Pay for Top CEOs In Canada Hits Record High Levels – New Study

They’ve Already Made More In Four Days Than The Average Canadian Worker Will Make All Year!

News from the Canadian Centre for Policy Alternatives

Posted January 5th, 2017 on Niagara At Large

Toronto, Ontario Canada’s 100 highest paid CEOs have set a new record: their total compensation in 2015 hit a new high at $9.5 million, on average, according to a new Canadian Centre for Policy Alternatives (CCPA) report.ceo-pay-fat-with-money

The report shows Canada’s 100 highest paid CEOs on the TSX index now make 193 times more than someone earning an average wage.

“Although public outrage over exorbitantly high CEO pay continues unabated, especially since the Great Recession of 2008-09, CEO pay in Canada takes a licking and keeps on ticking,” says economist Hugh Mackenzie.

“In 2015, CEO pay set a new record, with only one factor threatening new heights: an unpredictable global economy.”

Among the report’s findings about the highest paid 100 CEOs in Canada:

  • They earn the average wage ($49,510) by 11:47 a.m. on January 3;
  • The average Joe will have to work full-time all year to earn that amount;
  • The average earnings of Canada’s corporate top 100 increased by 178% between 1998 and 2015;
  • The glass ceiling still exists in this elite club: only two women made it in the top 100 rankings in 2015.

“I’ve been tracking CEO pay in Canada for 10 years and nothing has changed,” says Mackenzie. “CEO pay keeps soaring, luxe stock option, pension and bonus packages remain the gold standard for CEOs, and despite public outrage, neither corporate boards nor shareholders are stepping in to put a lid on things.

ceo-pay-hikes

“In the absence of corporate leadership, it falls to government to bring in laws to put a cap on the incentives fuelling soaring CEO compensation packages.”

Mackenzie says Canada should take a cue from Portland, Oregon, which is going to charge a surtax on companies with a CEO to worker pay gap that’s 100 times or more.

Throwing Money at the Problem: 10 Years of Executive Compensation is available on the CCPA website: http://policyalternatives.ca/ceo2017

ceo-high-pay-firing-employees

NIAGARA AT LARGE encourages you to join the conversation by sharing your views on this post in the space below the Bernie quote.

A reminder that we only post comments by individuals who also share their first and last names.

For more news and commentary from Niagara At Large – an independent, alternative voice for our greater binational Niagara region – become a regular visitor and subscriber to NAL at www.niagaraatlarge.com .

 “A politician thinks of the next election. A leader thinks of the next generation.” – Bernie Sanders

 

Advertisements

One response to “Pay for Top CEOs In Canada Hits Record High Levels – New Study

  1. If CEO’s make 193 times what the average worker does, imagine the comparison with the average pensioner, in particular those who never made enough to save for their futures, pay their bills, feed and house their families and put their kids through school.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s