Gold Award
winners are: Fafard et Frères ltée in Saint-Bonaventure (SME), Les Habitations Mont-Carleton Inc. in Carleton-sur-Mer (Small business),
Réal Pinsonneault et fils (2004) ltée in Saint-Michel (Agribusiness) and the Société des Technologies de l’Aluminium du Saguenay Inc.
in Chicoutimi (Exporting SME).
13 /
Commercialclients
Partners in business longevity
Over the next few years, a large number of entrepreneurs will retire. The Financial Group believes that
it is very important to assist SMEs in planning all
stages of the business transfer in order to ensure
the businesses’ long-term survival.
Assisting with business transfers
National Bank Financial Group offers its commercial
clients the opportunity to take advantage of a complete
business transfer program designed to support
and advise entrepreneurs throughout the process,
from initial reflection to the final financial transaction.
Debt financing made available to companies in Canada
A special Business Transfer team, which was increased
by several members in 2008, offers advice on every
aspect of business transfers as well as a plan to guide
business owners through the process. Due to an
arrangement with the Caisse de dépôt et placement
du Québec, clients can, if they wish, complete their
financing without having to take any additional steps.
Entrepreneurs looking for further decision support
tools can consult our Business Transfer Planning
Guide for more information.
(in thousands of dollars)
In 2008, National Bank Financial Group approved more than $38 billion in debt financing for nearly 40,000 businesses.
0 to 24.9
25.0 to 99.9
100.0 to 249.9
250.0 to 499.9
500.0 to 999.9
1,000.0 to 4,999.9
5,000.0 +
—
—
***
***
***
***
—
—
****
****
***
***
***
***
106.07
14
1,996.60
35
3,136.13
21
5,486.08
14
****
****
27,739.02
14
387,069.57
13
Nova Scotia
Total authorized ($)
Number of clients
*
*
***
***
***
***
*
*
****
****
***
***
***
***
New Brunswick
Number of clients
3,542.64
320
23,623.84
486
34,617.20
222
39,893.92
119
56,349.90
81
143,937.58
70
557,349.29
28
859,314.37
1,326
Quebec
Number of clients
106,307.49
8,777
541,807.76
11,396
837,509.68
5,484
1,085,956.04
3,120
1,774,908.14
2,561
5,520,994.85
2,760
15,083,120.19
662
24,950,604.15
34,760
Ontario
Number of clients
6,196.95
579
42,149.57
891
66,044.48
429
92,371.05
267
160,374.30
231
673,552.32
323
4,511,483.32
149
5,552,171.99
2,869
Manitoba
Number of clients
139.03
13
1,006.79
22
3,449.77
22
4,771.37
14
12,471.22
17
70,175.46
29
204,487.29
12
296,500.93
129
Saskatchewan
Number of clients
**
**
841.03
14
2,031.19
13
6,538.24
17
14,130.94
21
78,098.24
37
212,492.71
17
314,132.35
119
Alberta
Number of clients
259.96
39
3,006.08
60
3,577.50
25
6,847.17
19
21,716.55
32
159,260.98
69
5,297,646.05
150
5,492,314.29
394
British Columbia
Number of clients
129.40
19
1,802.21
39
3,493.16
22
6,486.74
19
15,882.36
23
89,397.27
43
652,698.50
17
769,889.64
182
Grand total
Number of clients
116,681.54
9,761
616,233.88
12,943
953,859.11
6,238
1,248,350.61
3,589
2,055,833.41
2,966
6,763,155.72
3,345
26,906,346.92
1,048
38,660,461.19
39,890
Newfoundland and Labrador
Number of clients
Prince Edward Island
Number of clients
Total
425,533.47
111
To preserve client confidentiality, certain figures have been grouped as follows:
*
**
***
****
The figures for Nova Scotia have been added to the figures for Prince Edward Island in the indicated financing range and to that province’s total.
The figures for Saskatchewan have been added to the figures for British Columbia in the indicated financing range and to that province’s total.
The figures for Newfoundland and Labrador and Nova Scotia have been added to the figures for Prince Edward Island in the indicated financing range and to that province’s total.
The figures for Newfoundland and Labrador, Nova Scotia and Prince Edward Island have been added to the figures for New Brunswick in the indicated financing range and to that province’s total.
/ 14
Conference on family succession
National Bank Financial Group takes part in a host
of activities designed to raise clients’ awareness
of the challenges inherent in business transfers.
For a third consecutive year, the Financial Group
joined with HEC Montréal and the Institut québécois
pour les familles en affaires to organize a conference
on succession. The theme for 2008 was “Transferring
a business to family members or a third party: when,
how and why?”
Website - fromsuccesstosuccession.com
As part of its partnership with HEC Montréal,
the Financial Group helped set up the website
fromsuccesstosuccession.com. This site is packed
with relevant information for both assignors and
potential successors. It is a top quality resource
for all participants in a business transfer.
Training tomorrow’s business leaders today
For some years now, the Financial Group has helped
train future business leaders by supporting the
Entreprise étudiante program of Jeunes Entreprises
du Québec. Under this program, students aged 16
to 18 enjoy a unique 26-week experience during
which they set up and run their own businesses with
the help of a team of volunteer advisors, including
several employees of the Financial Group.
For the past 13 years, the Financial Group has also
been the official presenter of the Jeune personnalité
d’affaires (JPA) competition and gala organized
by the Jeune Chambre de commerce de Québec.
In 2008, National Bank Financial Group lent its
support, via National Bank Financial, to the Canadian
Youth Business Foundation (CYBF), an organization
that provides mentoring, financing and other
resources to young people aged 18 to 34 who want
to start their own businesses.
Les médaillés de la relève contest
Businesses that have been successfully transferred
are recognized and rewarded through the Les médaillés
de la relève contest, which was held for the second time in
2008. This contest is organized to highlight the successful
transfer of a private Quebec business from its owner
to a team of family members or company executives.
National Bank Financial Group is proud to be a partner
in this highly profitable initiative for Quebec businesses.
