(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

Coastal GasLink stresses pipeline ‘on a schedule’ as B.C. appoints liaison for Wet’suwet’en

670-kilometre pipeline is schedule to be completed by end of 2023

Jonathan Dieleman announces his retirement from competitive swimming

The Bulkey Valley paralympic swimmer made the announcement early Monday morning.

Witset chosen for housing innovation funding program

Proposal to build healing lodge for at-risk youth one of four selected in B.C.

Minister of Indigenous Relations and Reconciliation and hereditary chiefs agree to future meeting

Scott Fraser was in Smithers on Jan. 22 and spoke with Office of the Wet’suwet’en representatives

Unist’ot’en Camp say RCMP have changed 27 kilometre roadblock rules

Footage shows RCMP telling an unidentified lawyer they can’t re-enter the checkpoint

VIDEO: Canada’s first presumptive case of coronavirus officially confirmed

Both patient and wife arrived on a China Southern Airlines flight after having been to Wuhan

First-place Canucks beat Blues 3-1 for ninth straight home win

Miller nets pair as Vancouver defeats Cup champs

Swapping grape varieties can help winemakers adapt to climate change: UBC study

Report says 56% of wine-grape-growing regions would be lost if global climate warms by 2 C

Alberta premier wants feds to approve Teck mine for benefit of First Nations

Kenney: ‘Surely [reconciliation] means saying yes to economic development for First Nations people’

Police search for man who went missing from Vernon hotel

Jay Rosenberger, 38, was last seen Friday

NDP suggests easing secondary housing rules for B.C. farmland

Lana Popham proposes guest homes not just for relatives

After four sexual assaults in the same B.C. park, RCMP ask women not to walk alone

Four sexual assaults took place in Glen Park over two months

BC Place lights up in purple and yellow to honour Kobe Bryant

Kobe Bryant, his 13-year-old daughter and seven others were killed in a helicopter crash

Whistleblower says Iranian-Americans questioned at Peace Arch crossing were targeted

Immigration lawyer says response from Customs Border Protection is a ‘total cover up’

Most Read