Canadian CEO Pay Climbs Twice As Fast As Average Worker’s Since 2008: Study.
OTTAWA – Canada’s top-paid CEOs saw their compensation climb at double the rate of the average Canadian between the depths of the recession and 2013, a new study has found.
The country’s 100 highest remunerated chief executive officers pulled down an average of $9.2 million in 2013, about 25 per cent more than the $7.35 million they amassed in 2008, said an analysis released Thursday by the left-leaning Canadian Centre for Policy Alternatives.
By comparison, the average Canadian income in 2013 was $47,358, about 12 per cent more than the 2008 level.
“It’s a sort of a highly visible manifestation of growing income inequality in Canada,” said the study’s author, Hugh Mackenzie, who crunched the numbers on the CEOs of 240 publicly listed Canadian corporations on the Toronto Stock Exchange.
“I just don’t think it’s sustainable. I think that sooner or later public concern about income inequality is going to start to matter politically and something will have to happen.”
