Scotiabank Awards Waugh $10.1 Million in Last Year as CEO

Bank of Nova Scotia, Canada’s third-largest lender, awarded Richard Waugh C$11.1 million ($10.1 million) in compensation for his final year as chief executive officer, about the same as in 2012.

Waugh, who retired Nov. 1, received C$1.5 million in salary and about C$9.6 million in annual and longer-term incentives for 2013, the Toronto-based lender said today in a filing to Canadian securities regulators. The figure excludes costs to service pensions and C$85,612 in other compensation.

Scotiabank posted profit last year of C$6.61 billion, an all-time high and a 3.4 percent increase from 2012. Waugh, 66, who relinquished the role of CEO to Brian Porter, receives an annual pension of C$2 million in retirement.

Porter, 56, was awarded C$7.05 million in direct compensation while serving as president for most of last year. The amount excludes a C$149,000 reduction in his pension value, due to a freezing of his retirement arrangement as he became CEO, according to the filing. Under the arrangement, Porter’s total annual pension will be capped at C$1.5 million.

Michael Durland, group head and co-CEO of Scotiabank’s global banking and markets unit, was awarded C$7.78 million, down from C$8.25 million in 2012. His co-head, Stephen McDonald, was awarded C$5.55 million, up 2.8 percent from 2012. Scotiabank said yesterday that McDonald will retire on April 30 after spending more than a decade with the bank.

Canada’s two Montreal-based banks also released documents today outlining executive pay. National Bank of Canada (NA), the nation’s sixth-biggest lender, said it awarded CEO Louis Vachon C$7.62 million, including C$315,471 in other compensation, for last year. Total compensation for Vachon, 51, is down about 1 percent from 2012. Laurentian Bank of Canada (LB) awarded CEO Rejean Robitaille C$3.31 million in total compensation for 2013, up 29 percent from the previous year.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

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