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This Canadian bank sacked top woman executive for undisclosed relationship at work: ‘Found evidence…’

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The Royal Bank of Canada (RBC) sacked its Chief Financial Officer Nadine Ahn over allegations of misco.nduct. Nadine Ahn held the position since September 2021 but allegedly violated the bank’s code of conduct by having an undisclosed close personal relationship with another employee which could result in preferential treatment including promotions and salary increases. Katherine Gibson was chosen as the interim CEO by the largest bank in Canada as RBC confirmed termination of employment for both Nadine Ahn and the employee involved in the relationship.

A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto.(Reuters)
A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto.(Reuters)

What investigation against Nadine Ahn revealed?

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The investigation cleared Nadine Ahn and the other employee of any misconduct with respect to the bank’s financial statements, strategy as well as overall performance. But it said that even though there was an absence of financial impropriety, the bank considered her actions as a breach of its code of conduct.

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“The investigation found evidence that, in contravention of the RBC Code of Conduct, Ms. Ahn was in an undisclosed close personal relationship with another employee which led to preferential treatment of the employee including promotion and compensation increases,” the bank said.

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It added, “The investigation found no evidence of conduct by the former CFO or the other employee with respect to the bank’s previously issued financial statements, RBC’s strategy or its financial or business performance.”

Nadine Ahn’s time at RBC

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Nadine Ahn was the first female CFO among Canada’s Big Six banks before which she served as the head of investor relations at RBC. In fiscal 2023, she earned C$4.1 million ($3 million) in direct compensation, including C$650,000 in salary and more than C$3.4 million in bonuses and stock awards, Bloomberg reported.

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