Royal Bank of Canada CEO Dave McKay received C$23.76 million ($17.3 million) in total compensation for fiscal 2025, including a short-term bonus that exceeded targets by 86% as the bank posted record earnings. The bank's largest lender achieved C$20.4 billion in net income, driven by strong performance across all business segments.

McKay's base salary remained steady at C$2 million, while his short-term incentive bonus of C$7.44 million surpassed the C$4 million target. The compensation package also included C$12.65 million in share- and option-based awards, reflecting both immediate and long-term performance metrics. This represents a decrease from 2024 when McKay received additional share-based awards related to the successful acquisition of HSBC's Canadian assets.

The bank also announced a 22% increase in annual compensation for board directors to C$415,000. Eleven shareholder proposals are set for consideration at the April 9 annual meeting, covering topics from climate change to executive pay ratios and AI governance.