Bank of Montreal Boosts CEO’s Pay 3% to $8.6 Million

Bank of Montreal awarded Chief Executive Officer William Downe C$9.49 million ($8.6 million) in compensation for 2013, a 3 percent increase from a year earlier.

Downe, 61, received about C$1.28 million in salary, C$8.2 million in shares, stock options and incentives, plus C$13,050 in other compensation for the year, the Toronto-based lender said today in a filing. He received C$9.22 million for 2012. Both totals exclude pension costs.

Canada’s fourth-largest lender posted record annual profit of C$4.2 billion for fiscal 2013, up 0.9 percent from 2012, according to financial statements. Bank of Montreal (BMO) met its medium-term objectives for adjusted earnings-per-share growth and return on equity for 2013, while missing its goal for operating leverage because of slowing revenue growth, the company said Dec. 3.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net; David Scanlan at dscanlan@bloomberg.net Steven Crabill

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