Victor Dodig, CEO of the Canadian Imperial Bank of Commerce (CIBC), made $10 million in total compensation in fiscal 2018, up from $9.4 million the year before.
CIBC released its proxy circular Wednesday, and was the last of the Big Six banks to do so. Dodig’s compensation put him in fifth place among the Big Six CEOs.
Toronto-Dominion Bank’s Bharat Masrani made the most with $15.3 million in total compensation in fiscal 2018. Royal Bank of Canada’s David McKay was next ($14.5 million), followed by Bank of Nova Scotia’s Brian Porter ($13.3 million) and Bank of Montreal’s Darryl White ($10.1 million). National Bank of Canada’s Louis Vachon made $8.1 million last year.
Dodig earned $9.5 million in total direct compensation, a 13.7% increase over his targeted compensation for fiscal 2018. The board cited Dodig’s role in establishing the bank’s North American platform that allows it to serve clients in both Canada and the U.S.
The bank’s other named executive officers mainly saw modest increases in total compensation for fiscal 2018.
- Kevin Glass, CFO, made $3.2 million in 2018, about $47,000 more than in 2017.
- Harry Culham, group head of capital markets, made $8.2 million in 2018, up from $8.1 million in 2017.
- Larry Richman, group head of the U.S. region and president and CEO, CIBC Bank USA, made $7 million in 2018, compared to $13.3 million the year prior. Richman’s 2017 compensation included US$8 million in deferred compensation related to CIBC’s acquisition of PrivateBancorp, Inc.
- Michael Capatides, chief administrative officer and general counsel, made $5.7 million in 2018, up from $5.3 million in 2017.
Of CIBC’s 2019 board nominees, seven out of 15, or 47%, are women. The circular notes that 27% of executive committee members and 31% of global boarded executives are women.
One shareholder submitted five proposals, three of which were withdrawn. CIBC’s board recommends voting against the remaining two, which are:
- to create a new technology committee, and
- to disclose the equity ratio the compensation committee uses in its compensation-setting process.
The withdrawn proposals related to environmental issues and the length of a director’s tenure.