According to data released by the Canadian Centre for Policy Alternatives (CCPA) on Tuesday (January 2), while the wave of inflation has hit the general Canadian population hard, Canada's 100 highest-paid CEOs have jumped on the momentum and ushered in another record-breaking year.
Source: CTV
The annual report found that CEOs charge an average of $7,162 per hour, 246 times what the average Canadian worker earns, a figure that broke last year's record of 243 times the average worker's salary.
In the new year, the top 100 CEOs can earn an average of $60,600 CAD in just over eight hours, which is equivalent to the average Canadian worker's earnings in an entire year. If Monday (January 1) is counted as a paid holiday, Canada's top CEOs have earned $60,600 by 9:27 a.m. on January 2, 2024, while the average Canadian worker will work hard throughout the year to earn that amount of wages, the report said.
According to the latest data, the average compensation of 100 CEOs in Canada is as high as $14.9 million. This is an all-time high, breaking the previous record of $14.3 million set last year. That's more than double the $7.4 million that CEOs received in 2008, when the CCPA began publishing the dataset.
The average salary of the average Canadian worker increased by $1,800, or 3%, from the previous year, however, prices increased by 6.8% per year. So, the average worker's real wage will fall by 1 cent (although expenses such as food and rent are much higher), which means that workers' real wages will be reduced by almost 4% because their money will buy much less than the year before.
On the other hand, the average salary increase for the top 100 CEOs was C$623,000, or 4.4%, from C$14.3 million in the previous year to C$14.9 million, with the gap widening further.
Most CEOs are not paid in the form of salaries, but through bonuses, company shares, and stock options, and some CEOs don't have a salary at all.
Source: monitormag.ca
According to the report, the gap between the average compensation of a CEO and the average compensation of workers is the highest in Ontario, with nearly half of the top 100 seats occupied by Ontarians. Ontario's highest-paid CEOs earn 298 times more than workers, at $18.5 million.
At the top of the list, according to the CCPA report, J. Patrick Doyle, executive chairman of F&B Brands International, Inc. With Tim Hortons, Burger King and Popeyes under its umbrella, Doyle earns $151.8 million a year and is paid only in the form of stock- and option-based bonuses.
Source: nrn
In second place was Matthew Proud, CEO of Dye &Durham Ltd., who earned C$98.9 million through option-based bonuses alone.
Seetarama (Swamy) Kotagiri, CEO of Magna International Inc., came in third with a combination of salary, stock-based and option-based awards, and non-equity incentive plan compensation with revenue of C$36.4 million.
The list also includes elites from various industries such as finance, technology, energy, telecommunications, and healthcare, and these CEOs are mostly men, with only four women among them. This is nothing new, but continues to reflect extreme gender inequality at the top of Canadian businesses.
Source: CBC
Although compensation should theoretically be tied to company performance, a weaker economy in 2023 does not necessarily mean that CEO compensation will be reduced accordingly, and historically, companies have often found other reasons to compensate CEOs.
"I win on the negative side, and I win on the tail. ”