RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP, DEF 14A filed on 4/25/2024
Proxy Statement (definitive)
v3.24.1.u1
Cover
12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name RESTAURANT BRANDS INTERNATIONAL INC.
Entity Central Index Key 0001618756
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
2 Months Ended 10 Months Ended 12 Months Ended
Feb. 28, 2023
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure            
Pay vs Performance Disclosure, Table    
 
Pay Versus Performance
The following table reports the compensation of our CEO (PEO) and the average compensation of our other NEOs as reported in the Summary Compensation Table for the past four years, as well as their “compensation actually paid”, alongside total shareholder return (TSR) and net income metrics, and a company-selected measure of Adjusted EBITDA. We selected this measure as the most important in linking compensation actually paid to our NEOs for 2023 to our performance, as Adjusted EBITDA was the predominant metric used in our 2023 annual incentive plan, as described in more detail above.
 
Year
1
 
Summary
Compensation
Table Total for
First PEO
   
Compensation
Actually Paid
to First PEO
2
   
Summary
Compensation
Table Total for
Second PEO
   
Compensation
Actually Paid
to Second
PEO
   
Average
Summary
Compensation
Table Total for
Non-PEO

NEOs
   
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
   
Total
Share-
holder
Return
   
Peer Group
Total
Shareholder
Return
   
Net
Income
(millions)
   
Adjusted
EBITDA
(in millions)
 
2023
  $ 2,919,736     $ 22,058,277     $ 28,967,541     $ 77,213,418     $ 7,215,978     $ 12,712,740     $ 141.28     $ 157.59     $ 1,718     $ 2,554  
2022
  $ 17,051,342     $ 27,404,712     $ 0     $ 0     $ 36,433,352     $ 57,793,584     $ 113.35     $ 124.79     $ 1,482     $ 2,378  
2021
  $ 13,968,789     $ 13,978,748     $ 0     $ 0     $ 6,914,601     $ 6,379,416     $ 102.38     $ 152.39     $ 1,253     $ 2,248  
2020
  $ 20,054,416     $ 17,686,735     $ 0     $ 0     $ 7,709,451     $ 6,253,319     $ 99.66     $ 118.40     $ 750     $ 1,864  
 
1
Mr. Cil is the PEO for 2020, 2021, 2022 and two months of 2023. Mr. Kobza is PEO for the remainder of 2023. The other NEOs for each year are: for 2023 – Messrs. Dunnigan, Shear, Schwan and Curtis, for 2022 – Messrs. Doyle, Dunnigan, Kobza and Shear, for 2021 – Messrs. Dunnigan, Kobza, Shear and Curtis, and for 2020 – Messrs. Dunnigan, Kobza, Schwan and Siddiqui.
2
The dollar amounts shown is this column reflect “compensation actually paid” calculated by adjusting the amounts in the summary compensation table in accordance with SEC rules. As required, the dollar amounts include unpaid amounts of equity compensation that may be realizable in future periods, and as such, the dollar amounts shown do not fully represent the actual final amount of compensation earned or actually paid to the CEO or other NEO during the applicable years. The adjustments made are shown in the table below:
CEO Equity Adjustments
 
    
2020
   
2021
   
2022
   
2023 – 1
st

CEO
   
2023 - 2
nd

CEO
 
Summary Compensation Table Total Compensation ($)
     20,054,416       13,968,789       17,051,342       2,919,736       28,967,541  
Less: Stock and Option Award Values Reported in SCT ($)
     (17,716,706     (10,769,665     (13,575,946     (2,571,384     (26,007,809
Plus: Fair Value of Stock and Options Awards Granted in Year ($)
     16,327,370       7,792,950       15,204,487       2,223,970       57,461,293  
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($)
     (1,571,152     (341,716     4,528,849       13,737,077       11,220,283  
Fair Value as of Vesting Date of Equity Award Granted and Vested in Year ($)
     0       1,423,917       734,069       699,434       477,567  
Change in Fair Value of Stock and Options Awards from Prior Years that Vested in Year ($)
     (1,432,805     (111,328     157,046       893,104       533,178  
Less: Fair Value of Stock and Option Awards that fail to meet vesting conditions during Year ($)
     (0     (0     (0     (0 )     (0 )
Plus: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($)
     2,025,612       2,015,801       3,304,865       4,156,340       4,561,366  
Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($)
     (0     (0     (0     (0 )     (0 )
Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($)
     0       0       0       0       0  
Compensation Actually Paid ($)
     17,686,735       13,978,748       27,404,712       22,058,277     77,213,418
 
