Arbitration proceedings arising from the dispute between former Scotiabank boss William ‘Bill’ Clarke and the financial institution over his retirement package are to take place later this year in The Bahamas.
The Court of Appeal had granted a declaration to Clarke in October last year that there was an agreement between the bank and Clarke for the issue to go to arbitration.
Scotiabank had filed an application for leave to take the case to the United Kingdom Privy Council but, shortly after conditional leave was granted, it withdrew its application.
Clarke went on early retirement in November 2008 after being with the bank for 40 years. He served as president and chief executive officer for the last 13 years. He was not due for retirement until December 15, 2015, when he would turn 65.
