July 22nd, 2024

Bank CEO average pay tops $11 million despite most missing performance targets

By The Canadian Press on March 8, 2024.

TORONTO – The CEOs of four of Canada’s biggest banks received an average $11 million in compensation last year, despite most of them failing to meet performance targets.

The compensation for banks that have disclosed the data so far range from RBC chief executive Dave McKay receiving $15.2 million, to Scotiabank’s Scott Thomson being paid $7.7 million.

McKay’s pay was above the board’s target of $14 million as bank performance exceeded expectations, a track record that has also led the board to bump up that target to $17 million for 2024.

CIBC chief executive Victor Dodig received $10.7 million in total compensation, about 2.7 per cent below target, and BMO chief executive Darryl White received $11.2 million, about 4.7 per cent below, as neither bank met performance goals.

Thomson, who took on the combined role of president and CEO as of Feb. 1 last year, had a target of $8.7 million based on his starting date, or $9.5 million on a full-year basis.

TD Bank Group has yet to release its proxy circular that discloses executive compensation.

This report by The Canadian Press was first published March 8, 2024.

Companies in this story: (TSX:RY; TSX; BNS; TSX:CM; TSX:BMO)

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