(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

Sunny Days

Fuller Lake Park a hot spot to cool off

July’s weather pattern follows the other extreme in June

Total precipitation well below normal even for a dry month

QUIZ: How much do you know about British Columbia?

On this B.C. Day long weekend, put your knowledge of our province to the test

B.C. records 146 new COVID-19 cases through long weekend

More that 28 people tested positive for the virus each day since Friday

Canucks tame Minnesota Wild 4-3 to even NHL qualifying series

J.T. Miller leads Vancouver with goal and an assist

COVID-19 vaccine efforts provide hope but no silver bullet to stop pandemic: Tam

There are more than two dozen vaccines for COVID-19 in clinical trials around the world

Two people die in propane heated outdoor shower near Princeton

Couple was attending a long weekend gathering

Study shines light on what makes LGBTQ+ youth feel safe in a community

The study goes beyond looking at school or family supports

Alberta to require masks at schools this fall, but still no mandate in B.C.

B.C. students are also set to return to classrooms in September

B.C. to allow customers to buy cannabis online for in-store pickup at private shops

Age verification will still be required inside the store

30% of British Columbians would ‘wait and see’ before taking COVID vaccine: poll

Some are concerned about side effects, while others don’t think the virus is a big deal

Most Read