New study finds pay gap is widening between CEOs and average Canadian workers

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New study finds pay gap is widening between CEOs and average Canadian workers
New study finds pay gap is widening between CEOs and average Canadian workers

Canada’s 100 highest-paid chief executive officers earned 209-times more than the average worker in 2016, according to a new report by the Canadian Centre for Policy Alternatives.

The study shows CEOs make an average of $10.4 million a year. This is 209 times the average income of $49,738.

On an hourly basis, the minimum wage for the richest CEOs rose to $2,489.62 in 2016.

By 11 a.m., the most elite individuals will earn the average $49,738 wage of most Canadians.

“Canada’s corporate executives were among the loudest critics of a new $15 minimum wage in provinces like Ontario and Alberta, while the highest-paid among them were raking in record-breaking earnings,” said David Macdonald, a CCPA senior economist and the author of the report.

“CEOs are making 316 times more than someone who makes $15 an hour. If shareholders can afford this year’s CEO pay hike, they should absolutely be endorsing higher wages at the bottom as well.”

Canada’s Top 100 Highest-Paid CEOs

Rank Company Title Name Base
Salary
Other
Compensation †
Total
Compensation
1 Valeant Pharmaceuticals International Inc CEO Joseph Papa * $1,299,990 $81,831,262 $83,131,252
2 Magna International Inc CEO Donald Walker * $430,781 $28,183,681 $28,614,462
3 Rogers Communications Inc Former President & CEO Guy Laurence $1,029,711 $23,573,282 $24,602,993
4 Macdonald Dettwiler & Associates Ltd Former President & CEO Daniel Friedmann $266,831 $21,160,422 $21,427,253
5 Canadian Pacific Railway Ltd CEO Hunter Harrison $2,904,595 $15,925,199 $18,829,794
6 Thomson Reuters Corp President & CEO James Smith * $2,109,541 $15,667,917 $17,777,458
7 Encana Corp President & CEO Doug Suttles * $1,370,511 $16,221,594 $17,592,105
8 CCL Industries Inc President & CEO Geoffrey Martin $1,313,760 $16,056,422 $17,370,182
9 Valeant Pharmaceuticals International Inc Former CEO J. Michael Pearson * $887,104 $14,984,687 $15,871,791
10 Waste Connections Inc CEO & Chairman Ronald Mittelstaedt * $1,284,390 $14,570,270 $15,854,660
11 Manulife Financial Corp President & CEO Donald Guloien $1,803,437 $13,577,618 $15,381,055
12 Linamar Corp CEO Linda Hasenfratz $618,431 $14,023,043 $14,641,474
13 Waste Connections Inc Former President & CEO, Progressive Waste Joseph D. Quarin * $86,034 $14,106,756 $14,192,790
14 Telus Corp President & CEO Darren Entwistle $1,375,000 $11,530,331 $12,905,331
15 Bank of Nova Scotia Group Head, International Banking & Digital Transformation Ignacio Deschamps $524,686 $12,227,722 $12,752,408
16 Bombardier Inc President & CEO Alain Bellemare * $1,381,415 $11,196,594 $12,578,009
17 Royal Bank of Canada President & CEO David McKay $1,466,667 $10,778,726 $12,245,393
18 Cott Corporation CEO Jerry Fowden * $1,193,054 $10,938,703 $12,131,757
19 Linamar Corp Chairman Frank Hasenfratz $446,064 $11,551,891 $11,997,955
20 Canadian Natural Resources Ltd Exec Chair N. Murray Edwards $1 $11,893,925 $11,893,926
21 CGI Group Inc President & CEO Michael Roach $1,373,000 $10,448,659 $11,821,659
22 CGI Group Inc Founder & Exec Serge Godin $1,373,000 $10,442,999 $11,815,999
23 Bank of Nova Scotia President & CEO Brian Porter $1,000,000 $10,763,714 $11,763,714
