Royal Bank of Canada (RBC), 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 October 31, the Toronto-based bank said 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 US 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.”
The Royal Bank of Canada, operating as RBC Financial Group, is the largest financial institution in Canada. The bank serves 16 million clients and has 76,000 employees worldwide. The company corporate headquarters are located in Montreal, Quebec, and its operational head office in Toronto, Ontario. RBC is listed as the largest Canadian company by revenue and market capitalisation by The Globe and Mail and was ranked at 50 in the 2013 Forbes Global 2000 listing. It has operations has US$673.2 billion of assets under management.