CEOs already have annual worker’s pay

By the time average Canadians finished lunch on Thursday, Canada’s top paid CEOs had already earned the equivalent of their annual salary.

By the time average Canadians finished lunch on Thursday, Canada’s top paid CEOs had already earned the equivalent of their annual salary.

It may be hard to swallow, but according to an annual review by the Canadian Centre for Policy Alternatives, by 1:11 p.m. on Jan. 2, the average top paid Canadian CEO will have earned as much as the average full-time worker’s yearly income.

The review found the average compensation among Canada’s top 100 CEOs was $7.96 million in 2012. This compared with the average annual Canadian worker’s salary of $46,634.

The centre says CEO pay for Canadian public companies listed on the Toronto Stock Exchange has ballooned by 73 per cent between 1998 and 2012, the latest figures available.

In contrast, the average Canadian full-time worker’s annual salary has only grown by six per cent during this period.

This amounts to the country’s top 100 highest-paid CEOs making 171 times the earnings of an average Canadian wage — a jump from 105 times in 1998.

Meanwhile, minimum wage workers employed for 40 hours a week earned an average of $20,989 a year in 2012.

“Compensation packages paid to chief executive officers have come under intense scrutiny and pressure from shareholders, the media, and the general public. There is no clear relationship between CEO compensation and any measure of corporate performance,” said the report’s author Hugh Mackenzie in a statement.

“But despite the scrutiny, the pay of CEOs in Canada and elsewhere has proven to be remarkably resilient.”

The review found the top-earning executive in Canada was the head of the Canadian Pacific Railway (TSX:CP), Hunter Harrison, who was paid $49.1 million in salary, stock options and bonuses in 2012.

Harrison, who retired as chief executive at Canadian National Railway Co. (TSX:CN) in 2009, saw his pay packet boosted some $44.5 million to make up for pension and other payments that CN refused to make when he took the top job at the rival railway.

The second-highest paid CEO was James Smith of Thomson Reuters Corp. (TSX:TRI), who took home $18.8 million, followed by former Talisman Energy Inc.(TSX:TLM) chief executive John Manzoni who pocketed $18.67 million in 2012.

The lowest-paid CEO on the top 100 list was Lino A. Saputo, of Montreal-based dairy producer Saputo Inc. (TSX:SAP), who earned $3.85 million.

The review also pointed out that three women made it onto the list in 2012 — Linda Hasenfratz, CEO of Linamar Corp. (TSX:LNR), Dawn Farrell, CEO of TransAlta Corp. (TSX:TA), and Nancy Southern, CEO of ATCO Ltd. (TSX:ACO.X).

In 2011, only one female executive was in the top 100 ranking.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The Red Deer Rebels hosted the Medicine Hat Tigers in the first game of the shortened 2020-21 season on Friday. The two teams faced off again in Medicine Hat Saturday (Photo by Rob Wallator/ Red Deer Rebels)
Red Deer Rebels fall to Medicine Hat Tigers on Saturday

Tigers 7 Rebels 2 The Red Deer Rebels have lost two straight… Continue reading

Erika Fetterly, owner of EFP Studios, recently launched the Let Them Have A Voice campaign. (Contributed photo)
Central Alberta photographer’s campaign aims to give youths a voice

An Innisfail photographer is giving a platform to young central Albertans so… Continue reading

Alberta has 1,910 active cases of COVID-19 as of Wednesday. Red Deer is reporting five active cases, with 108 recovered. (File photo)
Red Deer reports 25th COVID-19 death

415 new cases identified provincially Saturday

More than 120,000 Albertans have signed up to get the COVID-19 vaccine in the first two days of appointment bookings. (Photo courtesy Alberta Health Services Twitter)
Alberta Health Services apologizes after seniors struggle to book vaccine appointments

The CEO and president of Alberta Health Services is apologizing after seniors… Continue reading

