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Pathway :: Home
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Canadian CEOs Paid 174 Times More than Average Worker |
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Contributed by Jim Elliott
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Monday, 04 January 2010 |
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In a report released today, the average pay packet of Canada's 100 highest-paid CEOs hit more than $7.3 million in 2008. The Canadian Centre for Policy Alternatives report identified that the average CEO salary was $7,352,895 dollars. The average wage across Canada for the other employees was $42,305. This amounts to their salaries were only 1/174th of the top executives in Canada.
"The top 100 CEOs pocket that amount by 1:01 p.m. on Jan. 4 — the
first working day of the year," said Hugh McKenzie, the author of the
report. This average CEO compensation has outpaced inflation by 70% in
the last ten years. Average worker earnings have only gone up by a
meager 6% above inflation during that same period. Thomas Glocer
of Thomson Reuters Corporation, the top on the list, took home $36.6
million while the late Ted Rogers (second) only got $21.5 million. Chief
executives at Canada's big six banks also featured on the list. The TD
Bank pays Edmund Clark $11.1 Million, the National Bank pays CEO Louis
Vachon $10.5 Million and Gordon Nixon of Royal Bank took home $9.6
Million. Richard Waugh of the Bank of Nova Scotia had total earnings
of $9.2 Million. William Downe of the Bank of Montreal made $6.4
Million and CIBC's Gerry McCaughey had a salary of $6.3 Million. Even Magna International chairperson Frank Stronach is only 16th on the list with $10.8 Million. Mackenzie
said in an interview about the overall cost of the executive of those
same companies, "If you rolled up some of those double and triple
counts you'd have some pretty stratospheric numbers for what executives
are paid." The 100th highest-paid CEO in Canada was Rupert Duchesne of Groupe Aeroplan Inc., with earnings of $3.2 Million.
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Written by pelliott on 2010-01-04 16:05:37
I wanna raise!  |
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Last Updated ( Monday, 04 January 2010 )
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