TORONTO, March 7 (Reuters) -

Royal Bank of Canada ( RY ) set a total compensation target

of C$17 million ($12.6 million) for CEO Dave McKay for 2024,

about 12% more than last year, the country's biggest lender

disclosed in a circular on Thursday.

RBC said it also paid the head of its personal and

commercial banking segment Neil McLaughlin a one-time special

cash award of up to C$1.2 million for closing its $10 billion

acquisition of HSBC's domestic operations. The deal is set to be

completed by the end of March.

The board took into consideration that McKay is one of

the longest tenured CEOs among the bank's Canadian and U.S.

peers "with a proven track record of sustained performance," RBC

said.

McKay's total compensation for 2023 was $15.22 million,

flat compared with 2022.

RBC said the board took into consideration that McKay is one

of the longest tenured CEOs among the bank's Canadian and U.S.

peers "with a proven track record of sustained performance."

McKay's total compensation for 2023 was $15.22 million, 9%

above his 2023 target of C$14 million, flat compared with 2022.

Canada's third biggest branch by assets, Bank of Nova Scotia ( BNS )

maintained CEO Scott Thomson's 2024 compensation target

of C$9.5 million, which includes a base salary of C$1 million.

($1 = 1.3457 Canadian dollars)