Compensation of key management personnel of the Bank

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly, and comprise the directors of the Bank, the President and Chief Executive Officer, certain direct reports of the President and Chief Executive Officer and Group Heads.


For the year ended October 31 ($ millions)	2021		2020
Salaries and cash incentives (1)	$	21	$	19
Equity-based payment (2)		30		30
Pension and other benefits (1)		3		6
Total	$	54	$	55

(1)	Expensed during the year.

(2)	Awarded during the year.

Directors can use some or all of their director fees earned to buy common shares of the Bank at market rates through the Director’s Share Purchase Plan.

Non-officer

directors may elect to receive all or a portion of their fees in the form of deferred stock units which vest immediately. Refer to Note 26 for further details of these plans.

Loans and deposits of key management personnel


As at October 31 ($ millions)	2021		2020
Loans	$	11	$	15
Deposits	$	5	$	11

The Bank’s committed credit exposure to companies controlled by directors totaled $252.8 million as at October 31, 2021 (2020 – $177.6 million), while actual utilized amounts were $189.6 million (2020 – $115.9 million).

Transactions with associates and joint ventures

In the ordinary course of business, the Bank provides normal banking services and enters into transactions with its associated and other related corporations on terms similar to those offered to

non-related

parties. If these transactions are eliminated on consolidation, they are not disclosed as related party transactions. Transactions between the Bank and its associated companies and joint ventures also qualify as related party transactions and were recorded as follows:


As at and for the year ended October 31 ($ millions)	2021			2020
Net income / (loss)	$	(85	)	$	(75	)
Loans		191			203
Deposits (1)		229			234
Guarantees and commitments		154			23

(1)	Prior period amount has been restated to conform with current period presentation.

Scotiabank principal pension plan

The Bank manages assets of $4.7 billion (2020 – $4.1 billion) which is a portion of the Scotiabank principal pension plan assets and earned $6.6 million (2020 – $7.2 million) in fees.