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The chief executive officer of Bank of Nova Scotia (BNS-T) made $10.7 million last year, booking a 10-percent raise in total compensation as the bank had a record year.
Rick Waugh, the head of Canada's third-largest bank, was paid a $1.2-million base salary, along with a $1.6-million annual incentive award, and $7.9 million in equity compensation, Scotiabank said today in its annual management proxy circular.
In a year when several Canadian banks saw their profits soar while financial institutions in Europe and the United States were hit hard by the fallout from the credit crisis, several CEOs have been given raises. Scotiabank made $4.24 billion in 2010, a 19-percent increase from the $3.55-billion profit it made the year before.
Waugh's pay compared to $9.7 million in total compensation the previous year, based on a fiscal year that ends Oct. 31. The bank also gave its CEO a raise on base salary, increasing it to $1.5 million from $1 million. The bank said Waugh's base pay, not including bonuses, had not been increased since 2003, which put it below market for his peers.
Four of Canada's six-largest banks have now published their proxy circulars with executive compensation details for the year, with the CEOs of Royal Bank of Canada (RY-T), Toronto-Dominion Bank (TD-T), Bank of Montreal (BMO-T) and Scotiabank receiving raises of between 6 and 28 percent.
Royal Bank of Canada chief executive officer Gordon Nixon had total compensation of $11 million last year, a 6-percent increase over 2009. Toronto-Dominion Bank CEO Ed Clark made $11.3 million, an increase of slightly more than 8 percent. Bank of Montreal CEO Bill Downe made $9.54 million, a 28-percent raise.
For Scotia's other top executives, Michael Durland, group head of global capital markets and co-CEO of Scotia Capital, had total direct compensation of $8 million, a drop of four percent from the year before. Stephen McDonald, group head of global corporate and investment banking and co-CEO of Scotia Capital, made total direct compensation of $5 million, down 6 percent from last year.
BMO reports first-quarter earnings tomorrow, followed by TD and RBC on Thursday, and Scotiabank on Tues. March 8.