Compensation for the bosses of the big five Canadian banks has climbed

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.

James Harris

James Harris is the lead editor Billionaire 365. James has written for many publications including Business Insider Vanity Fair and Bleacher Report. Kevin is based in Ottawa and covers issues affecting real estate and business. In addition to following the financial markets around the world, James also has a passion for dog breeding and is very proud of his champion boxers.

You might like

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.