Canada's Scotiabank CEO pay rises by 27% after strong year

Reuters
07 Mar
Canada's Scotiabank CEO pay rises by 27% after strong year

March 7 (Reuters) - Bank of Nova Scotia BNS.TO raised CEO Scott Thomson's salary by about 27% to C$9.76 million ($6.80 million) in 2024, according to a proxy circular released by the Canadian lender on Friday.

The move is in line with the country's banking peers like Royal Bank of Canada RY.TO and National Bank of Canada NA.TO, which also raised CEO pays post mega deals.

Scotiabank also managed to strike a $2.8 billion deal last year with KeyCorp KEY.N to acquire 14.99% of voting shares in the U.S. regional lender, as the bank refocuses on the North American trade corridor as part of its new strategy.

However, the bank suffered an impairment loss, which lowered its first quarter profit, as it transferred its operations in Colombia, Costa Rica and Panama to Davivienda, in exchange for a 20% stake in the Colombian bank.

CEO Thomson's salary target for 2025 will be C$11.5 million, Scotiabank said, nearly 21% higher than his target salary in 2024.

"Under Thomson's leadership, Scotiabank has successfully laid the groundwork necessary to execute our vision to deliver profitable and sustainable growth," the bank said in the circular.

($1 = 1.4363 Canadian dollars)

(Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh Kuber)

((Pritam.Biswas@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10