Bank of Nova Scotia has increased CEO Scott Thomson's total compensation by 28% to C$13.2 million ($9.7 million) for last year, reflecting strong performance under his leadership. The bank's board approved the raise after Thomson exceeded his target bonus, signaling confidence in the bank's strategic direction and execution.

The compensation increase comes as Scotiabank's strategic initiatives gain traction in key markets. Thomson's leadership has focused on expanding the bank's presence in Latin America and Asia while modernizing its digital banking capabilities. The board's decision to boost his pay aligns with improved financial results and market share gains in priority regions.

This substantial pay raise places Thomson among Canada's highest-paid bank executives, underscoring the competitive landscape for top banking talent. The increase reflects both individual performance and the board's assessment that the bank's strategy is delivering results, with Thomson's compensation package now serving as a benchmark for executive remuneration in the Canadian financial sector.