Based on the banks’ latest proxy circulars, Toronto-Dominion Bank’s chief executive Bharat Masrani received the highest overall pay for the 12 months ended Oct. 31, 2018
at $15.3-million in total compensation, which includes elements such as base salary, performance-based incentives and pension value.
The Bank of Montreal’s chief executive Darryl White received $10.1-million in total compensation in his first full year at the helm, up 22 per cent from fiscal 2017. Excluding pension value and other miscellaneous compensation items, the five bank CEOs earned roughly $54.7-million in total direct compensation, up roughly 6.5 per cent from the 2017 financial year.
The banking sector employs tens of thousands of people and each of the five financial institutions has a growing international presence, he said. What’s more, as more Canadians do their banking digitally, these banks are deploying more complex technology, Vlaad added.
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