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Bank of Montreal
Symbol BMO
Shares Issued 647,059,842
Close 2021-03-15 C$ 109.72
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Globe says pay for CIBC, BMO bosses seems bulletproof

2021-03-16 08:45 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Globe and Mail reports in its Tuesday edition that big banks take pains to say that the vast majority of the money they pay their chief executive officers is "variable" or "at risk." The Globe's David Milstead writes, however, that 2020 showed us that when the books close on a disappointing year, the CEOs' paycheques do not vary significantly from prior years, or seem to be much at risk at all. Canada's Big Five banks all use some variant of profitability or profit growth as one of the most important metrics used to judge their performance; all missed their goals by double digits. CIBC's board used discretion to cut its "business performance factor" (BPF) of 94 (calculated after missing its profit goal by 21 per cent) by an additional five percentage points. Despite worse corporate performance, CEO Victor Dodig's $9.68-million paycheque was more money than he made in fiscal 2019, because the board raised his overall target pay by $1.25-million. Bank of Montreal missed two of four goals, calculated a BPF of 89 per cent and the board's big discretionary move was to shave off two percentage points. So, CEO Darryl White's total pay of $11.09-million was 2 per cent more than the prior year.

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