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BMO Cuts CEO Downe Pay 6.8% to C$9.22 Million

March 15 (Bloomberg) -- Bank of Montreal, Canada’s fourth-largest lender, awarded Chief Executive Officer William Downe C$9.22 million ($9.03 million) in 2012 compensation, a 6.8 percent drop from a year earlier, after the bank missed some financial targets.

Downe, 60, received about C$1.25 million in salary, a C$1 million bonus, C$6.95 million in shares and stock options for the year, and C$12,540 in other compensation, the Toronto-based lender said today in a filing. He received C$9.89 million for 2011. The amounts exclude pension costs.

“The board was very pleased with Mr. Downe’s leadership this year, and believes he has positioned the bank well for growth,” the filing said. “The bank, however, fell short against the performance measures established for the incentive pools.”

Bank of Montreal missed its financial targets for adjusted revenue, adjusted operating leverage and total shareholder returns, reducing incentive pay, according to the filing.

Bank of Montreal awarded Mark Furlong, president and CEO of the lender’s Chicago-based BMO Harris Bank unit, C$9.42 million. Furlong joined after Bank of Montreal acquired Wisconsin lender Marshall & Ilsley in July 2011. Furlong’s award included a $6 million payment he received on the one-year anniversary of the M&I takeover.

Thomas Milroy, its top investment banker, was awarded C$7.65 million as head of BMO Capital Markets, down from C$7.99 million for 2011. Frank Techar, the head of personal and commercial banking in Canada, was awarded C$3.47 million, down from C$3.91 million in 2011.’’

Toronto-Dominion Bank, the second-biggest lender in Canada, awarded CEO Edmund Clark C$10.9 million in compensation, a 4.4 percent decrease from a year earlier, according to a filing. Royal Bank of Canada, the nation’s largest, gave CEO Gordon Nixon C$12.6 million in compensation, a 25 percent increase, while Bank of Nova Scotia, the third-largest lender, awarded CEO Richard Waugh C$11.1 million, a 4.6 percent increase.

To contact the reporter on this story: Doug Alexander in Toronto at

To contact the editors responsible for this story: David Scheer at; David Scanlan at

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