RBC Almost Doubled McKay’s Short-Term Bonus on Record Year

Royal Bank of Canada Chief Executive Officer Dave McKay received C$23.76 million ($17.3 million) in total compensation last year, a pay package that included a short-term bonus that was 86% above his target as the firm achieved record earnings.

Canada’s largest lender also plans to increase annual compensation for its board directors by 22% to C$415,000 per year following a review by an external consultant, Royal Bank said in its annual proxy circular, filed Thursday.