Bank of Nova Scotia, Canada’s third-largest bank, awarded Chief Executive Officer Richard Waugh C$10.6 million ($10.6 million) in total compensation last year as the bank posted record profit.
Waugh’s pay package included C$1.5 million in salary, C$3.86 million in share awards, C$3.86 million in options and C$1.4 million in annual incentives, the Toronto-based bank said today in a filing with regulators. A year earlier, Waugh was awarded C$10.66 million excluding costs to service his pension.
Under Waugh, 64, Scotiabank had earnings of C$5.27 billion last year, an all-time high. The lender’s compensation committee cited Waugh’s creation of wealth management as a fourth business line and lower credit losses among his accomplishments in 2011.
Michael Durland, co-CEO of Scotiabank’s investment bank, was awarded C$7.25 million last year, a 10 percent decline from the year-earlier period. His co-CEO, Stephen McDonald, received C$5.15 million, a 3 percent increase.
Luc Vanneste, who was chief financial officer until last month, received C$2.3 million in 2011 and Vice Chairman Sarabjit Marwah was awarded C$5 million.
Waugh’s compensation is second-highest among CEOs so far for Canadian banks that have disclosed 2011 pay. Toronto-Dominion Bank CEO Edmund Clark was awarded C$11.4 million, Gordon Nixon at Royal Bank of Canada CEO received C$10.1 million, and Bank of Montreal CEO William Downe got C$9.89 million.