Bank of Nova Scotia chairman and CEO Peter Godsoe delivered a message of optimism for the future of Scotiabank at the bank’s annual meeting in Halifax on Tuesday.

“I’m very optimistic about the future as we face new challenges strategically, including the conflict in Iraq, global economic uncertainty, and issues such as potential mergers in Canada and elsewhere,” said Godsoe. “I can say with confidence that our Bank has never been in stronger shape.”

Godsoe highlighted the bank’s history, governance, and people as elements that set the it apart and as contributing factors to its success.

In reviewing Scotiabank’s history, Godsoe pointed to enlightened public policy, not protection, as a key element in the bank’s growth and success and urged government to continue this approach. “Government must ensure that banks are able to grow and expand internationally, to effectively meet the needs of their customers, employees, communities and shareholders.”

Governance through an independent and active board of directos has also been a key factor in Scotiabank’s continued success. “Our governance has evolved over the years and today, in most observers’ opinions, is among the best in Canada, and indeed the world.”

Godsoe went out of his way to single out employees as Scotiabank’s greatest strength. “Most of all it’s been our people, our culture, it’s been generation upon generation of Scotiabankers that have driven our success.”

In conclusion, Godsoe spoke of the hank’s continued commitment to balancing the needs of all stakeholders. “We will remain focused on balancing and serving the needs of all our stakeholders. Serving our customers, maintaining our deeply felt commitment to our employees, being there for the benefit of the communities we serve, and, of course, creating value for our shareholders who benefit when we meet these other commitments superbly.”