06:49:38 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,209,654,411
Close 2015-04-10 C$ 64.41
Market Cap C$ 77,913,840,613
Recent Sedar Documents

Globe says Scotiabank, others paying less in CEO salary

2015-04-13 08:57 ET - In the News

Also In the News (C-CM) Canadian Imperial Bank of Commerce
Also In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Monday edition the new bank CEOs are making less money than their predecessors as banks cut salaries and pensions in the face of shareholder pressure to curb supersized executive pay. The Globe's Janet McFarland quotes a report on bank chief executive officer pay by McDowall Associates shows base salaries for the new CEOs of Bank of Nova Scotia, CIBC and TD Bank are all down 33 per cent compared with the outgoing CEOs' salaries. Also, the base salary for the new CEO of Royal Bank of Canada is down 13 per cent compared with his predecessor. Targeted total direct compensation (which includes grants of share units and stock options) is down between 11 per cent and 25 per cent for all four CEOs. Scotiabank CEO Brian Porter earned $8-million in total direct targeted compensation in 2014, which is 25 per cent less than the $10.7-million that predecessor Rick Waugh earned in total targeted compensation in 2013. Bernie Martenson at McDowall Associates said it is too soon to conclude that the banks have permanently lowered CEO pay because CEOs get raises as they spend more time in the job. She said, however, overall pay is likely to be lower for the new CEOs over the long term.

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