Bank CEOs’ Pay Climbs 28% in Canada as Profit, Shares Rise (2)

Pay for the leaders of Canada’s five largest banks rose an average of 28% as the lenders’ earnings increased and shares gained.

Total direct compensation for the chief executive officers climbed to a combined C$65.7 million ($51.2 million) for fiscal 2021, which ended Oct. 31. The bump for CEOs tops the 18% average increase in variable pay that the banks doled out to their workers last year -- and the 6.3% gain in total compensation per employee over the period.

Royal Bank of Canada CEO Dave McKay had the largest pay package, at C$15.5 million. The bank, Canada’s largest ...