Source: The Canadian Press

National Bank of Canada (TSX:NA) says its president and CEO, Louis Vachon, received $5.6 million in direct compensation of all types in 2009, including a $1.4-million bonus for exceeding the objectives set for him.

The Montreal-based bank announced Vachon’s pay package when it released documents for shareholders ahead of the annual meeting March 31.

Vachon’s base pay for the fiscal year ended Oct. 31, 2009, was $806,453, or $6,453 higher than in 2008 — an increase of less than one per cent.

But Vachon’s bonus nearly doubled from the $743,000 that he got a year before.

In addition to those amounts, Vachon received stock options and performance share units valued at about $3.4 million.

The bank says 84 per cent of the total compensation to its president and CEO is tied to performance, both his own and the organization’s.