The Gauthier family from Saint-Théodore-d’Acton has been a client
of National Bank Financial Group for 33 years. This family is a great
example of a successful business transfer: the fourth generation
is already rolling up its sleeves!
15 /
Employees
National Bank Financial Group believes it is very
important to offer its employees a harmonious work
environment where they can develop their potential
to the fullest. Employees are rightly considered to be
among the organization’s most valuable assets.
We see our social responsibility with regard to
employees as a long chain of positive, respectful
actions. These actions take place during the three
major stages of the employment cycle: recruiting,
welcoming and integrating new employees; engaging employees; and preparing for retirement.
This section explores issues related to these three
stages.
Our commitment: Act responsibly
toward our employees throughout
the employment cycle
Recruitment, welcome and integration
Engagement
and skill development
Introducing a new employer brand
to enhance communication
National Bank Financial Group’s overall vision for
employer/employee relations was translated into
concrete terms in 2007 with the creation of a new
employer brand. Developed from ideas generated
by employee research groups, the brand consists
of a signature and a set of visual elements and
keywords that quickly sum up career development
advantages within the organization. The Financial
Group’s strength, size, enviable reputation and
ability to embrace diversity are now communicated
more systematically. If we are to act responsibly
toward current and future employees, communication
must be effective, transparent and mutually beneficial.
A top 50 employer!
For the past five years, National Bank Financial Group
has appeared on the prestigious list of the “50 Best
Employers in Canada” compiled by Hewitt Associates.
Our ranking is based on a survey of
2,000 of our employees. This annual list
recognizes companies with innovative
and engaging human resources practices.
Preparing for retirement
/ 16
Employees
Recruitment, welcome
and integration
At National Bank Financial Group, acting responsibly
during the recruiting process means ensuring potential
candidates receive accurate, complete information
regarding their duties, the work environment and
their employment conditions, no matter what position
is being filled or what place it occupies in the organizational structure.
For example, greater effort was made this year to
help job seekers find information about us. In addition to participating actively in various recruitment
initiatives, National Bank Financial Group added
a section to its website (www.nbc.ca/careers)
that makes it even easier to learn about recruitment
and available positions.
As part of the development of the new employer
brand, communication tools covering the whole
recruitment process, from first contact to integration,
were developed. The tools are easily recognized
as they share the same visual identity. The invitation
to “Make a smart move” will guide recruitment,
while the “For you” section emphasizes how the
organization delivers on its promises after hiring.
In this way, the Financial Group strives to communicate more effectively with its employees and ensure
that their expectations are met.
Similarly, Human Resources teams have developed
a process in recent months to ease the social
and professional integration of new employees
and render them capable of working independently
as quickly as possible. The new process, guided
by the manager, runs for a three-month period
and includes six steps, from the acceptance of
the offer to the third month of work. Feedback from
new employees about this approach has been very
encouraging, with many expressing their satisfaction
with the integration process.
Diversity
Senior Management of the Financial Group is committed
to promoting diversity within each business unit.
This commitment not only applies to the four designated
groups under the Employment Equity Act – women,
persons with disabilities, visible minorities and aboriginal
people – but also extends to respect for the differences
inherent in each individual. The ultimate goal of National
Bank Financial Group is to be an inclusive organization
that values each of its employees, regardless of their
age, sex, culture, religion or any other characteristic.
Representation
(as at December 31, 2008)
Women
in senior management
Persons
with disabilities
Visible
minorities
Number
of languages spoken
by employees
34 %
2.5 %
12.1 %
44
Increase
since 2003
33 %
19 %
61 %
Most frequently
spoken: Italian,
Spanish and Arabic
Bursary and Summer Employment
Program for Students with Functional
Limitations
For 20 years now, we have helped students with functional
limitations pursue their post-secondary education by
providing financial support and relevant work experience.
Our Bursary and Summer Employment Program for Students
with Functional Limitations also aims to raise employee
awareness about the reality of living with a disability.
The Bank awards a $5,000 bursary and a 12-week paid
summer job to two university students in Quebec, Ontario
or New Brunswick. In addition, one CEGEP student living
in Quebec is awarded a $2,500 bursary and a 10-week
paid summer job. Our efforts have proven successful since
several bursary recipients have pursued their careers
at the Financial Group after participating in the program.
17 /
Employees
Engagement and skill development
After employees have taken up their position, another
facet of National Bank Financial Group’s social
responsibility comes into play. It includes a wide
array of measures aimed at the social and professional
development of people working at various levels
within the organization.
To help managers take on the issues and challenges
they encounter every day, the Leadership Institute
was created in 1999. The Institute designs innovative
training sessions, which are then presented by former
officers of the organization and internal leaders.
The electronic training
management system
We acquired a new training management system that
was deployed gradually in 2008. Using this system,
employees can go online to view the overall internal
course offering, take e-learning courses and self-training
tests, register for classroom sessions and view their
employee file.
Promoting learning
National Bank Financial Group has long been dedicated
to creating an environment conducive to employee
development and helping employees achieve their
full potential. One favoured tool is training. Nearly
$13 million was invested in training in 2008.
Over 14,700 employees registered for courses
and attended nearly 43,100 days of training.
The National Bank University Program is one of our
training opportunities most appreciated by employees.
Through this unique program, resulting from a partnership between the Financial Group and several
universities, 1,971 employees have earned undergraduate and graduate degrees since 1996.
National Bank Financial Group also organizes in-house
training sessions based on the specific needs of
certain groups of employees. Managers, for example,
are well accompanied throughout their development.
/ 18
Encouraging the development of strong
bonds within teams
Activities to strengthen the bonds among team
members are very popular with National Bank
Financial Group employees and have enjoyed
great success over the years. The two theme weeks
described below are excellent examples of such
events.
Diversity Week
In 2008, for the fifth consecutive year, a week
was dedicated to sensitizing employees to diversity
and reducing prejudice in the workplace. This year,
in keeping with the theme of “Pooling our differences
toward a common goal,” employees participated
in a wide range of activities to discover how diversity
enriches our organization.
