Little changed in Nixon’s pay after record RBC earnings
TORONTO — Royal Bank of Canada chief executive officer Gordon Nixon’s 2013 total compensation was little changed from a year earlier as the country’s second-largest lender extended its streak of record annual profit.
Nixon, 57, received $12.7 million, including a salary of $1.5 million, performance deferred share units of $6.6 million, stock options worth $1.65 million, an incentive award of $2.93 million and other compensation valued at $44,877, Royal Bank said Friday in a regulatory filing.
That compared with $12.6 million a year earlier, when his 25 per cent increase was his biggest pay raise since 2006. The amounts exclude pensions.
Royal Bank earned a record net income of $8.43 billion for the year ended Oct. 31, up 12 per cent from the year earlier, which was also a record. The bank said in December it achieved its financial goals, including return on equity, per-share earnings growth and total shareholder returns.
Nixon, who has headed Royal Bank since 2001, was Canada’s highest-paid bank CEO in 2012 and earned more than his counterparts at JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. for that year.
JPMorgan said in a Jan. 24 regulatory filing that it gave CEO Jamie Dimon a 74 per cent raise to $20 million US last year, bringing his pay closer to where it stood before the board faulted his oversight of botched derivatives bets.