(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

VIDEO: James Bay wolf released into wild of western Vancouver Island

Conservation officers confirm wolf is from Discovery Island

Traffic delays: Saturday work added to Highway 1 construction schedule

Work continues on dangerous stretch between Leigh Road and West Shore Parkway

Supreme Court bans Victoria man from practising law

Jeremy Maddock received a law degree in 2016 but never completed articling

Canadian Tire Fix-A-Heart campaign raises more than $75,000 for Royal Jubilee Hospital

Donations will help purchase infusion pumps for cardiac care units

Victoria shops avoid plastic bags, despite bylaw being voided

The city is working on getting the bylaw re-established

VIDEO: Driver guilty in Saanich crash that left 11-year-old with catastrophic brain injuries

North Saanich woman convicted on one count of dangerous driving causing bodily harm

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

Miller nets pair as Vancouver defeats Cup champs

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

Lana Popham proposes guest homes not just for relatives

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’

Filming for Resident Alien begins in Ladysmith

Aliens and excitement take over the streets of Ladysmith during new TV series

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

The Three Bears are down to two after baby bear carving stolen from his perch in Island community

Thief repeatedly kicked it and dislodged it from cement and rebar

Most Read