Dave McKay, who became CEO of the Royal Bank of Canada in August 2014, received a salary of $1.3-million in 2015, along with a bonus of about $2.3-million and stock options valued at about $7.3-million.Darren Calabrese/The Globe and Mail
Royal Bank of Canada's chief executive officer was paid $10.9-million in total compensation in 2015, his first full year as CEO, marking a 44-per-cent increase from the previous year.
Dave McKay, who became CEO in August 2014, received a salary of $1.3-million, along with a bonus of about $2.3-million and stock options valued at about $7.3-million.
Under Mr. McKay's leadership, RBC's profit topped $10-billion in 2015 and eclipsed Toronto-Dominion bank in terms of total assets in the first quarter of this year – a notable achievement given that one of RBC's strategic goals is to be Canada's "undisputed leader in financial services."
Mr. McKay also led the $5-billion (U.S.) takeover of Los Angeles-based City National Corp., which closed in November amid big hopes for expansion in the United States.
"The acquisition of City National Corp., a premier private and commercial bank serving high net worth individuals and commercial clients across a number of major metropolitan areas in the U.S., our second home market, complements our existing capital markets and wealth management presence, and will create a powerful expansion platform for long-term growth in the U.S., consistent with our strategy," RBC's human resources committee said in its proxy circular.
Mr. McKay's compensation was 9 per cent above the target compensation established at the start of the year, after RBC's annual profit, client satisfaction scores and credit quality surpassed thresholds.
For 2016, the CEO's salary was raised to $1.5-million, a 15-per-cent increase.
Still, Mr. McKay's compensation was again eclipsed by the bank's group head of capital markets. Douglas McGregor received nearly $11.3-million in 2015, though that was down 15 per cent from 2014.
Janice Fukakusa, RBC's chief financial officer, received total compensation of about $5-million in 2015, up 1 per cent from 2014.
George Lewis, group head of wealth management and insurance, received about $4-million, down 6.5 per cent due to a lower bonus.
Jennifer Tory received about $4.5-million during her first full year as group head of personal and commercial banking, about double her compensation in 2014, when she was regional president of the Greater Toronto Regional for six months of the year.
David Berman