RBC CEO gets small pay rise

Piggy Bank

Royal Bank of Canada CEO Gordon Nixon’s 2013 total compensation increased less than 1% from a year earlier as the bank extended its streak of record annual profit.

Bloomberg reports that Nixon, 57, received $11.4m including a $1.35m salary, $5.9m of performance deferred share units, $1.48m of stock options, an incentive award of $2.64m and $40,380 of other compensation, Royal Bank said today in a regulatory filing. That compared with $11.3m a year earlier, when he received a 25% increase, the biggest since 2006. The amounts exclude pensions.

Nixon’s compensation trailed that of some U.S. bank CEOs including JPMorgan's Jamie Dimon, 57, who received a 74% increase to $20m even as profit declined from the previous year and the lender paid more than $23bn to settle criminal and regulatory probes. Royal Bank earned a record net income of $7.58bn for the year ended October 31st, up 12% from a year earlier, which was also a record.

'The board believes the compensation awarded to Mr. Nixon for 2013 appropriately reflects his leadership in driving RBC’s strong performance,' Chairwoman Kathleen Taylor said in the filing. Nixon exceeded his goals for the year, the bank said.

To access the complete Bloomberg article hit the link below:

RBC CEO Gets Pay Raise Dwarfed by U.S. Banking Heads 

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