Bank ups Godsoe's pay 60%

Godsoe, 62, earned $1.28 million in salary and $3 million in bonus in the year ended Oct. 31, a 60 per cent increase from $1.2 million in salary and $1.5 million in bonus in 1999, according to the bank’s shareholder proxy filed with securities regulators.

The Toronto Star
January 30, 2001

Bank ups Godsoe's pay 60%
Scotibank CEO tops other bank chiefs with 4.3 million package

The Bank of Nova Scotia doubled chief executive Peter Godsoe’s bonus and raised his salary last year to a total of $4.3 million, making him the highest-paid bank CEO among the banks that have reported.

Godsoe, 62, earned $1.28 million in salary and $3 million in bonus in the year ended Oct. 31, a 60 per cent increase from $1.2 million in salary and $1.5 million in bonus in 1999, according to the bank’s shareholder proxy filed with securities regulators.

Toronto-based Scotiabank, Canada’s fourth-largest bank by assets, made a record $1.9 billion profit last year after selling branches in slow-growth markets and cutting costs through cheaper electronic distribution. Godsoe also expanded Scotiabank’s investments in Mexico and Chile.

The stock gained 30 per cent in fiscal 2000, although it did not outperform rivals the Royal Bank of Canada, up 52 per cent, and the National Bank of Canada, up 39 per cent. Over the same period, the 27-member financial-services index rose 40 per cent.

Scotiabank is the fourth Canadian bank to report how much it paid its top executives. The Bank of Montreal paid chief executive Tony Comper $2.3 million, while the Royal Bank of Canada paid John Cleghorn $2.66 million. National Bank of Canada’s Andre Berard took home $1.63 million.

Godsoe didn’t take is bonus in cash. Instead, he deferred it under the bank’s stock unit plan, which ties his compensation to the bank’s share price. Godsoe also deferred his bonuses in the previous two years.

Besides salary and bonus, he was also given 350,000 options under the long–term compensation plan, worth $9.9 million at the time granted.


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