What Canada's Bank CEOs Earned Last Year

6. Louis Vachon, National - $7.5 Mln

<strong>Profit per dollar earned by the CEO: $162.27</strong> National Bank's Louis Vachon took home $7.5 million, the lowest total of any of the six major banks, but the most in terms of the bank's net income.

5. Gerry McCaughey, CIBC - $9.5 Million

<strong>Profit per dollar earned by the CEO: $326.32</strong> Gerry McCaughey's total compensation grew 12 per cent, to $9.5 million, in 2011. Source: <a href="https://www.cibc.com/ca/pdf/investor/proxy2012.pdf" target="_hplink">CIBC Management Proxy Circular</a>

4. Bill Downe, BMO - $9.9 Million

<strong>Profit per dollar earned by the CEO: $330.81</strong> Bill Downe's total compensation for 2011 was up 4.2 per cent from his 2010 pay of $9.5 million. Source: <a href="http://ca.reuters.com/article/businessNews/idCATRE81Q1W320120227" target="_hplink">Reuters</a>

3. Gordon Nixon, RBC - $10.1 Million

<strong>Profit per dollar earned by the CEO: $480.40</strong> Gordon Nixon's total compensation fell 8 per cent in 2011, to $11 million. Source: <a href="http://www.rbc.com/newsroom/2012/0206-proxy.html" target="_hplink">RBC Management Proxy Circular</a>

2. Rick Waugh, Scotiabank - $10.6 Mln

<strong>Profit per dollar earned by the CEO: $501.71</strong> Waugh's total earnings for 2011, at $10.6 million, were down slightly from the $10.66 million he earned in 2010. Source: <a href="http://www.thestar.com/business/article/1137400--scotiabank-ceo-s-pay-down-slightly-from-2010" target="_hplink">Toronto Star</a>

1. Ed Clark, TD Bank - $11.3 Million

<strong>Profit per dollar earned by the CEO: $517.45</strong> Ed Clark's total compensation for 2011 was meant to be around $12 million, but the bank's board scaled it back to $11.3 million -- roughly the same as in 2010. Source: <a href="http://www.thestar.com/business/article/1135817--td-bank-ceo-ed-clark-s-pay-down-to-11-3-million-in-2011" target="_hplink">Toronto Star</a>

10: Jonathan Henry, Gabriel Resources $11.7M

Gabriel Resources is a Toronto-based company focused primarily on a gold excavation project in Romania. <i>Note: An earlier version of this gallery reported that Gabriel Resources' 2010 revenue was $448 million. <a href="http://globeinvestor.sympatico.ca/invest/investSQL/sym.company_prof?company_id=160018" target="_hplink">It was, in fact, $448,000, according to publicly listed data</a>. A company spokesperson says the resource firm was in a period of pre-production in 2010, and did not generate revenue. Thus, Henry's compensation of $11.7 million exceeded the company's revenues for the year.</i>

9: Gordon Nixon, RBC $11.9M

Royal Bank of Canada (RBC) is the largest financial institution in the country. Henry's total pay of $11.9 million was the equivalent of 0.1 per cent of the company's $10.3 billion in 2010 revenues.

8: Stephen DeFalco, Nordion $13.1M

Nordion is an Ottawa-based health sciences company that specializes in medical isotopes. DeFalco's total pay of $13.1 million was the equivalent of 5.1 per cent of the company's $256 million in 2010 revenues. DeFalco left the CEO position in 2010.

7: Steve Laut, Canadian Natural Resources $13.1M

Canadian Natural Resources Ltd. is a Calgary-based oil and gas exploration company. Laut's total pay of $13.1 million was the equivalent of 0.08 per cent of the company's $14.6 billion in 2010 revenues.

6: Richard Waugh, Scotiabank $13.8M

The Bank of Nova Scotia is the third largest bank in Canada. Waugh's total pay of $13.8 million was the equivalent of 0.06 per cent of the company's $23.8 billion in 2010 revenues.

5: Martyn Konig, European Goldfields $14.8M

Despite its name, European Goldfields in a Canadian-based company, operating out of the Northwest Territories. Konig's total pay of $14.8 million was the equivalent of 29.1 per cent of the company's $50.7 million in 2010 revenues.

4: Edward Sampson, Niko Resources $16.5M

Niko Resources is a Calgary-based oil and gas exploration company operating fields mostly outside Canada. Sampson's total pay of $16.5 million was the equivalent of 3.6 per cent of the company's $455 million in 2010 revenues.

3: Siegfried Wolf, Co-CEO, Magna $16.5M

Southern Ontario-based Magna International is North America's largest car parts manufacturer. Wolf's total pay of $16.5 million was the equivalent of 0.07 per cent of the company's $24.2 billion in 2010 revenues. Wolf stepped down as co-CEO in 2010.

2: Donald Walker, Co-CEO, Magna $16.7M

Southern Ontario-based Magna International is North America's largest car parts manufacturer. Walker's total pay of $16.7 million was the equivalent of 0.07 per cent of the company's $24.2 billion in 2010 revenues.

Frank Stronach, Magna $61.8M

Southern Ontario-based Magna International is North America's largest car parts manufacturer. Stronach's total pay of $61.8 million was the equivalent of 0.26 per cent of the company's $24.2 billion in 2010 revenues.