Major executives of Canada’s five largest banks received approximately $53.6 million in compensation during the last fiscal year, up more than 7% from the previous year.
The year was particularly good for TD Bank CEO Bharat Masrani, who saw his total direct compensation jump 20% to $10.85 million in the 12 months ended March 31. October.
Even so, Royal Bank CEO Dave McKay has earned the highest compensation among his peers.
Total compensation totaled $ 12.43 million, up 7.9% from last year, according to the most recent solicitation circulars sent to shareholders of financial institutions.
Brian Porter of Scotiabank earned $ 10.86 million in pay, up 7.4% from fiscal 2016.
Bill Downe of Bank of Montreal – who retired on October 31 – was paid $10.5 million, down about 1% from the previous year.
The CEO of Canada’s fifth largest bank, Victor Dodig of CIBC, received $8.94 million in total direct compensation, up 1.71% from the previous year.
The publication last week of the National Bank solicitation circular had revealed that the grand boss of the country’s sixth largest bank, Louis Vachon, had seen his total remuneration reach $9.34 million – up 15% over the previous year.