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

To contact the editors responsible for this story: Peter Eichenbaum at; David Scanlan at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.