TORONTO — Former Bank of Canada governor David Dodge has been nominated to join the Scotiabank (TSX:BNS) board of directors, the bank said Monday.
In its management proxy circular, the bank said Dodge will stand for election at its annual meeting on April 8 in St. John’s, N.L.
The former central banker stepped down as the head of the Bank of Canada in 2008.
Before joining the central bank, Dodge held senior positions in several government departments including deputy minister of Finance and deputy minister of Health.
Dodge is currently chancellor of Queen’s University and a senior adviser at law firm Bennett Jones LLP.
The bank also reported Monday that chief executive Rick Waugh was paid a total of $9.7 million in direct compensation last year, up from $7.5 million in 2008.
Waugh’s compensation included a salary of $1 million, $3.6 million in shares, $3.6 million in options and a bonus of $1.5 million that he elected to receive as deferred share units.
That compared with a salary of $1 million, $3 million in shares, $3 million in options and a bonus $500,000 that was taken in shares in 2008.
The bank also reported it is stepping into the Colombian banking market for the first time with an agreement to acquire Royal Bank of Scotland’s wholesale banking operations in Colombia.
The bank did not disclose financial terms of the agreement, but Scotiabank said they were not considered material.
The acquisition strengthens Scotiabank’s presence in Central and Latin America, where it has been growing its operations for several years in countries like Mexico.