Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Canada’s bank CEOs get 7% pay raise to earn $53.6 million in fiscal 2017
– canadianbusiness.com
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 Toronto-Dominion 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 twelve months ended Oct. 31, 2017.
Still, Royal Bank of Canada’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.
The rise in total direct compensation _ which includes base salary and performance-based incentives _ in part reflects the increasing demands for chief executives in the banking industry, said Bill Vlaad, president of financial services recruitment firm Vlaad and Co., which also monitors compensation trends.
Financial institutions are now in the midst of a rapid technological shift, he said, as consumers increasingly do transactions online and via mobile phone…
But it was a particularly good year for Toronto-Dominion 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 twelve months ended Oct. 31, 2017.
Still, Royal Bank of Canada’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.
The rise in total direct compensation _ which includes base salary and performance-based incentives _ in part reflects the increasing demands for chief executives in the banking industry, said Bill Vlaad, president of financial services recruitment firm Vlaad and Co., which also monitors compensation trends.
Financial institutions are now in the midst of a rapid technological shift, he said, as consumers increasingly do transactions online and via mobile phone…
