BMO, CIBC and Scotiabank chief executives missed bonus targets in rocky 2023

financialpost.com:

The top executives at three of Canada’s biggest banks took home less than their target pay last year, according to new filings.

The fiscal year was marked by rising interest rates, the United States regional bank crisis, geopolitical uncertainty and increasing regulatory pressures. Those challenges influenced executive pay at the four largest lenders that have disclosed annual compensation so far — Royal Bank of Canada, Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce.

Of the four chief executive officers, only Royal Bank’s Dave McKay took home more than his target compensation in fiscal 2023. Here’s how compensation played out at those banks.

Darryl White was paid $11.2 million in direct compensation, which includes salary, bonus and share- and option-based awards, below the board’s $11.8-million target. “Through the year greater instability in U.S. regional banking and more global economic uncertainty occurred than anticipated and BMO did not achieve its 2023 goals,” the bank said in its proxy circular.

Bank of Montreal completed its acquisition and integration of San Francisco-based Bank of the West last year.

Including pension amounts and non-cash benefits, White’s pay was $12.5 million, down from $14.3 million in 2022.

Scott Thomson officially stepped into the CEO role at Scotiabank on Feb. 1 last year and his compensation was pro-rated to reflect that. The board awarded him $7.7 million in direct pay, $1 million less than his target. His total compensation including pension and other benefits was $9.4 million.

The new CEO conducted a “comprehensive review” of the business last year and held more than 50 one-on-one meetings with institutional investors, the bank said in its circular.