Porter, who stepped down from the Scotia job Feb. 1 after a decade at the top, will stand for election at Fairfax’s April 20 annual meeting
Former Bank of Nova Scotia chief executive Brian Porter will join the board of Prem Watsa’s Fairfax Financial Holdings Inc., the company says in its proxy circular to shareholders.
Fairfax directors who are not officers or employees receive an annual retainer of $75,000. There are no additional fees based on meeting attendance. Committee chairs get additional payments of between $5,000 to $30,000 depending on the assignment. Fairfax did not identify the committees Mr. Porter might join.each non-management director a one-time restricted stock award worth about $500,000. The award vests 10 per cent per year, starting on the first anniversary.
Scotiabank said in September, 2022, that 52-year-old Scott Thomson, one of its board members and the CEO of construction equipment dealer Finning International Inc., would succeed Mr. Porter. The bank said in its recent proxy circular that Mr. Porter will receive a $1.5-million bonus for his work in February, March and April assisting Mr. Thomson with the transition.
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