Employees’ Week
It has become a tradition at National Bank Financial
Group to dedicate a week to activities aimed at
forming strong bonds among colleagues. In 2008,
activities were organized under the theme “Take
some time…”
Offering competitive total compensation
A good compensation package is undoubtedly a
powerful motivating tool. National Bank Financial
Group therefore places a great deal of importance
on compensation. Every year, we conduct several
benchmarking studies to ensure that our total compensation continues to be competitive. Total compensation consists of base salary, variable compensation
programs that encourage employees to attain their
objectives, and an employee benefits package, which
includes:
• A defined benefit pension plan, jointly funded
by employees and the Financial Group, which
guarantees employees 2% of their final salary
per year of service in conjunction with the benefits
payable under the Canada Pension Plan or Quebec
Pension Plan
• Group life and disability insurance plans
• Medical and dental care plans that allow employees
to choose the coverage that best suits their needs.
For example, the “children only” coverage is an
option that single-parent families truly appreciate
• An employee share ownership plan that enables
participants to contribute by way of payroll
deductions and benefit from a contribution
from the organization
We also offer our retired employees a comprehensive
employee benefits program.
Employee Ombudsman: committed
to independence, confidentiality
and impartiality
The Employee Ombudsman’s Office (EOO) is dedicated
to helping all Financial Group employees resolve workrelated problems and issues. The EOO team encourages
communication between parties in case of a dispute
and acts as an advisor, facilitator and mediator. The EOO
handled 441 files in 2008.
The EOO team belongs to the International Ombudsman
Association and is made up of three professionals who
are subject to a rigorous code of ethics. In the interest
of preserving confidentiality and neutrality, the EOO
is situated outside the Financial Group’s offices.
The Employee Ombudsman reports directly to the
President and CEO.
Thanks to new information and communications technology,
the EOO has telephones and electronic equipment
that prevents employees from being identified or traced.
Only the EOO professionals will be informed of the action
taken by an employee, if he or she wishes.
Recognizing employees’ contributions
National Bank Financial Group pays special attention
to recognizing employees’ efforts. In addition to
the informal activities organized by various sectors
of the organization, Executive Luncheons are held
several times a year to highlight the initiative and
exceptional contributions of certain employees.
A gala is also held to thank employees who have
been with the organization for 25 or 40 years.
In 2008, 126 employees celebrated 25 years
of service and 12 others celebrated 40 years.
Promoting a balanced lifestyle
toward its employees goes beyond training, compensation and building relationships. Through specific
initiatives and a variety of programs, considerable
efforts are invested in creating a work environment
that encourages the development and maintenance
of a healthy lifestyle.
Thanks to the Quality of Life in the Workplace program,
Chantale Thibault, Sales and Service Manager in Matane,
Quebec, was able to reorganize her schedule to get a day
off every two weeks from mid-May to the end of September.
19 /
Employees
My Health, My Wealth!
Several initiatives are introduced every year to
encourage employees to take charge of their physical
and mental health and get fit. Many of them are
included in the very successful My Health, My Wealth!
program. Launched in 2005, this program gives
employees access to a complete range of information,
referral services and activities. Vaccination and heart
health clinics are among the program’s most popular
activities.
Quality of Life in the Workplace
Over the past years, a growing number of our managers
have taken steps to help employees find a better
balance between their personal and professional
lives. More than 6,000 employees at all line levels
and from regions across Quebec take part in this
program. Some 400 employees are currently
benefitting from flexible work arrangements such
as voluntary part-time, flextime, compressed schedule
and leave without pay.
We know that our employees’ needs change as their
lives change. For instance, the ageing of the population
is having a significant impact on the workplace.
That is why we offer employees, who need to care
for a loved one, want to slow down their pace at work
or simply improve their quality of life, the option
of submitting a work arrangement proposal to their
superior. Employee and superior then work together
to find measures that meet both the employee’s
personal needs and the operational needs of the
organization. This approach fosters team spirit
and cooperation, two core values at National Bank
Financial Group.
EFAP: Employee and Family Assistance Program
Several years ago, National Bank Financial Group
set up the EFAP to help employees deal with life
issues. This confidential service provided by outside
professionals ensures effective support for employees
facing everyday problems or a full-blown crisis.
Tandem, a service designed especially for managers
Since 2005, we have been offering our managers
a confidential assistance service designed to help
them better interact with employees who are going
through a difficult period in their personal or professional life.
/ 20
Preparing
for retirement
At the end of the employment cycle comes retirement.
National Bank Financial Group accompanies its
employees through the transition toward a lifestyle
that is less focused on work.
Preparation for retirement consists of seminars
for employees who are planning to retire soon
and their partners. Offered twice a year nearly everywhere the Financial Group operates, these information
sessions cover a wide variety of topics, including
financial and tax strategies to follow and the various
personal challenges that come with this special
phase of life.
National Bank Financial Group uses different channels
to keep in touch with its retired employees including
the Amicale des retraités, an association that brings
together over 1,550 former employees.
Employee satisfaction surveys
initiatives toward its employees are subject to periodic
review. Through various feedback mechanisms, such
as the Taking a Look at Our Organization survey, we can
measure our employees’ satisfaction and engagement.
In light of the results obtained, action plans are
implemented for the entire organization as well as for
each sector to improve working conditions and the work
environment.
The employee participation rate in the last Taking a Look
at Our Organization survey, conducted in 2007, was once
again very high, and the overall rate of satisfaction
remained at the 2005 level of 93%. National Bank Financial
Group therefore intends to maintain its commitment to
its employees in keeping with the practices described
in this report.
Environment
Financial institutions, by the very nature of the
services they offer, are businesses that have a limited
direct impact on the environment. That being said,
through their financing policies and by offering
services that promote responsible behaviours,
they play an important role.
