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CIBC’s Victor Dodig was awarded $8.79 million in actual total direct compensation, 117 per cent of the $7.5 million target set, while Scotiabank’s Brian Porter was given $10.11 million, marking 112 per cent of the $9 million target.

“When they were appointed, that was the whole point. Give these guys a a lot of variable compensation, if the share price does well, then they’ll catch up to their predecessor,” said Robert Levasseur, managing director at Gallagher McDowall. “That’s what’s happening. At RBC, that’s happening even faster.”

Gallagher McDowall’s calculations of these CEOs total direct compensation includes base salary, annual and long-term incentives, as well as stock options and deferred stock unit grants.

The other Big Five bank executive to step up to the helm between November 2013 and November 2014, Toronto-Dominion Bank CEO Bharat Masrani, received $8.95 million in actual total direct compensation last year, slightly under target.

Bank of Montreal’s Bill Downe, who has served as its CEO since 2007 but is retiring at the end of this fiscal year, was awarded $10.62 million, slightly above target.

It’s not unexpected that McKay would end up being paid what his predecessor, Gordon Nixon, had (albeit with a lower pension cap), said Levasseur. Nixon pulled in a target salary and incentives of $11.25 million prior to his retirement in 2014. RBC’s board increased McKay’s target to that same level in January 2016.