BIG 5 BANK CEOS GET 7% PAY RAISE
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 fiscal 2017. 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, a 7.4 per cent increase from 2016. BMO’s Bill Downe, who retired on Oct. 31, was paid $10.5 million, down roughly one per cent from a year earlier. CIBC’s Victor Dodig received $8.94 million in total direct compensation in 2017, up 1.71 per cent.