Royal Bank CEO earns $12.1M
Increase comes despite bank's lower profits
Last Updated: Monday, February 8, 2010 | 7:39 PM ET
The Canadian Press
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Royal Bank of Canada's chief executive was paid 19 per cent more in 2009 than a year earlier, even as the annual profit of Canada's largest bank fell 15 per cent.
RBC's annual disclosure shows CEO Gordon Nixon's base salary was unchanged at $1.4 million, but he received a $9-million bonus consisting entirely of company shares and stock options. No cash bonus was paid.
Royal Bank CEO Gordon Nixon's compensation rose 19 per cent last year, despite a drop in bank profits. (Adrian Wyld/Canadian Press)
That compared with a $7.35-million bonus in 2008, including $2.4 million in cash.
Nixon earned a total of $10.4 million in 2009, including share-based awards, option-based awards and deferred share-based compensation, compared with $8.75 million in 2008.
Nixon also received nearly $1.7 million in pension value and $41,885 in other compensation for 2009, to bring the total value of his compensation package to $12.1 million, compared with $9.6 million in 2008.
The bank saw a profit of $3.9 billion in its 2009 financial year, down from $4.6 billion in 2008. Annual revenue was $29.1 billion, up from $21.6 billion in the previous year.
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