 
Average Other NEO Equity Adjustments
 
    
2020
   
2021
   
2022
   
2023
 
Summary Compensation Table Total Compensation ($)
     7,709,451       6,914,601       36,433,352       7,215,978  
Less: Stock and Option Award Values Reported in SCT ($)
     (6,293,970     (4,942,911     (34,402,665     (5,205,781
Plus: Fair Value of Stock and Options Awards Granted in Year ($)
     5,854,254       3,640,557       53,815,223       6,230,469  
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($)
     (584,003     (250,129     1,328,710       3,053,515  
Fair Value as of Vesting Date of Equity Award Granted and Vested in Year ($)
     0       585,031       264,387       282,346  
Change in Fair Value of Stock and Options Awards from Prior Years that Vested in Year ($)
     (1,304,992     (144,704     (524,058     208,276  
Less: Fair Value of Stock and Option Awards that fail to meet vesting conditions during Year ($)
     (0     (0     (0     (0 )
Plus: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($)
     872,581       576,970       878,635       927,936  
Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($)
     (0     (0     (0     (0 )
Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($)
     0       0       0       0  
Compensation Actually Paid ($)
     6,253,319       6,379,416       57,793,584       12,712,740  
     
Company Selected Measure Name     Adjusted EBITDA      
Named Executive Officers, Footnote     The other NEOs for each year are: for 2023 – Messrs. Dunnigan, Shear, Schwan and Curtis, for 2022 – Messrs. Doyle, Dunnigan, Kobza and Shear, for 2021 – Messrs. Dunnigan, Kobza, Shear and Curtis, and for 2020 – Messrs. Dunnigan, Kobza, Schwan and Siddiqui.      
PEO Total Compensation Amount       $ 17,051,342 $ 13,968,789 $ 20,054,416
PEO Actually Paid Compensation Amount       27,404,712 13,978,748 17,686,735
Adjustment To PEO Compensation, Footnote    
CEO Equity Adjustments
 
    
2020
   
2021
   
2022
   
2023 – 1
st

CEO
   
2023 - 2
nd

CEO
 
Summary Compensation Table Total Compensation ($)
     20,054,416       13,968,789       17,051,342       2,919,736       28,967,541  
Less: Stock and Option Award Values Reported in SCT ($)
     (17,716,706     (10,769,665     (13,575,946     (2,571,384     (26,007,809
Plus: Fair Value of Stock and Options Awards Granted in Year ($)
     16,327,370       7,792,950       15,204,487       2,223,970       57,461,293  
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($)
     (1,571,152     (341,716     4,528,849       13,737,077       11,220,283  
Fair Value as of Vesting Date of Equity Award Granted and Vested in Year ($)
     0       1,423,917       734,069       699,434       477,567  
Change in Fair Value of Stock and Options Awards from Prior Years that Vested in Year ($)
     (1,432,805     (111,328     157,046       893,104       533,178  
Less: Fair Value of Stock and Option Awards that fail to meet vesting conditions during Year ($)
     (0     (0     (0     (0 )     (0 )
Plus: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($)
     2,025,612       2,015,801       3,304,865       4,156,340       4,561,366  
Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($)
     (0     (0     (0     (0 )     (0 )
Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($)
     0       0       0       0       0  
Compensation Actually Paid ($)
     17,686,735       13,978,748       27,404,712       22,058,277     77,213,418
     
Non-PEO NEO Average Total Compensation Amount     $ 7,215,978 36,433,352 6,914,601 7,709,451
Non-PEO NEO Average Compensation Actually Paid Amount     $ 12,712,740 57,793,584 6,379,416 6,253,319
Adjustment to Non-PEO NEO Compensation Footnote    
Average Other NEO Equity Adjustments
 
    
2020
   
2021
   
2022
   
2023
 
Summary Compensation Table Total Compensation ($)
     7,709,451       6,914,601       36,433,352       7,215,978  
Less: Stock and Option Award Values Reported in SCT ($)
     (6,293,970     (4,942,911     (34,402,665     (5,205,781
Plus: Fair Value of Stock and Options Awards Granted in Year ($)
     5,854,254       3,640,557       53,815,223       6,230,469  
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($)
     (584,003     (250,129     1,328,710       3,053,515  
Fair Value as of Vesting Date of Equity Award Granted and Vested in Year ($)
     0       585,031       264,387       282,346  
Change in Fair Value of Stock and Options Awards from Prior Years that Vested in Year ($)
     (1,304,992     (144,704     (524,058     208,276  
Less: Fair Value of Stock and Option Awards that fail to meet vesting conditions during Year ($)
     (0     (0     (0     (0 )
Plus: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($)
     872,581       576,970       878,635       927,936  
Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($)
     (0     (0     (0     (0 )
Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($)
     0       0       0       0  
Compensation Actually Paid ($)
     6,253,319       6,379,416       57,793,584       12,712,740  
     
Compensation Actually Paid vs. Total Shareholder Return     LOGO      
Compensation Actually Paid vs. Net Income     LOGO      
Compensation Actually Paid vs. Company Selected Measure     LOGO      
Total Shareholder Return Vs Peer Group     LOGO      
Tabular List, Table    
Disclosure of Most Important Measures Linking Compensation Actually Paid During 2023 to Company Performance
As required, we disclose below the most important measures used by RBI to link compensation actually paid to our NEOs for 2023 to our performance. For further information regarding these performance metrics and their function in our executive compensation program, please see “Compensation Discussion and Analysis” beginning on page
30
.
2023 Most Important Measures (Unranked)
 
