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New report outlines how Canada’s top CEOs raked in “boundless bonuses” in 2020
New report outlines how Canada’s top CEOs raked in “boundless bonuses” in 2020
The report recommends five policy solutions to tackle extreme wealth inequality. —
No 2810 by fw, January 10, 2021 —
“Every year we [Canadian Centre for Policy Alternatives] examine trends in CEO compensation in Canada. General trends show that compensation for the highest-paid CEOs in Canada is impervious to external shocks, such as the 2020 COVID-19 pandemic. In fact, the highest-paid 100 CEOs in Canada had the second-highest average compensation levels in this country’s history during the pandemic. Canada’s 100 highest-paid CEOs got paid an average of $10.9 million in 2020, which is higher than their pay in 2019. As a result, those 100 CEOs now make, on average, 191 times more than the average worker wage in Canada. Before lunch hour on the first working day of 2022, January 4, Canada’s highest-paid CEOs will have already racked up the same amount of pay that will take the average worker the entire year to accrue.” —David Macdonald
David Macdonald is a senior economist with Canadian Centre for Policy Alternatives’ National Office, and the author of CCPA’s new report titled: Another year in paradise: CEO pay in 2020.
Hands up those who believe that Trudeau’s neoliberal Liberals, friends of Big Business and The Ruling Class, will, without delay, propose policy actions to tackle extreme wealth inequality in Canada.
Here is the Table of Contents of the 25-page report.
Page Topic
4 Executive summary
6 Introduction
9 A third of CEO millionaires benefited from public subsidies
11 Boosting bonuses through formula changes
13 Top CEO pay
15 CEOs and the glass ceiling
16 Recommendations
18 Methodology
23 Notes
My repost, presented below in two short pieces, begins with a copy of a brief January 4, 2022 news release titled: Canadian CEO pay hits second-highest level in history: report, followed by a two-page Executive Summary, excerpted from the full 25-page report.
To read the complete, original versions of both documents, just lick on their linked titles below.
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…click on the above link to read the rest of the article…
Federal Surplus Comes with Social Costs, Critics Say
Federal Surplus Comes with Social Costs, Critics Say
Number of government departments ‘lapsing’ budgets up from 10 years ago: CCPA.
If Canadians want to see how the federal government managed to reach a surplus for the 2014-15 fiscal year, they should think of veterans struggling with post-traumatic stress disorder and other wounds, said veterans’ advocate Tom Beaver.
The Conservative government ran a surprise $1.9-billion budget surplus last year, its first since 2008. The surplus has been attributed in part to government “lapses” in spending, in which departments do not spend their full allotted budgets for the year.
Veterans like Beaver have complained a $1.1-billion lapse in spending over several years at Veterans Affairs could have been used to keep department bureaus open across the country, or to help vets who were wounded in the line of duty.
The government has also changed its lifetime pension payments for wounded soldiers to lump-sum payouts, and that has resulted in a court battle.
Beaver said news of the surplus feels like a slap in the face, and the government shouldn’t lapse spending in needed departments. “The [Conservatives] could have had more money if they didn’t spend thousands fighting veterans in the courts,” he said sarcastically.
Beaver said he knows the money didn’t only come from veterans, but from Canadians in general.
On Monday, the Ottawa Citizen reported the government underspent by $8.7 billion in total across government departments last year.
Lapses increased since 2008: CCPA
David Macdonald, senior economist at the Canadian Centre for Policy Alternatives, said there’s nothing new about spending lapses, but their frequency has increased since the 2008 financial crisis and ensuing stimulus.
…click on the above link to read the rest of the article…
