Scotiabank Lifts CEO’s Pay 28% as Strategy Gets Traction

Bank of Nova Scotia’s board gave Chief Executive Officer Scott Thomson a raise, with his overall compensation increasing to C$13.2 million ($9.7 million) last year as he exceeded his target bonus.

Canada’s fifth-largest bank by market value said the pay increase reflected Thomson’s role in executing a new strategy that’s focused on growth in North America and deploying less capital in lower-return businesses in Latin America. The Toronto-based lender’s stock price gained 31% in 2025, slightly beating the S&P/TSX Composite Financials Sector Index.