National Bank Financial Group
excels in property management
National Bank Financial Group works hard to make
sure that its activities and those of its stakeholders
are even more environmentally friendly. Its various
environmental initiatives are presented under two
main categories. The first concerns the functioning
of the organization, which is run with an increasing
awareness of environmental issues. The second
deals with the Financial Group’s efforts devoted
to encourage its clients to adopt environmentally
responsible behaviours.
In 2007, the tower that houses National Bank Financial
Group’s head office placed among the seven finalists
in North America in the Corporate Buildings category
for the way it manages its property. This very special
distinction was awarded by the Building Owners and
Managers Association (BOMA). Several points are awarded
during the evaluation process for the ecological nature
of management and the quality of facilities. The tower
has been certified Go Green since 2005 and Go Green Plus
since 2006.
Our commitment
Reduce our environmental
footprint
Encourage our clients
to adopt responsible behaviours
21 /
Environment
Reduce our environmental footprint
Improving energy efficiency in our branches
We continued to roll out our energy efficiency program
in 2008. During the year, 26 branches benefitted
from this transformation. Since the program was
launched in 2007, 56 places of business have reduced
their energy consumption by 20% to 40%. Objectives
were achieved by optimizing operation sequences
for ventilation systems, installing digital control
systems and converting some types of lighting.
National Bank Financial Group intends to improve
the energy efficiency of close to 50 branches in 2009.
In 2008, National Bank Financial Group continued
to identify the different environmental practices
used in the organization. The following classification
scheme – modelled for the most part on the basic
certification criteria identified by LEED (Leadership
in Energy and Environmental Design) – presents
some examples of these practices.
Sustainable sites
• Determine the location of our premises based
on population density in order to encourage
the use of public transit.
• Install bicycle racks where possible.
• Include environmental criteria in negotiations
with real estate developers.
In step with its energy efficiency program, National
Bank Financial Group has joined forces with four large
Quebec companies. As part of this initiative, the first
target, to be achieved over a five-year period, will be
to produce savings of up to 30% of current consumption
for all operations. The preferred tools used in this
process, which will be overseen by the Association
québécoise pour la maîtrise de l’énergie, will be
information exchange and consultation.
Use of materials
• Limit construction losses and waste during
improvement projects as much as possible.
• Favour the use of materials that include
recycled and recyclable content.
• Promote local products and suppliers.
• Recycle and destroy batteries, paper, ink
cartridges and cell phones in an environmentally
responsible manner.
Indoor environmental quality
Water efficiency
• Promote the installation of low-consumption
fixtures and preventative inspections to reduce
water leaks.
Energy management
• Rigorously monitor energy consumption
in branches on a monthly basis.
• Introduce energy-saving measures such
as lighting power density reduction and
equipment shutdown scheduling.
• Optimize mechanical systems and plan annual
inspections.
/ 22
Reducing energy consumption
through consultation
• Allow employees to control the ambient
temperature in their work space.
• Favour natural lighting and outside views.
• Use environmentally friendly cleaning products
and sanitary products made of recycled materials.
• Limit emissions from volatile organic compounds
(paint, glue, etc.) in the branches.
Innovation and design
• Develop design concepts centered on sustainable
development.
• Develop signage and lighting concepts that
increase energy efficiency.
• Promote online ordering by integrating electronic
purchase orders.
Evaluating our environmental footprint
National Bank Financial Group once again answered
the Carbon Disclosure Project questionnaire in 2007.
This independent not-for-profit organization is a key
player in assessing the impact of business activities
on climate change. The Financial Group carried out its
very first inventory of the organization’s greenhouse
gas emissions. The measurement of carbon dioxide
emissions in 45% of National Bank Financial Group’s
premises revealed that, during fiscal 2007, the organization’s activities generated 9,392 tonnes of CO2,
broken down as follows:
Breakdown of greenhouse gas emissions in 2007
35% Combustibles
15% Business travel
3% Steam
purchases
15% Supply chain
30% Electricity
2% Vehicle fleet
Furthermore, other measurements showed that energy
consumption amounted to 99,747.5 MWh during
the reference period.
Reducing the amount of paper
used for communications
We have taken several steps over the past few years
to minimize paper consumption. We carefully choose
the type of paper we use, try to reduce how much we
consume each year and make every effort to recycle more.
Here is an overview of the initiatives we have implemented:
• Since the end of 2007, National Bank Financial Group
has endeavoured to reduce the amount of paper sent
to clients each year by providing electronic statements
of account via Internet Banking Solutions. More than
200,000 clients signed up for this new service in less
than a year, which represents a considerable reduction
in paper statements – savings of 4.8 million sheets
of paper and 2.4 million envelopes.
• An increasing number of our clients have signed up,
through Internet Banking Solutions, for epostTM, Canada
Post’s electronic bill delivery service. More than 113,000
National Bank Financial Group clients use this service
and 77,115 National Bank MasterCard clients also
receive their statements online.
• For the past two years, National Bank Financial Group
has given its registered shareholders the option of
viewing quarterly and annual reports online rather than
receiving a paper copy. This approach has so far resulted
in a 50% decrease in the number of quarterly and annual
reports printed each year.
• We increasingly purchase and use certified eco-friendly
paper for our printed documents.
23 /
Environment
of financial services, including sales and trading,
lending and investment banking advisory services.
Through this initiative, National Bank Financial wishes
to develop lasting business relationships with the
leaders of tomorrow’s green businesses.
Encourage our clients
to adopt responsible
behaviours
Encouraging our clients
to reduce their CO2 emissions
National Bank Financial Group’s commitment to the
environment does not stop at limiting its environmental
footprint. It also entails using its financial service offering as leverage in order to encourage its clients to also
adopt environmentally responsible behaviours.
Managing loan-related environmental risk
Over the past few years, we have incorporated
environmental criteria into our credit policies and
introduced controls to ensure that property taken
as security by National Bank Financial Group
conforms to environmental standards.
Accordingly, environmental site assessments are
required for all financing applications submitted
to us for commercial or industrial properties or
for residential properties with seven or more units,
even if the property is not located in a high-risk area.
