Former Scotiabank CEO pay up slightly in final year on the job


TORONTO – 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.

Brian Porter, who took over as chief executive 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.

Note to readers: This is a corrected story. An earlier version incorrectly stated Waugh’s bonus for 2013.

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