Increase of remuneration for the bosses of the big five banks

Hausse de rémunération chez les patrons des cinq grandes banques

Photo: Chris Young The canadian Press
Bharat Masrani (pictured above), has obtained the total compensation the highest for the period of 12 months ended the 31 of October, to be $ 15.3 million.

The bosses of the five largest banks of Canada have received collectively a total compensation of approximately $ 63.2 million in fiscal 2018, which represents an increase of approximately 12 % compared to the previous year.

According to the data contained in the management proxy circulars of banks, the chief executive officer of the TD Bank, Bharat Masrani, has obtained the total compensation the highest for the period of 12 months ended the 31 of October, to be $ 15.3 million. This includes items such as base salary, performance bonuses and the value of the pension. This is an increase of about 23 % relative to the total compensation of 12.4 million to Mr. Masrani for the year 2017 — the largest increase among the five bosses for the most recently completed fiscal year.

12%

It is the increase of the approximate total of the salaries of the five patterns, between 2017 and 2018.

Dave McKay, chief executive of the Royal Bank of Canada, took advantage of the largest total compensation following Mr. Masrani, the siena jumped 8 % to $ 14.5 million. He was followed by Brian Porter, Bank of nova Scotia, with a salary of 13.3 million, up 3.2 % compared to the previous year.

The boss of the Bank of Montreal, Darryl White, has received a total compensation of $ 10.1 million for its first full fiscal year at the head of the financial institution, an increase of 22 % compared to fiscal year 2017. The chief executive officer of CIBC, Victor Dodig, has, for its part, received a total compensation of approximately $ 10 million for fiscal year 2018, an increase of 6.5% compared to the previous year.

Excluding the value of retirement plans and other elements of remuneration, the five bankers were paid a total direct compensation of approximately 54.7 million, which represented an increase of approximately 6.5 % compared to fiscal year 2017.

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