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Scotiabank’s CEO earned $700,000 less in 2019: Bank

Brian Porter earned $12.6 million in 2019, down from $13.3 million in 2018


March 5, 2020
By The Canadian Press

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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.

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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.