(February 14 – 16:30 ET) – Canadian First Financial Group CEO Peter Williams is doing double duty as chairman and CEO of Datek Canada Inc., a subsidiary of the U.S.-based online broker.

CFFG, the parent company of financial planning firm Ross Dixon Financial Holdings, released its proxy circular today, revealing that Williams fills the chairman and CEO roles at both firms. It notes that Williams has a contract with CFFG that pays an annual salary of “not less than $201,500”. He also has 260,000 shares in escrow.

“The corporation has agreed to amend the terms of employment to permit Mr. Williams to devote time to a discount securities broker, [Datek], which has engaged Mr. Williams as its chairman and chief executive officer, provided that Mr. Williams continues to fulfill his primary obligations to the corporation as chairman and chief executive officer.”

CFFG is not required to pay him a salary under this arrangement. It is required to give him three months notice if it wants him to return his full attention to CFFG.

As to the possible conflict of interest in an executive working for both a financial planning firm and a discount broker, “The board is of the opinion that there is no conflict of interest in Mr. Williams being engaged by Datek while continuing to carry on his executive responsibilities to the corporation.”

CFFG’s meeting is slated for March 6 in Waterloo, Ont. At the meeting shareholders will be asked to elect directors; appoint auditors; approve the grant of stock options; require director nominations to be submitted to the Secretary of the corporation at least 48 hours prior to the annual meeting; and to ensure that independent directors cast deciding votes.
-IE Staff