In the nine full years of Dave McKay’s tenure, RBC has never paid him less than 140 per cent of the target for risk and strategic objectives, and that was in his first two years
Folks, I believe I have found the most strategic chief executive officer in Canada’s banking industry. Maybe the most strategic CEO in all of Canada.They’re not talking to me, of course. I can see it in their actions – resulting in vast sums of money they pay Mr. McKay each year, specifically tied to what they believe is otherworldly strategic performance.
That’s not 100 per cent, though. To fill it out, RBC bases 10 per cent of the annual bonus on client satisfaction and loyalty, and 30 per cent on a category called “risk and strategic.” RBC defines this as “business segment and individual goals relating to risk management, business strategy, environmental sustainability, and social and governance practices.”
Let’s say, quite reasonably, that getting paid at 100 per cent of target bonus means the targets are met. Let’s also say that paying out well above 100 per cent means the bank, or Mr. McKay specifically, blew past expectations. I know this is going to shock you, but RBC says no. “Our strategic goals are ambitious, purpose-driven and global, and have resulted in RBC becoming one of the highest-valued banks in the world throughout Mr. McKay’s tenure,” spokesperson Ingrid Mone says in an e-mail.
By my calculations, Mr. McKay has made a total of $3.61-million in bonus pay over and above the target amounts for the risk and strategy category over the past nine years, amounts ranging from an extra $337,500 to $472,000 in each of the past seven years. BMO, which I slagged a week ago for its compensation practices, has given its executives a score above 100 per cent in four of the past five years. But only marginally so: I figure that in 2023, it added just $106,500 to CEO Darryl White’s paycheque, despite BMO also applying the factor to all incentive pay, not just the bonus.
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