Red Deer’s Kyle Moore, 26, will be a houseguest on Season 9 of Big Brother Canada. (Photo courtesy Big Brother Canada)
Red Deer man will be a houseguest on Big Brother Canada

A Red Deer man will be a houseguest on the upcoming season… Continue reading

An arrest by Red Deer RCMP is facing online scrutiny. No charges have been laid and the incident is still under investigation. (Screenshot of YouTube video)
Red Deer RCMP investigating violent arrest caught on video

Police say officer ‘acted within the scope of his duties’

Canada Pension Plan Investment Board President and Chief Executive Officer Mark Machin waits to appear at the Standing Committee on Finance on Parliament Hill, in Ottawa on Tuesday, November 1, 2016. Executives who engage in so-called "vaccine tourism" show both an ethical disregard for those less fortunate and a surprising lack of business acumen, experts argue. THE CANADIAN PRESS/Adrian Wyld
Vaccine tourism is both unethical and bad for business, experts say

Executives who engage in so-called “vaccine tourism” show both an ethical disregard… Continue reading

Edmonton Oilers' Jesse Puljujarvi (13) and Toronto Maple Leafs' Justin Holl (3) battle in front as goalie Jack Campbell (36) makes the save during second period NHL action in Edmonton on Saturday, February 27, 2021.THE CANADIAN PRESS/Jason Franson
No Matthews, no problem: Minus NHL goal leader, Maple Leafs blank Oilers 4-0

Leafs 4 Oilers 0 EDMONTON — The Maple Leafs knew even with… Continue reading

The Pornhub website is shown on a computer screen in Toronto on Wednesday, Dec. 16, 2020. THE CANADIAN PRESS
Pornhub policies reveal legal gaps and lack of enforcement around exploitive videos

OTTAWA — Serena Fleites was in seventh grade when a sexually explicit… Continue reading

Sean Hoskin stands on a neighbourhood street in Halifax on Thursday, Feb. 25, 2021. Hoskin was diagnosed with COVID-19 almost a year ago with symptoms that still persist. Some provinces have established programs to deal with long-term sufferers but Atlantic Canada, with relatively low numbers of patients, has yet to provide a resource to assist them. THE CANADIAN PRESS/Andrew Vaughan
On East Coast, exhausted COVID-19 ‘long haulers’ hope specialized clinics will emerge

HALIFAX — On evenings when Sean Hoskin collapses into bed, heart pounding… Continue reading

Ottawa Senators goaltender Matt Murray (30) stands in his crease as Calgary Flames left wing Andrew Mangiapane (88), left to right, defenceman Rasmus Andersson (4), Matthew Tkachuk (19), Mikael Backlund (11) and Mark Giordano (5) celebrate a goal during second period NHL action in Ottawa on Saturday, Feb. 27, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Calgary Flames beat Ottawa 6-3 to end Senators’ three-game win streak

Flames 6 Senators 3 OTTAWA — The Calgary Flames used a balanced… Continue reading

Crosses are displayed in memory of the elderly who died from COVID-19 at the Camilla Care Community facility during the COVID-19 pandemic in Mississauga, Ont., on November 19, 2020. The number of people who would have died from a COVID-19 infection is likely to be much higher than recorded because of death certificates don't always list the virus as the cause of a fatality, experts say. THE CANADIAN PRESS/Nathan Denette
Death certificates don’t accurately reflect the toll of the pandemic, experts say

The number of people who would have died from a COVID-19 infection… Continue reading

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic in Toronto, Thursday, Jan. 7, 2021. A single dose of Pfizer-BioNTech's COVID-19 vaccine is barely enough to cover the average pinky nail but is made up of more than 280 components and requires at least three manufacturing plants to produce. THE CANADIAN PRESS/Nathan Denette
From science to syringe: COVID-19 vaccines are miracles of science and supply chains

OTTAWA — A single dose of Pfizer-BioNTech’s COVID-19 vaccine is barely enough… Continue reading

Most Read