Assessments must be performed by an external
environmental assessment firm recognized and
accredited by our Appraisal and Inspection Department. While National Bank Financial Group will
generally not refuse a major loan if a site has to be
rehabilitated due to contamination, it will monitor
the rehabilitation work very closely to ensure that all
problems identified during the preliminary analysis
are addressed.
Helping environmental organizations
In order to help, protect and enhance the quality
of the environment, National Bank Financial Group has,
for many years now, supported companies in the
environment sector by providing them with financing.
National Bank Financial Group’s clients include, among
others, metal recycling companies, environmental
waste management companies and producers of
environmentally friendly building materials.
National Bank Financial, for its part, launched the
Cleantech program in 2008. This program will provide
environmentally friendly companies with a range
/ 24
In addition to offering insurance premium reductions
of up to 10% to clients who drive hybrid cars, National
Bank Insurance offers several products intended
to encourage clients to adopt environmentally
friendly practices:
The less you drive, the less you pay
This new package was designed to encourage drivers
to use greener modes of transportation, such as
subways, buses, bicycles, and their own two feet.
Clients who log fewer miles behind the wheel over
the course of the year receive a reduction of up to
25% on their car insurance premiums.
Drive Eco
In September 2007, National Bank Insurance launched
the Drive Eco program, the first “green” insurance
policy in Quebec, in collaboration with the ZERØCO2
organization. This initiative allows young drivers aged
16-35 to offset a portion of the annual CO2 emissions
of their insured vehicles through the planting of trees
across Quebec, without any extra fees. This year,
Drive Eco made it possible for more than 5,000 trees
of different varieties to be planted in several municipalities in Quebec.
Encouraging responsible investment
In light of the social, environmental and human
challenges facing our society, a growing number
of investors want to do their part by placing their
trust in companies that demonstrate a sense
of responsibility in the social, environmental
and human spheres.
National Bank Financial Group, via its subsidiary
Natcan Investment Management, offers responsible
investment solutions that incorporate a proven
management philosophy and an approach that favours
public corporations with a strategic, proactive vision
of corporate responsibility. Natcan is a signatory
of the UN’s Principles for Responsible Investment,
a series of guidelines recognized worldwide which
serve to help incorporate extra-financial information
(on environmental, societal and corporate governance)
into portfolio management.
In 2008, National Bank Financial Group teamed up with the Quebec
Breakfast Club and the Breakfast Clubs of Canada for the fourth year
in a row to organize a fundraising campaign in the branches.
As a result of this initiative, thousands of children have the chance
to begin their day on a full stomach and with a clear mind.
Communities
In 2008, through its donations and sponsorships
program and the initiatives of its employees, National
Bank Financial Group helped support hundreds
of organizations across Canada. It focused primarily
on four main areas of activity – health, education, arts
and culture and community outreach – with the goal
of generating positive spinoffs for communities.
Louis Vachon received the 2008
Outstanding Volunteer Award
Our commitment
Investin health
Investin education
Investin artsand culture
Investin communityoutreach
In November 2008, Louis Vachon, President and Chief
Executive Officer of National Bank Financial Group, was
named Outstanding Volunteer of the Year by the Association
of Fundraising Professionals. Candidates for this award
are nominated by the philanthropic organizations they help
as a way of highlighting their outstanding contribution
in raising funds and inspiring volunteers.
Encouragevolunteerism among our employees
25 /
Communities
Some of the organizations supported
Invest in health
Fondation du Centre
hospitalier de Granby
While National Bank Financial Group devotes substantial
resources to the improvement of care, its donations
and sponsorships strategy emphasizes prevention and
research. In this way, it wishes to maximize leverage,
act upstream of the traditional intervention process and
contribute directly to better educating the public about
various physical and mental health problems. Lastly,
our commitment to health and the development of
healthy lifestyles is also expressed through ongoing
support for sports and athlete development.
Contributing to the development
of sport and athletes
In addition to supporting the Montreal Impact soccer
team and its farm team in Trois-Rivières, the Financial
Group is a key partner in developing tennis in Quebec.
Its commitment to the sport can be seen in its
support of young players at every stage of growth,
from childhood to adulthood, and ties in with its
major six-year partnership with Tennis Canada. Here
is an overview of the different levels of involvement:
National Bank Young Aces
A talent identification program called the National
Bank Young Aces makes the equipment and resources
needed to take up tennis available to children who
are six years old. The Financial Group also supports
existing entry-level tennis programs.
National Bank Tennis Excellence Fund
More than $50,000 in bursaries are awarded annually
to junior tennis hopefuls.
Development tournaments
National Bank Financial Group sponsors several
championships, including the Bell Challenge,
the Granby Challenger, the International Junior Tennis
Open in Repentigny and the various tournaments on
the National Bank Circuit, which are held in Gatineau,
Montreal, Rimouski, Saguenay and Sherbrooke.
Rogers Cup in Montreal
In 2008, for the fourth year in a row, National Bank
Financial Group presented the Rogers Cup in Montreal.
/ 26
$75,000
Objective: Create a mother-baby unit where mothers
and infants can spend their entire hospital stay
together in the same room.
Canadian Foundation
for AIDS Research
$75,000
Objective: Help fund Canadian projects aimed
at furthering AIDS research and the treatment of AIDS
worldwide.
The Mental Illness
Foundation
$150,000
Objective: Support a program geared to helping
young people detect the warning signs of depression.
Help raise awareness of the mental health problems
in the workplace and work towards their prevention.
Breast Cancer Foundation
Each year, National Bank Financial Group supports
the Quebec Breast Cancer Foundation
through its activities. Here are
some examples of how it
contributed to this organization:
Allure MasterCard
National Bank Financial Group donated a total of $415,000 to the
Quebec Breast Cancer Foundation through the Allure MasterCard.
