BMO CEO William Downe made $10.6 million in 2016 in total compensation, almost 5% more than in 2015.

While his salary remained the same at US$1.5 million, the rising U.S. dollar meant his CAD salary increased 5.6% on currency strength alone. To offset that impact, the bank’s proxy circular explains, “the [Compensation] Committee made a reduction to his cash incentive.” Nonetheless, his total direct compensation was 1.2% higher than the $10.5 million target.

The board attributed this raise to record financial performance: “BMO’s one-year average total shareholder return was 17.0%, outperforming our Canadian bank peer group average and the S&P/TSX Composite Index, and dividends paid were $3.36 per share, up 5% from 2015,” the circular says.

The board also notes that Downe “is the most experienced CEO among the Canadian banks.” Indeed, Downe has been with BMO since 1983; he reached his lifetime pension cap of US$1 million in 2012, so he accrued no pension benefits this year.

Read: RBC head made 5.1% more in 2016

Downe’s direct compensation target for 2017 remains at $10.5 million.

All other top BMO executives made more in 2016.

  • Thomas E. Flynn, CFO, made $3.6 million in 2016, up from $3.3 million in 2015.
  • Frank J. Techar, COO, BMO Financial Group, made $6.6 million in 2016, up from $5.7 million in 2016.
  • Darryl White, group head, BMO Capital Markets, made $8.2 million in 2016, up from $6.4 million in 2015.
  • Jean-Michel Arès, chief technology and operations officer, BMO Financial Group, made $6.4 million in 2016, up from nearly $6 million in 2015.

Read: Scotiabank CEO earned 8% more in 2016

Shareholder proposals and gender diversity

BMO received two shareholder proposals in 2016 — one on withdrawing from tax havens and the other on preparing for the “uberization” of financial services — but neither are going to a shareholder vote.

In 2016, BMO reached a proportion of 40% women in senior leadership roles, a goal it had set in 2012. As of October 31, 2016, four out of 16 executive officer positions, as well as the position of chief auditor, were held by women.