(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

Sylvan Lake and Eckville slowly climbing out of the deep freeze

The Weather Network says warmer, more moderate temperatures are on the way

Mystery thrillers were Sylvan Lake’s popular reads in 2019

Half of the top 10 borrowed titles from Sylvan Lake’s library in 2019 were mystery crime thrillers

School busses once again running in Sylvan Lake

School busses did not run for three days this week due to the extreme cold temperatures

Sylvan Lake RCMP seek assistance in locating missing male

Mark Crier, 17, was last seen in Sylvan Lake on Jan. 13

Advance care planning helps you document your healthcare wishes

It’s important that your loved ones and your healthcare team understand your wishes for healthcare

Canada to bolster screening of central China passengers for virus at 3 airports

Additional measures will include messaging on arrivals screens in Toronto, Montreal and Vancouver

RCMP Major Crimes Unit lays charges in Stettler death

Nicholas Climb Johnson, 32, of Stettler is charged with second degree murder in the death of his father

Metis nations ask Ottawa to negotiate directly with them, not national body

Three provincial Metis nations will work through the national council until after the federal government releases its 2020 budget

Canada to give $25,000 to families of each Canadian who died in Iran plane crash

Prime Minister Justin Trudeau also made it clear that Canada still expects Iran to compensate victims

Oil and gas industry applauds top court’s dismissal of B.C.’s Trans Mountain case

The high court’s ruling Thursday removes one of the remaining obstacles for the project

UPDATE: Supreme Court dismisses B.C.’s appeal in Trans Mountain pipeline case

Judges decide whether B.C.’s power to protect environment can include impeding a federal project

Alberta says universities over-budget; need to freeze travel, hiring, hosting

Demetrios Nicolaides says spending is not meeting expectations

Over 16,000 people nabbed by RCMP between border crossings in 2019

In 2019, 63,830 claims were filed, up from 55,040 in 2018

Iran must compensate crash victims’ families, Canada-led group agrees

‘We are judging Iran every day, demand by demand,’ says Foreign Affairs Minister Francois-Philippe Champagne

Most Read