Each year, the Financial Group donates an amount equal to
a percentage of annual purchases charged to the card by all
cardholders. Since the card was launched in June 2005, National
Bank Financial Group has contributed just over $1 million to
the Foundation through this initiative. The funds raised have
been used to provide support to women affected by breast cancer
and to promote breast health by organizing awareness activities
– in particular, the Allure Rendezvous breast cancer prevention
and awareness program.
Truly Me Insurance Plan from National Bank Insurance
As part of Breast Cancer Awareness Month, National Bank Insurance
continued to promote its Truly Me insurance plan in 2008. The plan
provides coverage to women in the event they are diagnosed with
one of the seven most common types of cancer. For each Truly Me
policy that is issued, National Bank Insurance will donate $10 to
the Quebec Breast Cancer Foundation.
Investin education
Fondation Maman Dion
$26,000
Objective: Help underprivileged Quebec school
children build self-esteem by giving them new
clothing and back-to-school supplies.
National Bank Financial Group supports education
through a chain of positive actions designed
to reduce the drop-out rate and cultivate a desire to
learn that lasts from childhood through to university.
La Tablée des Chefs
$50,000
Objective: Help provide meals and surplus food to
groups in need, primarily through Ateliers du Frère Toc,
a project that aims to teach teenagers how to cook
for themselves.
Royal Society of Canada
$150,000
Objective: Support the creation of a bursary program
to give under-represented groups access to a postsecondary education.
Prix littéraire des collégiens
Objective: Encourage students to take an interest
in Quebecois literature and reward an author.
Fondation
des Offices jeunesse
internationaux du Québec
$75,000
Objective: AwardbursariestosupportyoungQuebec
adultsincarryingoutaprojectabroadthatfurtherstheir
professionalandpersonaldevelopment.
Teaching teens cooking basics is just one of
the programs offered by La Tablée des Chefs.
The Financial Group contributes to primary education
by ensuring that students are well-fed, have the
materials they need and grow in an environment
conducive to learning. In this respect, the organization
has, in recent years, distinguished itself by setting
up a program to recover used tennis balls. Thanks
to the Financial Group, 63,410 tennis balls were
redistributed in 2008 to schools in Quebec, where
they were placed under the legs of students’ chairs
to cut down on classroom noise.
Attention is also given to secondary-level students.
Substantial amounts are invested to ensure that
teenagers and young adults have access to the
resources they need to develop fully, especially in
terms of nutrition.
Breakfast Clubs
For the fourth straight year, National Bank Financial Group
teamed up with the Breakfast Clubs of Canada and the
Quebec Breakfast Club by organizing fundraising campaigns
in branches. This year, Christmas ornament combo packs
featuring playful elves were sold to the public. Proceeds
from the fundraising campaign, combined with a corporate
donation, totalled $400,000. As a result of this initiative,
thousands of children will have the chance to begin their
day on a full stomach and with a clear mind.
National Bank Financial Group continues to actively
support post-secondary education as well. In addition
to awarding a large number of bursaries to many
different groups of individuals, the organization provides
substantial funding for universities and research.
27 /
Communities
Investin arts
and culture
The Banff Centre
$100,000
Objective: Contribute toward the construction of the
Kinnear Centre for Creativity and Innovation, which will
provide a leading edge multi-disciplinary environment
for learning.
The arts play a prominent role in National Bank
Financial Group’s donations and sponsorships
strategy. Each year, the Financial Group acts on
its commitment to make culture more accessible
by supporting the presentation of various performances. In 2008, the Montreal Symphony Orchestra
and the musical Les Misérables, presented in
Quebec City, benefited from large sponsorships.
In addition, a portion of the Financial Group’s budget
was earmarked for the development of Quebec
artists in several fields of endeavour.
Corporation du Centre
culturel de Drummondville
$25,000
Objective: Contribute to the modernization
of the Centre’s auditorium and public spaces.
Fondation Père Lindsay,
Music camp
in the Lanaudière region
$30,000
Objective: Help young musicians aged 9 to 16
broaden their horizons through the exploration
of different aspects of music.
The National Bank Financial Group
collection
With over 6,000 original works – paintings, prints,
drawings, sculptures and photographs – the National
Bank Financial Group collection is one of the largest
corporate collections in Canada. Since its beginnings
over 100 years ago, the main feature of the collection
has been its focus on reflecting the history of art in
Quebec and Canada from 1895 to the present day.
The collection, which is growing by about 50 works a year,
is on display in our offices, branches and subsidiaries
across the country.
The National Bank Financial Group collection expresses
another aspect of the organization’s social responsibility,
namely, its responsibility to Canadian artists and the
public at large. In acquiring works of art, the Financial
Group directly supports Canadian artists and artistic
expression. Through its commitment to cultivating an
appreciation for art and its history, the Financial Group
also helps foster a sense of pride in our heritage.
Displaying the collection raises the profile of our artists
and enriches the work environment of thousands of
employees and clients.
The Financial Group is a recognized leader in the area
of corporate collecting, and shares its expertise with
its peers as part of international events and conferences.
/ 28
Invest in community
outreach
Through community outreach, the fourth cornerstone
of the Financial Group’s donations and sponsorships
strategy, we are able to support particularly rewarding
projects aimed at improving the well-being of communities. When selecting organizations to support,
the Financial Group pays close attention to those
working with children and the underprivileged that
respond to basic physical and psychological needs.
The Défi sportif
For the sixth consecutive year, National Bank Financial
Group partnered with Défi sportif, a unique event
held each year in Montreal that brings together some
3,000 athletes, from a dozen countries, who are living
with a physical, intellectual, auditory or visual disability.
This year again, we gave a total of $6,700 in bursaries
to 15 National Bank Champions, who act as ambassadors
for their discipline and Défi sportif in public and with
the media.
Fondation Marie-Vincent
$185,000
Objective: Help the Fondation provide assistance to children
under the age of 12 who have been the victims of abuse,
especially sexual abuse.
Kids Help Phone
$75,000
Objective: Provide confidential consultation, counselling
and information services to hundreds of thousands
of young people from close to 3,000 communities, coast
to coast, over the telephone and the Internet.
