(January 11 – 13:50 ET) – Bank of Montreal executives are making some good coin according to the bank’s recently released proxy circular. BMO just filed its circular revealing, among other things, executive compensation for the year ended Oct. 31, 1999.
Back in February 1999, Tony Comper succeeded Matthew Barrett as chief executive at the bank, but not before Barrett picked up $742,500 in salary for time served. Although he took home no bonus, Barrett received 197,000 BMO options, more than 4% of all employee options granted in the year. Additionally, BMO is reporting that Barrett received almost $19.6 million from options exercised and stock appreciation rights paid over the past few years.
Comper received $838,333 in salary, just $400,000 in cash bonus, but another $400,000 worth of deferred stock units. Barrett’s bonus as CEO in fiscal 1998 was just over $1 million.
Bigger bonuses were enjoyed at BMO’s brokerage subsidiary Nesbitt Burns Inc. where new CEO Jeff Orr picked up $2.25 million in deferred stock units on top of $350,000 in cash bonus and $210,000 in salary. Orr’s bonus was based on Nesbitt’s 13-month performance ended Oct. 31.
-IE Staff