Royal Bank of Canada, the country’s largest lender by assets, awarded David McKay C$10.9 million ($8.2 million) for fiscal 2015, his first full year as chief executive officer, 44 percent more than the previous year.
McKay, 52, received a salary of C$1.3 million, share-based awards of C$5.8 million, C$1.45 million of stock options, C$2.33 million in incentive pay and C$38,893 in other compensation for the year ended Oct. 31, the Toronto-based bank said Wednesday in a regulatory filing. Amounts exclude pension values. McKay received C$7.56 million for 2014, when he served as CEO for three months.
Royal Bank had record profit of C$10 billion in fiscal 2015, up 11 percent from a year earlier, while reaching financial goals of diluted earnings-per-share growth exceeding 7 percent and return on equity of “18 percent plus.” McKay led an expansion into U.S. private and commercial banking with a $5 billion purchase of Los Angeles-based City National Corp.
Royal Bank’s board said it lifted McKay’s base salary and incentive targets partly in response to “rapid progress in demonstrating key leadership capabilities to deliver key strategic initiatives and strong financial performance in challenging economic and market conditions.”