Second Harvest Food
Support Committee
$25,000
Objective: Distribute approximately 14,000 meals
daily to adults and children in the Toronto region.
Fondation
Ressources-Jeunesse
$15,000
Objective: Help young adults in Greater Montreal
enter the workforce and find long-term employment.
All in all, National Bank Financial Group gave some
$7.1 million through its donations program in 2008.
The chart opposite shows how the funds were distributed among the four priority areas, namely, health,
education, arts and culture, and community outreach.
Every day, Second Harvest Food Support
Committee redistributes food to the needy.
Community support
31% Health
8% Other
27% Education
19% Community
outreach
15% Arts and culture
29 /
Communities
Moreover, for several years now, we have been encouraging our clients to support United Way/Centraide by
including a donation request with National Bank
MasterCard account statements sent out in the fall.
Encourage
volunteerism among
our employees
Our volunteer support program
Our employees across Canada are playing a leading
role in the community. In addition to contributing
to the success of the many fundraisers that are held
in the branches, employees also devote several hours
to organizing special events, such as golf tournaments,
benefit dinners and auctions, the proceeds from
which go to regional and local organizations. Here is
a brief overview of the activities that are organized:
Golf tournaments
Every summer, our employees organize golf tournaments
throughout Canada for the benefit of various charitable
organizations. For example, in August 2008, the
employees at the Montreal Commercial Banking
Centre organized the 22nd edition of the Commercial
Banking Golf Open. A total of $90,000 was collected
for organizations in the Montreal area. For the past
five years, National Bank Financial Group has been
one of the main sponsors of a tournament in Ottawa
that raises funds for the Champions for Children
Foundation. More than $25,000 was raised in 2008.
For the past 19 years, several Financial Group units
in Vancouver have been organizing a tournament
to raise funds for a community organization. In 2008,
$17,000 was donated to Chimo Crisis Services.
This Richmond organization offers crisis prevention
and management services to individuals and families
in need from all segments of society.
Ride for Diabetes
For the fifth straight year, several groups of employees
from National Bank Financial Group rode stationary
bicycles to raise funds for the Juvenile Diabetes
Research Foundation. More than 950 employees
from across Canada participated in this activity
in 2008 and collected $300,000.
United Way/Centraide
Every year, the employees and retired employees of
National Bank Financial Group contribute generously
to United Way/Centraide campaigns across the country.
In 2008, the efforts of our campaign directors resulted
in over $1.3 million being collected. The Financial Group
added a corporate donation of close to $1 million,
for a total contribution of $2.3 million.
/ 30
Many of our employees and retired employees give
generously of their time to support a cause they care
about. Four years ago, we created the Our hearts are
with you program to support their efforts.
Under the program, for all eligible applications,
an amount of $500 is awarded to the organization
where the employee volunteers. In addition, five
Our hearts are with you Awards
are presented each year to
individuals who have made
an exceptional contribution to
the life of their community. This distinction is accompanied
by an additional $1,000 donation to the recipient’s
organization. In 2008, National Bank Financial Group
increased the donation amounts awarded under
this program.
Recipients of an Our hearts are with you Award are
eligible for the André-Bérard Award, the highest honour
an employee or retired employee can receive for their
commitment to the community. The winner of this award
also receives a $5,000 donation for the organization
he or she supports.
In 2007-2008, the André-Bérard Award went to Richard
Dupuis, a retired employee of the Financial Group
and president of the Dyson-Moore Foundation. A true
gem in the city of Mascouche, Quebec, the Moore
gardens are proof that exceptional results can be
obtained using ecological methods. In addition to this
inspiring mission, the Foundation helps troubled youth
reintegrate into society. Richard Dupuis has been
involved with this organization for more than 16 years.
Since the program’s inception in September 2005,
National Bank Financial Group has examined close to
400 applications, including 100 from retired employees,
and over $185,000 has been given to charitable
organizations.
Diversity Week
Diversity Week, a week of activities organized around
a central theme and designed to raise employees’
awareness of differences, also provides employees
with excellent opportunities to volunteer their time. In
2008, mixed teams representing each of the Financial
Group’s six regions joined efforts for a day to help
a charitable organization of their choice. A $5,000
donation was made to each organization, for a total
of $30,000.
Employees in the Quebec City region
cleaned up the grounds and facilities of
the Les Enfants d’Amour Louise Brissette
foundation.
Employees in Ontario carried out various
tasks at the Baycrest Hospital with
the aim of making life better for the
establishment’s employees and patients.
Our executives’ involvement in the community
In 2008, National Bank Financial Group executives
were involved in some 115 organizations. Here are a
few examples:
Education
• Louis Vachon, President and Chief Executive Officer,
is Chairman of the Conseil des gouverneurs associés
of the Université de Montréal.
• Lynn Jeanniot, Senior Vice-President, Human Resources
and Corporate Affairs, serves on the board of directors
of the Fondation de l’UQAM.
Arts and culture
• Gisèle Desrochers, Senior Vice-President, Strategic
Initiatives Office, is a member of the board of directors
of the Espace Go theatre.
Health
• Louis Vachon is Chairman of the fundraising campaign
of the Fondation de l’Hôpital Louis-H. Lafontaine.
• Patricia Curadeau-Grou, Chief Financial Officer and
Executive Vice-President, Finance, Risk and Treasury,
chairs the Finance Committee of the Diabetic Children’s
Foundation.
• Luc Paiement, Co-President and Co-Chief Executive
Officer, National Bank Financial, and Executive VicePresident of Wealth Management, is a member of the
fundraising committee of the Montreal Cancer Institute.
• John Cieslak, Senior Vice-President, Technology,
Business Intelligence and Organizational Performance,
is a member of the technology committee of the board
of directors of Mount Sinai Hospital.
• Réjean Lévesque, Executive Vice-President, Retail
and Commercial Banking, co-chairs the major fundraising
campaign of the Verdun Hospital Foundation.
