Scotiabank CEO Waugh was paid C$10.6 million last year

Mon Feb 27, 2012 1:51pm EST
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TORONTO (Reuters) - Rick Waugh, chief executive of Bank of Nova Scotia (BNS.TO: Quote), Canada's third-largest bank, was awarded C$10.6 million ($10.6 million) in direct compensation for 2011, down a touch from the previous year and in line with the pay of the CEOs at the country's other top banks.

Waugh's pay was C$10.7 million in 2010, Scotiabank said in a regulatory filing on Monday. It consisted of a base salary of C$1.5 million and C$9.1 million in incentives.

Gordon Nixon, CEO of larger Royal Bank of Canada (RY.TO: Quote), also received a pay cut last year, down 8.2 percent at C$10.1 million, while Toronto-Dominion Bank (TD.TO: Quote) CEO Ed Clark's pay was unchanged at C$11.3 million, the banks said last week.

Bill Downe, CEO of Bank of Montreal (BMO.TO: Quote), received compensation of C$9.9 million last year, up from C$9.5 million the year before, the bank said late on Friday.

($1=$1.00 Canadian)

(Reporting By Cameron French; Editing by Peter Galloway)

Rick Waugh, President and CEO of ScotiaBank, leaves the company's AGM in St. John's, Newfoundland April 8, 2010. REUTERS/Greg Locke