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RBC Increases Nixon’s Pay to C$12.6 Million on Record Profit

Feb. 4 (Bloomberg) -- Royal Bank of Canada increased Chief Executive Officer Gordon Nixon’s 2012 total compensation by 25 percent from a year earlier as the country’s largest lender beat its financial targets and posted record annual profit.

Nixon, 56, received C$12.6 million ($12.6 million) including a salary of C$1.5 million, performance deferred share units of C$6.6 million, stock options worth C$1.65 million, an incentive award of C$2.85 million and other compensation valued at C$44,877, Royal Bank said today in a regulatory filing. That compared with C$10.1 million a year earlier. The amounts exclude pensions.

Royal Bank earned a record net income of C$7.54 billion for the year ended Oct. 31, up 17 percent from a year earlier. The Toronto-based bank said it reached its medium-term goals for earnings-per-share growth, return on equity, capital ratios and dividend payouts.

Royal Bank gave Doug McGregor, the Toronto-based co-head of the RBC Capital Markets investment bank, about C$10.4 million for last year, a 27 percent increase, according to the filing. Mark Standish, McGregor’s New York-based counterpart, also was awarded C$10.4 million, up 27 percent from 2011.

David McKay, group head of Canadian banking, got a 9.4 percent raise to C$5.14 million and Janice Fukakusa, chief administrative officer and chief financial officer, received a 17 percent boost to C$4.61 million.

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

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

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