Adjusted EBITDA
   Net Restaurant Growth
Comparable Sales
   Total Shareholder Return
     
Total Shareholder Return Amount     $ 141.28 113.35 102.38 99.66
Peer Group Total Shareholder Return Amount     157.59 124.79 152.39 118.4
Net Income (Loss)     $ 1,718,000,000 $ 1,482,000,000 $ 1,253,000,000 $ 750,000,000
Company Selected Measure Amount     2,554,000,000 2,378,000,000 2,248,000,000 1,864,000,000
Measure:: 1            
Pay vs Performance Disclosure            
Name     Adjusted EBITDA      
Measure:: 2            
Pay vs Performance Disclosure            
Name     Net Restaurant Growth      
Measure:: 3            
Pay vs Performance Disclosure            
Name     Comparable Sales      
Measure:: 4            
Pay vs Performance Disclosure            
Name     Total Shareholder Return      
Mr. Cil [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount     $ 2,919,736 $ 17,051,342 $ 13,968,789 $ 20,054,416
PEO Actually Paid Compensation Amount     22,058,277 $ 27,404,712 $ 13,978,748 $ 17,686,735
PEO Name Mr. Cil     Mr. Cil Mr. Cil Mr. Cil
Mr. Kobza [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount     28,967,541 $ 0 $ 0 $ 0
PEO Actually Paid Compensation Amount     77,213,418 0 0 0
PEO Name   Mr. Kobza        
PEO | Stock and Option Award Values Reported in SCT [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       (13,575,946) (10,769,665) (17,716,706)
PEO | Fair Value of Stock and Options Awards Granted in Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       15,204,487 7,792,950 16,327,370
PEO | Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       4,528,849 (341,716) (1,571,152)
PEO | Fair Value as of Vesting Date of Equity Award Granted and Vested in Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       734,069 1,423,917 0
PEO | Fair Value of Stock and Options Awards from Prior Years that Vested in Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       157,046 (111,328) (1,432,805)
PEO | Fair Value of Stock and Option Awards that fail to meet vesting conditions during Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       0 0 0
PEO | Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       3,304,865 2,015,801 2,025,612
PEO | Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       0 0 0
PEO | Aggregate Service Cost and Prior Service Cost for Pension Plans [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       0 0 0
PEO | Mr. Cil [Member] | Stock and Option Award Values Reported in SCT [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (2,571,384)      
PEO | Mr. Cil [Member] | Fair Value of Stock and Options Awards Granted in Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     2,223,970      
PEO | Mr. Cil [Member] | Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     13,737,077      
PEO | Mr. Cil [Member] | Fair Value as of Vesting Date of Equity Award Granted and Vested in Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     699,434      
PEO | Mr. Cil [Member] | Fair Value of Stock and Options Awards from Prior Years that Vested in Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     893,104      
PEO | Mr. Cil [Member] | Fair Value of Stock and Option Awards that fail to meet vesting conditions during Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | Mr. Cil [Member] | Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     4,156,340      
PEO | Mr. Cil [Member] | Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | Mr. Cil [Member] | Aggregate Service Cost and Prior Service Cost for Pension Plans [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | Mr. Kobza [Member] | Stock and Option Award Values Reported in SCT [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (26,007,809)      
PEO | Mr. Kobza [Member] | Fair Value of Stock and Options Awards Granted in Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     57,461,293      
PEO | Mr. Kobza [Member] | Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     11,220,283      
PEO | Mr. Kobza [Member] | Fair Value as of Vesting Date of Equity Award Granted and Vested in Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     477,567      
PEO | Mr. Kobza [Member] | Fair Value of Stock and Options Awards from Prior Years that Vested in Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     533,178      
PEO | Mr. Kobza [Member] | Fair Value of Stock and Option Awards that fail to meet vesting conditions during Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | Mr. Kobza [Member] | Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     4,561,366      
PEO | Mr. Kobza [Member] | Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | Mr. Kobza [Member] | Aggregate Service Cost and Prior Service Cost for Pension Plans [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
Non-PEO NEO | Stock and Option Award Values Reported in SCT [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (5,205,781) (34,402,665) (4,942,911) (6,293,970)
Non-PEO NEO | Fair Value of Stock and Options Awards Granted in Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     6,230,469 53,815,223 3,640,557 5,854,254
Non-PEO NEO | Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     3,053,515 1,328,710 (250,129) (584,003)
Non-PEO NEO | Fair Value as of Vesting Date of Equity Award Granted and Vested in Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     282,346 264,387 585,031 0
Non-PEO NEO | Fair Value of Stock and Options Awards from Prior Years that Vested in Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     208,276 (524,058) (144,704) (1,304,992)
Non-PEO NEO | Fair Value of Stock and Option Awards that fail to meet vesting conditions during Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0 0 0 0
Non-PEO NEO | Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     927,936 878,635 576,970 872,581
Non-PEO NEO | Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0 0 0 0
Non-PEO NEO | Aggregate Service Cost and Prior Service Cost for Pension Plans [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     $ 0 $ 0 $ 0 $ 0