Although the CEOs of four of Canada’s Big Five banks earned less than their immediate predecessors when they took over their firms’ top job recently, there are signs their compensation could soon reach the same level as their former bosses, according to a new report from Toronto-based consulting firm Gallagher McDowall Associates published on Tuesday.

In fact, when the previous CEOs of Bank of Nova Scotia, Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC) and Toronto-Dominion Bank (TD) retired during the past three fiscal years, their successors — whom were all promoted from within —were given lower compensation packages.

Now, it appears the tide is turning, with compensation ticking up higher than previously targeted thanks, in part, to growing stock options and equity incentives.

Among that group, RBC CEO David McKay took home the highest paycheque, earning $11.52 million in actual direct total compensation, which includes base salary, equity incentives and stock options, in fiscal 2016. McKay, whose tenure as CEO began on Aug. 1, 2014, is also the only one to receive pay on par with his predecessor.

Meanwhile, Scotiabank CEO Brian Porter, who took over that bank’s top job on Nov. 1, 2013, received $10.11 million in actual direct total compensation; and CIBC CEO Victor Dodig, whose tenure as CEO began on Sept. 15, 2014, made $8.79 million in actual direct total compensation.

Only TD’s Bharat Masrani saw his compensation package fall shy of the bank’s $9-million target. Masrani, who assumed his role on Nov. 1, 2014, earned $8.95 in actual direct total compensation in fiscal 2016.

Bank of Montreal’s (BMO) Bill Downe, who has been in his position since March 1, 2007, earned $10.62 million in actual direct total compensation in fiscal 2016. BMO announced earlier this month that Downe will be retiring as of Oct. 31 and Darryl White, the bank’s chief operating officer, will take over the top job effective Nov. 1.

Read: Say-on-pay hasn’t halted the rise in CEO compensation: report

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