31 /
Economy
As an employer, purchaser of goods and services and
taxpayer, for the past 150 years, the Financial Group
has been helping to generate wealth in the communities where it is present.
Offering quality jobs
The Financial Group is the ninth largest employer
in Quebec and 55th largest in Canada. This year,
it paid close to $1.5 billion in salaries and employee
benefits and invested approximately $13 million
in training activities in order to help its employees
achieve their full potential.
Employees (as at October 31, 2008)
Nova Scotia
New Brunswick
Quebec
Ontario
Manitoba
Saskatchewan
Alberta
British Columbia
Total Canada
Outside Canada
Total Financial Group
Full-time
Part-time
Total
—
9
25
180
10,419
1,588
55
19
214
242
12,751
—
12,751
—
5
1
124
3,750
336
2
4
7
9
4,238
—
4,238
—
14
26
304
14,169
1,924
57
23
221
251
16,989
157
17,146
Stimulating the economy
The different activities related to operating National
Bank Financial Group and its many points of service
are an important economic lever. In 2008, the Financial
Group invested some $171 million in its various facilities
and spent more than $998 million on goods and
services. Investments and spending of this nature
stimulate the economy and help to create and maintain
jobs across the country.
As a taxpayer, National Bank Financial Group also
generates positive economic spinoffs for society.
For the 2008 tax year, it will pay some $407 million
in income taxes and other taxes in Canada.
Maintaining our commitment
to our shareholders
Although the economic environment was difficult,
National Bank Financial Group ended its 2008 fiscal
year with positive results. Despite market volatility
and signs of a global economic slowdown, the Financial
Group was able to take appropriate measures in order
to generate positive returns for shareholders.
Excluding specified items, net income for 2008
amounted to $947 million, or diluted earnings per
share of $5.75, compared to $933 million and diluted
earnings per share of $5.65 in 2007. Return on shareholders’ equity was 19.7%, as against 20.0% in 2007,
and dividends declared and paid out to common
shareholders totalled $394 million, up from $364
million in 2007. More detailed financial information
can be found on our website, in particular, in the
2008 Annual Report.
›
›
›
www.nbc.ca More About Us Investors Annual Report
/ 32
Fiscal 2008 was, moreover, rife with development
in asset-backed commercial paper (ABCP). At the onset
of the credit crisis in August 2007, National Bank
Financial Group immediately moved to protect its
clients from the risks associated with any investment
in ABCP by purchasing the ABCP held by its retail
clients as well as the ABCP held by its commercial
and corporate clients whose ABCP investment was
less than $2 million, and corporate holders that did
not meet the definition of “Accredited Investor” under
applicable regulations. National Bank Financial Group
also played an active role as a member of the Crawford
Committee, and it is with enthusiasm that it welcomed
the completion of the restructuring plan in January 2009
and implemented the measures announced for its
commercial clients.
Income and other taxes paid in 2008
(thousands of dollars, as at October 31, 2008)
Income
taxes(1)
Federal
115,082
Provincial
2
5
Nova Scotia
84
New Brunswick
26
Quebec
44,093
Ontario
6,396
Manitoba
15
Saskatchewan
17
Alberta
5,548
British Columbia
2,222
Yukon, Northwest Territories and Nunavut
—
Total – Provincial
58,408
Total – Federal and provincial
173,490
Capital
taxes(1)
Other
taxes(2)
—
52,876
—
54
11
539
30,461
3,453
215
236
—
92
—
35,061
35,061
—
118
126
1,743
123,244
17,097
206
131
1,300
1,372
4
145,341
198,217
(1) Income taxes and capital taxes: Estimated amounts
(2) Other taxes: Amount including employee benefits (employer’s contribution including
amounts paid into the Canada Pension Plan, Employment Insurance and provincial health
insurance plans), business taxes, property taxes, sales taxes (including GST/HST and
estimated provincial sales tax) and deposit insurance premiums.
Subsidiaries
National Bank subsidiaries covered under the Public Accountability Statements Regulations
adopted on March 21, 2002 and in accordance with the requirement of the Financial Consumer
Agency of Canada.
Altamira Financial Services Ltd.
Bieber Financial Group Inc.
CABN Investments Inc.
Centre d’assurances Everest inc.
Everest Financial Investment Center Inc.
Everest Securities Inc.
Innocap Investment Management Inc.
Le Groupe Option Retraite inc.
– AOR Financial Services Inc.
Natbank, National Association
Natcan Investment Management Inc.
– Le Fonds d’investissement Actions-croissance PME inc.
Natcan Trust Company
1st quarter 2009
Printed in Canada, ISBN 978-2-921835-17-6
Legal deposit: Bibliothèque et Archives nationales du Québec
Legal deposit: Library and Archives Canada
Project Manager and Editor: Marie-Pierre Jodoin
Graphic designer: Serge Boucher
Printing: Transcontinental Litho Acme
Photos:
Cover and pages 3, 5, 7, 9, 13, 16, 18 and 23: Pierre Guzzo
Page 1: Ronald Maisonneuve
Pages 11, 15 and 21: Louise Savoie
Page 25: Marie-Reine Mattera
(Club des petits déjeuners du Québec)
Page 27: La Tablée des Chefs
Page 28: Christian Perreault Photographe
Page 29: Second Harvest Food Support Committee
National Bank Direct Brokerage Inc.
National Bank Financial Inc.
– NBF Securities (USA) Corp.
– National Bank Financial Ltd.
– NBF Financial Services Inc.
– NBF Financial Services Ltd.
National Bank Financial Planning Inc.
National Bank Life Insurance Company
– National Bank Insurance Firm Inc.
National Bank Securities Inc.
– National Bank Funds Corporation
National Bank Trust Inc.
NBC Alternative Investments Inc.
30 %
post-consumer
recyclable
permanent
archival
elemental
chlorine free
renewable
energy
Completely recyclable – the responsible choice
The inks used for this production contain vegetable oils.
C3 /
17598-002
www.nbc.ca

Our social responsibility

Transcription

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