Pay for Top Canadian CEOs Keeps Growing
January 5, 2009, 3:53 PM EST
The 100 highest paid CEO's at publicly traded corporations in Canada earned an average of $10.4 million in total compensation in 2007, a report by the Canadian Centre for Policy Alternatives shows.
"At that rate of pay, Canada's richest CEOs pocket the average Canadian wage of $40,237 by 9:04 a.m. on January 2nd - before most Canadians have booted up their computer for another year of work,"CCPA Research Associate Hugh Mackenzie says.
Other findings from the annual CCPA survey show:
- average CEO pay for the top 100 increased 22 per cent from its $8.5 million average in 2006;
- by comparison, average Canadian earnings went up 3.2 per cent, a small fraction of the CEO's pay hike.
"Compared with ordinary Canadians, whose wages have been stagnant for 30 years, Canada's economic downturn promises to hit the masses far harder than the best paid 100 CEOs," Mackenzie said. "They have enjoyed a decade of record pay hikes and will land on a softer cushion if they stumble from their lofty heights in the New Year."
To read the complete report go to http://www.policyalternatives.ca/