Former Scotiabank chief executive Rick Waugh, who stepped down from the bank’s top job late last year, earned $11.2-million in total compensation in 2013, up $100,000 from 2012.
According to documents filed ahead of the company’s annual meeting, Waugh earned a base salary of $1.5-million, $4.9-million in shares, nearly $3.3-million in options and a $1.4-million bonus.
He also received nearly $86,000 in other compensation from Scotiabank (TSX:BNS), including the bank’s contribution to the employee share ownership plan and personal financial consulting.
The pay packet compared with total 2012 compensation of $11.1-million: a base salary of $1.5-million, $4.1-million in shares, $4.1-million in options, a bonus of $1.38-million and $1,196 in other compensation.
Waugh, who spent more than 43 years at Scotiabank including a decade as CEO, will receive an annual pension of $2-million in retirement.
In total, Scotiabank’s six executive officers made $39.3-million in 2013. RBC’s top five executive officers made $47.6-million over the same period, while TD’s top six made $35.7-million.
Brian Porter, who took over as chief executive on Nov. 1, earned total compensation valued at $6.9-million last year including a base salary of $800,000, $3-million in shares, $2-million in options, a $1.25-million bonus and $1,242 in other compensation.
Porter also saw the value of his pension drop $149,000 as an earlier retirement arrangement was frozen effective Oct. 31.
Under his new arrangement as chief executive, he will accrue $125,000 of pension per year with his total annual pension capped at $1.5-million.
With a file from Tim Kiladze