January 31, 2014 - 10:15 AM
TORONTO - Royal Bank (TSX:RY) chief executive Gord Nixon received a pay increase of about one per cent in 2013, his last full year in the top job at the bank.
Nixon was paid $12.7 million last year, up from the $12.6 million what he made in 2012.
The details of key executive's pay were outlined bank's annual disclosure released Friday.
Overall, Royal Bank's top-five executive leadership received a seven per cent increase in compensation to nearly $47.7 million.
The bank earned a record $8.4 billion for the year, an increase of 12 per cent over 2012, as it improved results in its retail banking operations, wealth management and capital markets divisions.
Nixon retires on Aug. 1 when he hands over the chief executive mantle to Dave McKay, the bank's head of personal and commercial banking.
Royal Bank's management proxy circular showed Nixon's base salary held steady at $1.5 million for the year, the same as 2012.
He also received $1.65 million in stock- and option-based awards, a $2.93-million cash bonus and another $6.65 million in share-based awards and other compensation.
That compared with $1.65 in stock- and option-based award, a cash bonus of $2.85 million and $6.65 million in share-based awards and other compensation in 2012.
The value of Nixon's pension earned for 2013 was $1.3 million, up from nearly $1.1 million in 2012.
Of the other executives, chief financial officer Janice Fukakusa received the biggest pay increase of 19 per cent to $5.6 million.
News from © The Canadian Press, 2014