Fiscal 2022 was a rewarding year for CG, although in the final months of the year we entered a more challenging environment for our business and our shareholders, and this has continued into the start of our new fiscal year.
With the benefit of a clear strategy and disciplined investments to strengthen recurring revenue streams and create a lower risk, less capital-intensive business model, we delivered our sixth consecutive year of revenue and earnings per share growth. This performance was achieved in a year where we were still navigating a confluence of challenges driven by the COVID-19 pandemic and the abrupt reversal in demand for growth stocks that began in January.
Each of our businesses is now a meaningful contributor to earnings, and by increasing alignment across regions and capabilities, we are capable of delivering better outcomes for both our clients and our shareholders. As a result of our investments in the growth of our wealth management and advisory businesses, we enter this challenging backdrop with confidence that our increasingly stable and defensive business mix will continue to provide operational resilience.
It was also an important year for strategic activities. During the year, we took steps to deploy capital in ways that are expected to provide lasting benefits for our shareholders. We completed acquisitions to increase the long-term value and market position of our wealth management and capital markets businesses. Underscoring our commitment to enhancing shareholder returns, we also remained active in our normal course issuer bid (NCIB) program and completed a $100 million substantial issuer bid. And finally, we increased our common share dividend payout by 28%. In total, we returned $176 million to shareholders through dividends and share buybacks in fiscal 2022.
By increasing our market position in all our geographies, we also recognize that we have a greater impact on the communities where we live and work. While we have historically factored various environmental, social and governance considerations into our decision-making processes, this year ESG was added to the formal mandate of the Board of Directors. Going forward, we are committed to intensifying our efforts and increasing our transparency on issues such as diversity and inclusion, ethics and integrity, risk management, and sustainable business practices.
We continue to increase the diversity of our talent mix across the organization, with an acute focus on building a diverse pipeline of future leaders to power our business into its next phase. In our efforts to increase development opportunities for diverse talent, we have also extended our efforts externally, through partnerships with organizations such as Youth INC and the Schulich School of Business, in addition to launching our third year of the Canaccord Genuity Advisory Program for Women Entrepreneurs.
As our business has evolved, we have prioritized strong governance in our efforts to continually advance the best interests of our shareholders. This year marks the retirement from our Board of two of our longest serving directors, Mike Harris and Terry Lyons, who have both reached the end of their terms with Canaccord Genuity Group. Terry has been Lead Independent Director and Chair of the Audit Committee, as well as serving on several of CG’s subsidiary boards. He has contributed greatly to the success of CG through vigilance and experience over countless hours of service since 2004. Mike has been Chair of the Corporate Governance and Compensation Committee and has provided invaluable advice, judgment and wisdom over his tenure of 18 years. Also leaving the Board is Merri Jones, who has provided the Board and senior management with the benefit of extensive experience in the Canadian wealth management segment. We had anticipated these changes, and in recent years we recruited exemplary talent to ensure an effective succession process. We are also looking forward to nominating Michael Auerbach as an Independent Director at our upcoming Annual General Meeting. Michael is an accomplished entrepreneur, investor, business consultant and private diplomat with deep expertise in financial services, strategic intelligence, advisory and risk management. With these changes, and with your support, we will have seven deeply experienced Independent Directors, with four women and three men. On behalf of my fellow directors, I extend our deep gratitude to Terry, Mike and Merri for their years of remarkable service.
We do not expect fiscal 2023 to resemble 2022 or 2021. Alongside our clients, we will navigate a challenging and uncertain backdrop which includes rising interest rates, inflation, a continued tightening of monetary policy, and ongoing market disruptions driven by the devastating war in Ukraine. Having said that, we begin fiscal 2023 with confidence that our business has stronger downside protection than at any time in our history. Just as our recent successes were many years in the making, we have spent years shaping our business to deliver predictable performance for our shareholders in uncertain times.
Consistent with what we have done in the past, we will use the challenging period ahead to further entrench our position as the leading independent wealth management and capital markets business dedicated to the needs of growth companies and investors. We see several opportunities to increase our relevance in our core focus areas, and we are seizing opportunities for targeted and disciplined growth. We have a strong and properly managed balance sheet which supports our ability to deliver market-leading services for our clients, while maintaining ample liquidity and flexibility.
In closing, I would like to thank Dan and the Global Operating Committee for their dedication to advancing and executing on our long-term strategy. And of course, none of this would be possible without the 2,500+ CG employees who uphold a remarkable culture of agility and partnership every day. We are thankful for all that you do.
To my fellow shareholders, I thank you for your continued support.
David Kassie
Chairman
Canaccord Genuity Group Inc.