On March 7, Bank of Nova Scotia increased CEO Scott Thomson's salary by approximately 27% to C$9.76 million ($6.80 million) in 2024, as reported in a proxy circular released by the Canadian lender. This adjustment aligns with similar actions taken by other Canadian banks like Royal Bank of Canada and National Bank of Canada in increasing CEO compensation following significant business deals.

In the past year, Scotiabank partnered with KeyCorp to acquire a 14.99% stake in the U.S. regional lender, as part of its new strategy focusing on the North American trade corridor. Despite this, the bank faced an impairment loss related to transferring its operations in Colombia, Costa Rica, and Panama to Davivienda in exchange for a 20% ownership stake in the Colombian bank.

For 2025, Scotiabank announced that CEO Thomson's salary target will be C$11.5 million, representing a nearly 21% increase from his 2024 target. The bank praised Thomson's leadership in laying the groundwork to achieve their vision for profitable and sustainable growth, as stated in the circular.

(The exchange rate on March 7 was $1 = 1.4363 Canadian dollars).