Louis Vachon, president and CEO of National Bank of CanadaChristinne Muschi
National Bank of Canada chief executive officer Louis Vachon saw his pay in 2010 slip from 2009 as the bank fell short of its earnings target, the bank said Thursday.
According to the bank's management proxy circular, Mr. Vachon took home a total of about $5.2-million last year, compared with $5.6-million in 2009.
The head of Canada's sixth-largest bank earned a salary of $853,300, $1.3-million in share-based awards and nearly $2.2-million in option-based awards. He also received a bonus of $884,000 for 2010.
In 2009, Mr. Vachon earned a salary of $806,453, just under $1.3-million in share-based awards, just over $2.1-million in option-based awards and a bonus of $1.4-million.
For its 2010 financial year, National Bank earned $1.03-billion, or $5.94 per diluted share, on $4.28-billion in revenue. That compared with $854-million, or $4.94 per share, on $4.13-billion in revenue in 2009.
The bank also raised its dividend late last year, the first major Canadian bank to do so following the financial crisis.