February 27, 2012 / 6:54 PM / in 6 years

Scotiabank CEO Waugh was paid C$10.6 million last year

TORONTO (Reuters) - Rick Waugh, chief executive of Bank of Nova Scotia (BNS.TO), 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.

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

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), also received a pay cut last year, down 8.2 percent at C$10.1 million, while Toronto-Dominion Bank (TD.TO) 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), 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

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