Canada's RBC sets CEO McKay's 2025 salary at $16 million

Royal Bank of Canada

Royal Bank of Canada

RY

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March 5 (Reuters) - Royal Bank of Canada RY.TO set CEO Dave McKay's 2025 total compensation at C$22.09 million ($16.12 million), 30% above his compensation target for the year, according to a regulatory filing on Thursday.

  • RBC, Canada's biggest bank by market capitalisation, noted McKay's role in delivering strong results in the backdrop of major shifts in global trade and geopolitics.

  • The bank generated earnings of C$20.4 billion in 2025, up 25% from the previous year.

  • McKay was handed a C$20.5 million salary in 2024, excluding a one-time C$4 million stock award linked to integration of the HSBC Canada acquisition.

  • McKay's 2025 salary was 8% higher than 2024.

  • McKay, 62, has been at the helm of RBC since 2014 and is one of the longest tenured CEOs among the bank's Canadian and U.S. peers.

  • McKay's 2026 compensation target remains unchanged at C$17 million.

($1 = 1.3700 Canadian dollars)


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