Hunter Harrison, chief executive officer of Canadian Pacific Railway Ltd., was paid $19.9-million in 2015, a year in which the company’s shares fell by 20 per cent amid a selloff in railroad shares.

The head of Calgary-based CP’s compensation package included a salary of $2.8-million, and stock and options worth $9.8-million. His bonus of $6-million was down by $1.2-million from 2014. Mr. Harrison’s 2015 compensation included a number other items, such as personal use of the company aircraft worth $1-million.

Mr. Harrison’s total compensation rose by 6 per cent compared with 2014, but his total paycheque would have decreased by 8 per cent had the Canadian dollar not plunged in value, CP said in its proxy statement released on Monday evening.

Mr. Harrison became CEO of the railway in 2012 after a boardroom battle led by activist investor William Ackman. Under his leadership, CP has posted record sales and profits. The share price has risen by 126 per cent since his arrival, outperforming that of other railways and the broader stock market.

“Although Mr. Harrison’s total compensation is much higher than his peers, the return to shareholders during his tenure is equally impressive,” CP said. “Mr. Harrison’s total compensation value from June 2012 to December 2015 is 0.67 per cent of the total additional value created for shareholders over the same period ($14,236,601,584).”

Mr. Harrison is under contract until 2017, and then operating chief Keith Creel is expected to take over.

Mr. Creel made a total of $7.5-million in 2015, including a bonus of $1.6-million.