24 Canadian National Railway Co Former President & CEO Claude Mongeau $1,457,280 $10,122,786 $11,580,066
25 Agrium Inc President & CEO Charles Magro * $1,496,304 $10,026,084 $11,522,388
26 Suncor Energy Inc President & CEO Steven Williams $1,375,000 $10,107,343 $11,482,343
27 Enbridge Inc President & CEO Al Monaco $1,377,000 $10,014,427 $11,391,427
28 TFI International Inc President & CEO Alain Bedard $1,742,112 $9,616,501 $11,358,613
29 Quebecor Inc President & CEO Pierre Dion $1,300,000 $9,998,655 $11,298,655
30 Barrick Gold Corp Executive Chairman John Thornton * $3,313,700 $7,955,794 $11,269,494
31 Power Financial Corp President & CEO Jeffrey Orr $4,450,000 $6,773,367 $11,223,367
32 Shaw Communications Inc Executive Chair James Robert Shaw $1,355,682 $9,852,569 $11,208,251
33 Endeavour Mining Corp Former CEO Neil Woodyer * $795,369 $10,167,578 $10,962,947
34 Linamar Corp President & COO Jim Jarrell $480,569 $10,364,126 $10,844,695
35 BCE Inc President & CEO, BCE & Bell George Cope $1,400,000 $9,361,529 $10,761,529
36 Agnico Eagle Mines Ltd Vice-Chair & CEO Sean Boyd * $1,550,732 $9,199,149 $10,749,881
37 Bank of Montreal CEO William Downe $1,987,650 $8,653,658 $10,641,308
38 Aecon Group Inc Former President & CEO Terrance L. McKibbon $689,555 $9,870,233 $10,559,788
39 Onex Corporation CEO Gerald Schwartz $1,723,124 $8,763,565 $10,486,689
40 Toronto-Dominion Bank President & CEO Bharat Masrani $1,000,000 $9,343,954 $10,343,954
41 Alimentation Couche-Tard Inc President & CEO Brian Hannasch $1,587,353 $8,673,347 $10,260,700
42 Transcanada Corp President & CEO Russell Girling $1,300,008 $8,838,014 $10,138,022
43 Celestica Inc President & CEO Robert A. Mionis * $1,126,773 $8,794,228 $9,921,001
44 Teck Resources Ltd President & CEO Donald Lindsay $1,493,500 $8,050,980 $9,544,480
45 Canadian Imperial Bank of Commerce CEO Victor Dodig $1,000,000 $8,191,750 $9,191,750
46 Open Text Corp CEO & CTO Mark Barrenechea $1,251,142 $7,795,728 $9,046,870
47 Sun Life Financial Inc President & CEO Dean Connor $1,076,923 $7,926,771 $9,003,694
48 Air Canada President & CEO Calin Rovinescu $1,400,000 $7,599,225 $8,999,225
49 Kinross Gold Corp President & CEO Paul Rollinson * $1,283,383 $7,063,037 $8,346,420
50 Goldcorp Inc President & CEO David Garofalo $1,250,000 $7,069,888 $8,319,888
51 Canadian National Railway Co President & CEO Luc Jobin $1,106,208 $7,195,958 $8,302,166
52 Canadian Natural Resources Ltd President Steve Laut $567,000 $7,672,154 $8,239,154
53 Shaw Communications Inc President Jay Mehr $1,491,250 $6,697,816 $8,189,066
54 Restaurant Brands International Inc CEO Daniel Schwartz $1,060,384 $7,123,120 $8,183,504
55 National Bank of Canada President & CEO Louis Vachon $1,125,015 $6,990,168 $8,115,183
56 Canadian Imperial Bank of Commerce Group Head, CMO Harry Culham $500,000 $7,552,550 $8,052,550
57 Cenovus Energy Inc President & CEO Brian Ferguson $1,350,000 $6,691,460 $8,041,460
58 Fortis Inc President & CEO Barry Perry $1,100,000 $6,906,611 $8,006,611
59 Eldorado Gold Corp President & CEO Paul Wright $902,800 $6,895,680 $7,798,480
60 Endeavour Mining Corp President & CEO Sebastien de Montessus * $1,193,054 $6,565,881 $7,758,936
61 Hudson’s Bay Co Governer & Exec Chair Richard Baker $790,140 $6,959,888 $7,750,028
62 Imperial Oil Ltd Chairman, President & CEO Rich Kruger $1,139,328 $6,438,490 $7,577,818
