Chief executives at CIBC and Bank of Nova Scotia saw their take-home pay drop last year, according to company proxy circulars issued yesterday.

Gerry McCaughey, CIBC’s CEO, made $3.1 million in 2005, less than half the $7.5 million he made the year before.

As part of a new compensation structure unveiled by the bank, McCaughey’s bonuses and stock awards for a particular year will not be determined by the board until the end of the following year. CIBC directors will not decide until the end of fiscal 2006 whether to give him any bonus or stock awards for last year.

Over all, incentive compensation at CIBC was down 20% last year because of the weak financial results prompted by the Enron legal troubles.

Brian Shaw, the head of investment banking unit CIBC World Markets Inc., made $4.75 million in total compensation, compared with $8 million the year before, when he collected a $4.9 million bonus. Chief risk officer Steve McGirr collected $3.8 million, compared with $6 million in 2004.

Former CIBC CEO John Hunkin collected $3.75 million in compensation for the nine months he held the job last year, and walked away with $25.7 million in previously accumulated stock awards.

Rick Waugh, CEO of Scotiabank, saw his total pay package dip modestly in 2005, mainly because the bank did not exceed its financial targets to the same extent it did in 2004.

Waugh’s compensation was $8.6 million, or $100,000 less than the prior year. But he did make $11.4 million exercising stock options that were due to expire.

Retail banking head Robert Chisholm, who is retiring in April, made $3.2 million, and was also granted 101,156 stock options.