Scotiabank CEO Rick Waugh's pay rises to $11.1 million in 2012

TORONTO – Scotiabank (TSX:BNS) chief executive Rick Waugh earned $11.1 million last year, up from $10.6 million in 2011.

The head of the bank was paid a salary of $1.5 million, with the rest coming from other payments, according to documents filed Friday by the bank ahead of its annual meeting next month.

Waugh received $4.11 million in shares, $4.11 million in options and a $1.38 million cash bonus.

Michael Durland, group head of global capital markets and co-CEO of Scotia Capital, saw his total compensation rise by $1 million to $8.25 million. Stephen McDonald, group head of global corporate and investment banking and co-CEO of Scotia Capital earned $5.4 million, an increase of $250,000.

Last year, Scotiabank earned a record $6.47 billion, which was 21 per cent higher than in 2011. The results included gains from the sale of its headquarters in 2012.

In October, Waugh promoted Brian Porter to president of the bank, though he maintained the CEO title.

Earlier this week, Scotiabank reported a first-quarter profit of $1.63 billion and raised its dividend. The results beat analyst expectations.

Scotiabank will hold its annual meeting on April 9 in Halifax.