Scotiabank CEO Brian Porter sees pay for 2019 fall compared with 2018

TORONTO – The chief executive of Scotiabank saw his total compensation for last year fall compared with 2018.

In its management proxy circular, the bank says Brian Porter earned $12.6 million in total compensation last year, down from nearly $13.3 million in 2018.

Porter’s pay for 2019 included $1.3 million in salary, nearly $5.6 million in share awards, nearly $1.4 million in option awards, a cash bonus of $2.3 million, $2 million in pension value and $3,500 in all other compensation.

That compared with a 2018 pay packet that included $1.2 million in salary, $6 million in share awards, $1.5 million in option awards, a cash bonus of $2.5 million, $2 million in pension value and $3,000 in all other compensation.

Scotiabank earned nearly $8.8 billion in its 2019 financial year, up from $8.7 billion in its 2018 financial year.

Porter isn’t the only chief executive of a big Canadian bank to see his total compensation for 2019 decline. TD Bank chief executive Bharat Masrani saw his total compensation drop nearly 18 per cent compared with 2018.

This report by The Canadian Press was first published March 4, 2020.

Companies in this story: (TSX:BNS, TSX:TD)