63 George Weston Ltd Chairman & CEO, George Weston Ltd. & Loblaw Cos Ltd Galen G. Weston $1,100,000 $6,441,156 $7,541,156
64 George Weston Ltd Former President & CEO Paviter Binning $1,100,000 $6,416,676 $7,516,676
65 National Bank of Canada EVP Financial Markets Denis Girouard $333,691 $7,126,142 $7,459,833
66 Transalta Corp President & CEO Dawn L. Farrell $960,556 $6,429,222 $7,389,778
67 Novagold Resources Inc President & CEO Gregory Lang * $979,773 $6,279,620 $7,259,392
68 Shaw Communications Inc CEO Bradley Shaw $2,259,470 $4,978,018 $7,237,488
69 Gildan Activewear Inc President & CEO Glenn Chamandy $1,056,146 $6,037,469 $7,093,615
70 Power Corporation of Canada Deputy Chairman & Co-CEO André Desmarais $1,175,000 $5,700,897 $6,875,897
71 Intact Financial Corp CEO Charles Brindamour $1,048,231 $5,774,186 $6,822,417
72 Canadian Tire Corp President & CEO Stephen Wetmore $596,154 $6,222,158 $6,818,312
73 Power Corporation of Canada Chairman & Co-CEO Paul Desmarais, Jr. $1,175,000 $5,598,689 $6,773,689
74 Maple Leaf Foods Inc President & CEO Michael H. McCain $1,080,104 $5,473,952 $6,554,056
75 Ritchie Bros Auctioneers CEO Ravi Saligram $1,325,480 $5,129,905 $6,455,385
76 SNC-Lavalin Group Inc President & CEO Neil Bruce $1,100,000 $5,312,211 $6,412,211
77 National Bank of Canada CTO & EVP Strategic Initiatives Ricardo Pascoe $450,006 $5,910,957 $6,360,963
78 Husky Energy Inc Former President & CEO Asim Ghosh $1,597,140 $4,738,303 $6,335,443
79 Mitel Networks Corp President & CEO Richard D. McBee * $1,069,631 $5,234,927 $6,304,558
80 Brookfield Asset Management Inc Senior Managing Bruce Flatt * $795,334 $5,385,958 $6,181,292
81 Transcontinental Inc President & CEO François Olivier $995,649 $5,123,419 $6,119,068
82 Great-West Lifeco Inc President & CEO Paul Mahon $1,135,327 $4,928,837 $6,064,164
83 Methanex Corp President & CEO John Floren $951,000 $5,094,953 $6,045,953
84 Riocan Real Estate Investment Trust CEO Edward Sonshine $1,300,000 $4,703,700 $6,003,700
85 Hudson’s Bay Co CEO Gerald Storch $1,580,280 $4,380,221 $5,960,501
86 Cameco Corp President & CEO Tim Gitzel $1,025,000 $4,899,134 $5,924,134
87 Finning International Inc President & CEO Scott Thomson $927,000 $4,950,749 $5,877,749
88 Brookfield Asset Management Inc Senior Managing Partner Brian W Kingston $927,890 $4,840,933 $5,768,823
89 Nevsun Resources Ltd President & CEO Clifford T. Davis $730,000 $4,885,523 $5,615,523
90 CAE Inc President & CEO Marc Parent $888,667 $4,720,910 $5,609,577
91 Saputo Inc President & COO Dino Dello Sbarba $1,025,000 $4,473,143 $5,498,143
92 Yamana Gold Inc Chairman & CEO Peter Marrone * $1,957,403 $3,524,657 $5,482,060
93 IGM Financial Inc President & CEO, Mackenzie Inc & Mackenzie Investments Barry McInerney $477,564 $4,916,208 $5,393,772
94 Atco Ltd & Canadian Utilities Ltd President & CEO Nancy Southern $1,000,000 $4,371,540 $5,371,540
95 IGM Financial Inc President & CEO Jeffrey Carney $1,116,667 $4,213,181 $5,329,848
96 B2Gold Corp President & CEO Clive Johnson $1,000,000 $4,305,796 $5,305,796
97 Franco-Nevada Corp President & CEO David Harquail $751,050 $4,543,096 $5,294,146
98 Lundin Mining Corp CEO Paul Conibear * $864,397 $4,401,695 $5,266,092
99 Saputo Inc CEO Lino Saputo Jr. $1,300,000 $3,900,000 $5,200,000
100 TMX Group Ltd CEO Louis Eccleston $750,000 $4,428,401 $5,178,401

 

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