Low angle view of Skyscrapers in downtown Toronto during the day

The CEOs of Canada’s Big Six banks received an average $11 million in compensation last year, despite all but one failing to meet performance targets.

The total direct compensation for the CEOs range from RBC’s Dave McKay receiving $15.2 million, to Scotiabank’s Scott Thomson being paid $7.7 million.

McKay’s pay was above the board’s target of $14 million as bank performance exceeded expectations, a track record that has also led the board to bump up that target to $17 million for 2024.

Bharat Masrani, president and CEO of TD Bank Group, received $13.3 million in total compensation (about 11.5% below target). The TD board said Masrani demonstrated “excellent personal leadership and performance through a challenging year,” but cited the termination of the First Horizon transaction and “certain U.S. regulatory issues” for his reduced compensation.

CIBC chief executive Victor Dodig received $10.7 million in total compensation (about 2.7% below target), BMO chief executive Darryl White received $11.2 million (4.7% below), and National Bank of Canada’s Laurent Ferreira, made $8.5 million (3.0% below), as none of the banks met performance goals.

Thomson, who took on the combined role of president and CEO as of Feb. 1 last year, had a target of $8.7 million based on his starting date, or $9.5 million on a full-year basis.