The Globe and Mail reports in its Thursday edition that pay packages for the chief executive officers of Canada's biggest banks largely increased in a year when volatile markets drove higher profits. The Globe's Stefanie Marotta writes that the CEOs of most of the big banks received higher compensation in 2025, according to their annual proxy circulars released over the past week. RBC boss Dave McKay's total pay fell slightly compared with 2024, but was still up significantly from previous years. CIBC has not yet released its circular. Base salary makes up a minor portion of a CEO's compensation. Canada's banks set targets for CEOs' annual pay, which includes bonuses and stock awards. The banks then adjust the pay based on their results. The 2025 figures are for the banks' fiscal years, which ended Oct. 31. BMO CEO Darryl White received the largest pay increase of his peers so far. His compensation jumped to $17.04-million, a 55-per-cent increase from 2024. His share and stock option awards of $10.7-million rose from $6.24-million, and his bonus rose to $3.54-million from $2.28-million. Last year's pay bump was in stark contrast to the salary cut Mr. White took in 2024 after the bank missed financial targets.