CIBC head’s direct pay exceeds target by 17.2%

By Staff | March 13, 2017 | Last updated on March 13, 2017
2 min read

CIBC CEO Victor Dodig’s total compensation has increased once again. While his annual salary has remained at $1 million since late 2014, his total compensation increased nearly 8% to $9.2 million in 2016, compared to $8.5 million in 2015, says the bank’s proxy circular.

The bank adds Dodig earned “total direct compensation (TDC) of $8.8 million in 2016, which was $1.29 million or 17.2% above his […] target of $7.5 million. Dodig’s incentive compensation of $7.8 million is comprised of a cash bonus of $2.3 million, performance share units of $4.4 million and stock options having a compensation value of $1.09 million.”

CIBC credits Dodig for “leading CIBC to a year of record financial results, while also […] advancing our strategy and culture.”

Read: CIBC wealth management profit gains 12%

The proxy notes Dodig’s TDC target is now $8 million, even though it had been $7.5 million since his appointment in 2014. The bank says it has “approved an increase to his target for fiscal 2017 based on the analysis of Dodig’s compensation against the market, and his strong performance over the past two years.”

The rest of the CIBC’s top executives also saw pay increases in 2016.

  • Kevin Glass, CFO, made total compensation of $3.1 million, compared to almost $3 million in 2015.
  • Harry Culham, group head of capital markets, made total compensation of $8.1 million, compared to $7.5 million in 2015.
  • David Williamson, group head of retail and business banking, made total compensation of $5.2 million, compared to $5.1 million in 2015.
  • Mike Capatides, chief administrative officer, made total compensation of $5.9 million, compared to $4.9 million in 2015.

Gender diversity

CIBC’s corporate governance committee requires that the board of directors includes at least 30% women and at least 30% men. The proxy notes, “If the nominees put forward for election in this circular are elected by shareholders, CIBC’s board will be comprised of 37.5% women and 62.5% men.”

Further, the bank says women account for 27% of its executive committee and fill 30% of all executive roles. The proxy adds CIBC “has established a goal to achieve at least 30% to 35% women in executive roles by 2018.” staff


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