(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

160 new COVID-19 cases reported in Alberta on Tuesday

Province now has 1,571 active cases

Return to class has gone better than expectation, WCPS says

Staff with Wolf Creek Public Schools say the return to in-class teaching has gone very well

PHOTOS: Eighth annual Wood Show in Lacombe

Central Alberta Wood Workers and Woodturners Guild hosted its annual show recently

Central zone down to 16 active COVID-19 cases

Alberta Health Services’ central zone is down to 16

No safe mask option for bearded members, RCMP says, but force is exploring solutions

RCMP says respirator not mandatory in all front-line situations, but sometimes needed to reduce risk

U.S. Presidential Debate Takeaways: An acrid tone from the opening minute

Here are key takeaways from the first of three scheduled presidential debates before Election Day on Nov. 3

National child-care plan could help Canada rebound from COVID-induced economic crisis: prof

A $2 billion investment this year could help parents during second wave of pandemic

CP Holiday Train cancelled this year; virtual concert to be held in lieu of event

Canadian Pacific will still donate to local food banks in its network and host a virtual concert.

Survey finds doctors worry supplies of flu vaccine, PPE will lag demand

Canadian health officials have said additional flu vaccines have been ordered to meet expected demand

Ahead of likely second wave, 60% of Canadians relaxing COVID-19 measures

Proportion of Canadians following safety measures has dropped by 3 per cent in the past two weeks

Canada’s population tops 38 million, even as COVID-19 pandemic slows growth

Immigration, the top population driver, decreased due to the pandemic

Lightning strike: Tampa Bay blanks Dallas 2-0 to win Stanley Cup

Hedman wins Conn Smythe Trophy as playoff MVP

Liberals seek to fast track new COVID-19 aid bill after CERB expires

Government secured NDP support for legislation by hiking amount of benefits by $100 to $500 per week

Most Read