RBC Paid Dave McKay 60% More in 2024 on HSBC Deal, Bank Results

Royal Bank of Canada paid Chief Executive Officer Dave McKay C$25.97 million ($18.1 million) last year, boosting his total compensation by more than 60% due to the lender’s strong financial performance and its milestone acquisition of HSBC Holdings Plc’s Canadian operations.

McKay received C$4 million in performance-based equity related to the HSBC deal, which closed last March, according to the company’s proxy circular filed Thursday. The award will vest after three years and is subject to RBC meeting integration targets.

Dave McKay, president and chief executive officer of Royal Bank of Canada

Photographer: Galit Rodan/Bloomberg

The long-time CEO of Canada’s biggest bank also received incentive pay well above his target as the ...