TORONTO, March 15 Bank of Montreal cut
the pay of Chief Executive Bill Downe by 7 percent in 2012 due
to the bank's failure to meet certain performance goals, the
bank said in a filing on Friday.
Downe, who became CEO in 2007, was paid total compensation
of C$9.2 million ($9.03 million) for the year, down from C$9.9
million in 2011.
His pay included C$1.25 million in salary, a cash bonus of
C$1 million, restricted share units of C$3.55 million, stock
options worth C$2.1 million and differed stock units worth C$1.3
BMO earned C$4.2 billion in 2012, up 35 percent from 2011.
"The bank, however, fell short against the performance
measures established for the incentive pools," BMO said in the
BMO is Canada's No. 4 bank by assets and runs Harris Bank in
the U.S. Midwest.
The pay of Toronto-Dominion Bank CEO Ed Clark for
2012 was also reduced. It was cut by 4.4 percent to C$10.9
million, TD said last month, after the bank, Canada's second
biggest, took charges related to litigation reserves.