| Executive Compensation
Summary of Total Compensation for Named Executive Officers for 2007
| |
|
Name and
Principal
Position
|
Year
|
Salary
($K)
|
STIP
($K)
|
LTI
grant
value(1)
($K)
|
Total
Direct
Compensation
($K)
|
Pension
Service
Cost(2)
($K)
|
PERQ
value
($K)
|
Total
Compensation
($K)
|
|
Claude Dussault
President and
CEO
Age: 53
Years of service: 22
|
2007
|
525,0
|
515,0
|
945,0
|
1,985,0
|
144,7
|
33,8
|
2,163,4
|
|
2006
|
500,0
|
650,0
|
900,0
|
2,050,0
|
138,3
|
32,5
|
2,220,8
|
|
2005
|
478,2
|
619,4
|
860,7
|
1,958,3
|
110,4
|
31,4 |
2,100,1
|
|
Marc Tullis
Senior Vice
President and CFO
Age: 52
Years of service: 8 (3)
|
2007
|
331,0
|
211,2
|
314,5
|
856,7
|
51,1
|
24,1
|
931,8
|
|
2006
|
320,0
|
0
|
304,0
|
624,0
|
61,4
|
23,5
|
708,9
|
|
|
|
|
|
|
|
|
|
|
Marc Provost
Senior Vice
President,
Managing
Director & Chief
Investment
Officer IIM
Age: 46
Years of service: 4
|
2007
|
260,0
|
373,2
|
156,0
|
789,2
|
35,0
|
20,5
|
844,7
|
| 2006 |
250,0 |
406,5 |
150,0 |
806,5 |
31,0 |
20,0 |
857,5 |
| 2005 |
250,0 |
227,0 |
150,0 |
627,0 |
22,5 |
20,0 |
669,5 |
|
Charles Brindamour
Chief Operating
Officer
Age: 37
Years of service: 15
|
2007
|
375,0
|
250,0
|
468,8 |
1,093,8 |
57,1
|
26,3
|
1,177,1
|
|
2006
|
320,0
|
267,3
|
304,0 |
891,3 |
49,2 |
23,5 |
963,9
|
|
2005
|
275,0
|
275,0
|
261,3 |
811,3 |
31,6 |
21,3
|
864,1
|
|
Derek Iles
President
ING Insurance
Age: 55
Years of service: 16
|
2007
|
350,0
|
225,0
|
350,0
|
925,0
|
77,6
|
25,0
|
1,027,6
|
|
2006
|
333,0
|
306,5
|
316,4
|
955,9
|
74,5
|
24,2
|
1,054,5
|
|
2005
|
320,0
|
314,9
|
304,0
|
938,9
|
60,9
|
23,5
|
1,023,3
|
(1) The value of units granted as LTI is based on a percentage of annual base salary. LTI value percentage is 180% for Mr. Dussault, 95% for Mr. Tullis, and 60% for Mr. Provost. Mr. Brindamour received LTI units valued at 125% of his base salary in 2007 as COO. For 2006 and 2005, he received units with a value representing 95% of his base salary as Executive Vice President. Mr. Iles received units valued at 100% of his base salary in 2007, and units valued at 95% for 2006 and 2005.
(2) Pension service costs are based on the service costs calculated in the last accounting valuation as at December 31, 2005. The service costs were adjusted to reflect the actual pensionable earnings (including 50% of the STIP target for senior executives) for each year and the applicable accounting discount rate (6% for 2005 and 5% for 2006 and 2007). For Mr. Tullis, costs are based on the 2006 and 2007 US accounting valuations. The discount rate in 2007 is 5.90% and 5.50% for 2006. The values have been converted to Canadian dollars using the US to Canadian Dollar exchange rate of C$0.9881 as at December 31, 2007.
(3) Mr. Tullis has two (2) years of service with ING Canada and six (6) years of credited service with ING Groep.
For more information on Executive Compensation, see ING Canada's Proxy Circular. |
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