(File)

Top CEOs earned average worker’s annual salary by mid-morning today

Canada’s highest paid 100 CEOs made on average $11.8 million in 2018, report says

A new report says Canada’s 100 highest-paid chief executives were paid record amounts in 2018 in comparison to the employees beneath them.

The Canadian Centre for Policy Alternatives says the average CEO at a top publicly traded company would have made as much money as the average Canadian worker will make all year as of 10:09 this morning.

The centre says those CEOs made 227 times more than the average worker made in 2018, the most recent year figures are available.

That’s up from 197 times average worker pay in 2017, and is the earliest time on record in the 13 years the centre has been tracking the numbers.

The report also found 79 per cent of the average CEO’s pay in 2018 came from bonuses related to company stock prices, even in some cases where companies were losing money.

As well, just four women are among Canada’s richest 100 CEOs, up from three last year.

“Growth in the vast gap between excessive CEO compensation and average incomes is an indicator of Canada’s income inequality juggernaut,” said report author and CCPA senior economist David Macdonald.

“Wealth continues to concentrate at the very top while average incomes barely keep up with inflation.”

The country’s highest paid 100 CEOs, working for firms on the S&P/TSX Composite index, made, on average, $11.8 million in 2018, according to the report.

In 2016 the average CEO income was $10.4 million.

READ MORE: Female CEOs are competitively paid, but greatly outnumbered

And while average worker pay rose just 2.6 per cent between 2017 and 2018, top CEOs saw their pay rise by 18 per cent during the same period, the CCPA said.

Macdonald suggests the federal government could address excessive CEO pay through a review of tax loopholes, as proposed in the Liberals’ December fiscal update, with a focus on the preferential treatment of stock options and capital gains.

Finance Minister Bill Morneau has been tasked with changing rules for stock-option deductions, as well as reviewing tax expenditures with an eye on the wealthy, as part of his ministerial mandate letter published last month.

The Canadian Press

Like us on Facebook and follow us on Twitter

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

Just Posted

134 new cases of COVID-19 on Friday

First day over 100 cases since July 31

330 km walk for charity stopping in Sylvan Lake

Chris Sadleir, 45, is walking from Calgary to Edmonton to raise money for the Lung Association

School curriculum to focus on basics, says LaGrange

Minister Adriana LaGrange, MLA for Red Deer South, said it will ‘unleash student potential’

1 in 7 Albertans have been tested for COVID-19

56 additional cases Thursday, 1,107 active cases remain in the province

Sylvan Lake man’s documentary getting limited run in Alberta theatres

Scott McDermott’s documentary will be in 14 theatres, including Sylvan Lake and Wetaskiwin

Protestors for Indigenous Lives Matter gather in Wetaskiwin

Protestors gathered along 56 St Wetaskiwin, Alta. August 4, 2020 for Indigenous Lives Matter.

Collapse of Nunavut ice shelf ‘like losing a good friend:’ glaciologist

The ice shelf on the northwestern edge of Ellesmere Island has shrunk 43 per cent

13-year-old charged in death of boy, 10 in Maskwacis

The RCMP Major Crimes Unit have laid a manslaughter charge against a 13-year-old boy from Maskwacis.

‘Caught up in the frenzy:’ Oilers 50/50 draw breaking ticket sale records

Previous record was held by Toronto Raptors fans when a 50/50 raffle reached $2 million

Alberta jury trials to resume next month at offsite locations due to COVID-19

About 12 locations across Alberta may host the trials in halls, hotels and community centres

Alberta school curriculum to focus on basics, keep out political bias: minister

NDP education critic says the kindergarten to Grade 4 changes should have been implemented a year ago

Statistics Canada says country gained 419,000 jobs in July

National unemployment rate was 10.9 per cent in July, down from the 12.3 per cent recorded in June

Canada plans $3.6 billion in retaliatory tariffs on U.S. in aluminium dispute

The new Canada-United States-Mexico Agreement that replaced NAFTA went into force on July 1

Walmart to make face masks mandatory for customers across Canada

Requirement goes into effect on Wednesday, Aug. 12 across Canada

Most Read