If you were to ask your boss for a raise, what would you say is a reasonable increase? Ten per cent of your salary? 15 per cent? Maybe 20 per cent?
Or how about 72 per cent? Or 44 per cent?
That’s how much two CEOs of two of Canada’s biggest banks saw their direct compensation jump last year compared to the year before. Canada’s Big Five banks – Royal, TD, Scotiabank, BMO, and CIBC – just released their pay data from 2015, which includes CEO salaries exclusive of pension and the employer’s contribution to share ownership plans.
It’s safe to say they made bank:
David McKay, RBC: $10.9 million, a 44 per cent raise from 2014.
William Downe, BMO: $10.2 million, a 2 per cent raise from 2014.
Brian Porter, Scotiabank: $9.3, a 5 per cent raise from 2014.
Bharat Masrani, TD: $9 million, a 10 per cent raise from 2014.
Victor Dodig, CIBC: $8.2 million, a 72 per cent raise from 2014.
Canada’s highest-earning bank CEO, David McKay of Royal Bank, served his first full year at the helm in the 2015 fiscal year. His significant raise was given to reflect “rapid progress in demonstrating key leadership capabilities to deliver key strategic initiatives and strong financial performance in challenging economic and market conditions” during a record year for the bank in which it posted a record profit of $10 billion.
McKay also earned share-based awards of $5.8 million, $1.45 million in stock options, $2.33 million in incentive pay and $38,893 in other compensation for the year.