Only Canadian Company to be recognized by International Study

TORONTO, Nov. 19 /CNW/ - In its findings, The Global Top Companies for Leaders study recognized Scotiabank as a "company to watch" for its progress in identifying, fostering and developing leaders within the organization.

"We are extremely proud to have been recognized by The Global Top Companies for Leaders," said Sylvia Chrominska, Group Head, Global Human Resources and Communications. "The development of strong leaders across the organization is one of Scotiabank's top priorities, and this recognition demonstrates that while we can still enhance our processes, we are most definitely on the right track."

"Hewitt would like to congratulate Scotiabank as being named as a Company to Watch in the 2009 Top Companies for Leaders," said Bob Gandossy, global practice leader for Hewitt's Leadership Consulting practice. "When looking at the practices of these companies, Hewitt found that they went above and beyond to strengthen their leadership practices and focused on building leadership capability to overcome major organizational challenges. These efforts made a difference, and while they may not be a Top Company in every leadership category, they are clearly on the move and ones to watch."

"While Scotiabank may not yet be a top company in every leadership category, it is clearly on the move," said Andrée Mercier, a principal in Hewitt's Montreal office. "The judging panel created a special recognition category to highlight the achievements to date of Scotiabank and other 'companies to watch' and encourage their continued efforts."

The Bank's strategy in this area is a combination of programs to support the development of all leaders and the global management of top talent to bring rigour and consistency to the identification and development of our future executives. The Bank has centralized responsibility for meeting its goals in an office of Global Talent Management, but leaders across the Bank accept responsibility for developing their teams and identifying those employees who may play a greater role in the future of the organization.

"All leaders across the Bank share in this announcement," said Brian Toda, Senior Vice-President, Global Talent Management. "Scotiabank operates on a "one team, one goal" approach and it is by working together that we will ensure that the Bank has a diverse team of capable, engaged and experienced leaders needed for continued success."

The Global Top Companies for Leaders is sponsored by Hewitt Associates, a global consulting and outsourcing company, in partnership with The RBL Group, a strategic HR and leadership systems advisory firm, and Fortune, the Global Top Companies for Leaders is the most comprehensive study of organizational leadership in the world. This year's winners were selected and ranked by an esteemed panel of judges based on criteria including strength of leadership practices and culture, exemplars of leader development on a global scale, impact of leadership to communities in which they operate, business performance, and company reputation. The 2009 list, attached below, can be found on Fortune.com today and will appear in the December 7 issue of FORTUNE magazine, on newsstands November 19, 2009.

About the Top Companies for Leaders Survey

The Top Companies for Leaders Study includes 537 organizations around the globe, with an average employee size of 31,443. Eighty-two percent of the participating companies had revenues of $100 million or more. Nearly 42 percent have operations in all regions around the globe.

Hewitt, The RBL Group and Fortune utilized a three-step screening process to identify the finalist companies. This included assessing survey responses, conducting in-depth interviews and analyzing financial performance in relation to industry. Hewitt provided this information to a panel of independent judges in each region to select and rank a 2009 Top Companies for Leaders list in Asia-Pacific, Europe, Latin America and North America.

About Scotiabank

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With close to 69,000 employees, Scotiabank Group and its affiliates serve approximately 12.8 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With more than $485 billion in assets (as at July 31, 2009), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.