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RBC’s Nixon paid $12.6-million last year

RBC CEO Gordon Nixon.

Kevin Van Paassen/The Globe and Mail

Royal Bank of Canada president and chief executive officer Gordon Nixon was awarded $12.6-million in total direct compensation for 2012, according to regulatory filings.

That compares with the $10.1-million he received in 2011.

Other top RBC executives also saw their pay packages for last year increase.

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Mr. Nixon made a base salary of $1.5-million , the same as the previous year.

His total compensation includes $2.85-million in short-term incentives and $8.25-million in mid- and long-term incentives, according to the bank's proxy circular, made public Monday.

The incentives consist mostly of performance deferred share units, with a smaller proportion of stock options.

RBC said Mr. Nixon's 2012 compensation was 12 per cent above the target level, compared with 10 per cent below target for 2011.

The bank – Canada's largest by assets – cited record profit of $7.5-billion in 2012, up 17 per cent from the prior year.

Among other senior executives' pay packages:

* Douglas McGregor, the co-head of the capital markets unit, took home $10.4-million for 2012, compared with $8.2-million for 2011.

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* Mark Standish, capital markets co-head, pulled in $10.4-million as well, up from $8.2-million in the previous year.

* Chief financial officer Janice Fukakusa made $4.6-million last year, compared with $3.93-million in 2011.

* David McKay, the head of Canadian banking, received $4.7-million, up from $3.93-million.

Editor's note: An earlier online version of this story gave an incorrect figure for David McKay's 2011 compensation. This online version has been corrected.

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About the Author
Quebec Business Correspondent

Bertrand has been covering Quebec business and finance since 2000. Before joining The Globe and Mail in 2000, he was the Toronto-based national business correspondent for Southam News. He has a B.A. from McGill University and a Bachelor of Applied Arts from Ryerson. More

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