Home | Business | RBC chief Dave McKay tops big banks pay at $12.4 million as CEO wages rise 7%

RBC chief Dave McKay tops big banks pay at $12.4 million as CEO wages rise 7%

TORONTO — The chief executives of Canada’s five biggest banks collectively earned roughly $53.6 million in the latest fiscal year, up more than seven per cent from a year earlier.

But it was a particularly good year for TD Bank’s chief executive Bharat Masrani, who got a more than 20 per cent increase in total direct compensation to pull in $10.85 million in the 12 months ended Oct. 31, 2017.

Still, Royal Bank’s chief executive Dave McKay was paid the most among his peers with $12.43 million in total direct compensation, up 7.9 per cent from a year earlier, according to the banks’ latest proxy circulars.

Scotiabank’s Brian Porter was second-highest paid at $10.86 million, marking a 7.4 per cent increase from fiscal 2016.

BMO’s Bill Downe, who retired from the top role on Oct. 31, was paid $10.5 million, down roughly one per cent from a year earlier.

CIBC’s Victor Dodig, CEO of Canada’s fifth-largest bank, received $8.94 million in total direct compensation in 2017, up 1.71 per cent.

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