(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

Literacy Week coming to Trail: Make reading time, family time

Family Literacy Week in B.C. runs Jan. 26 to Feb. 2

The Voice of Raisin: A whiff down memory lane

The Trail Times is introducing a new column. Benjamin Howard recently moved… Continue reading

Rossland council okays temp shelter for local man

Garry Camozzi can stay in the trailer until October 2020

West Kootenay snowpack nearing record levels

High snowpack can mean a greater risk of flooding in spring, say forecasters

New York county gave Salmo River canyon its name

Place Names: Shenango Canyon, Sheep Creek City, Beaverville

VIDEO: Mass coronavirus quarantines seen in China won’t happen in Canada, authorities say

‘If a case comes here, and it is probably … it will still be business as normal’

Province’s oldest practising lawyer shares advice at her 100th birthday party

Firefighters bring Constance Isherwood a cake with 100 birthday candles

Vernon woman suing McDonald’s for spilled coffee

Woman seeking nearly $10K, says employee failed to put lid on properly

Diners’ health tax not catching on in B.C., restaurant group says

Small businesses look for options to cover employer health tax

B.C. comic wins judgment after club owner slaps cellphone out of his hands

Incident happened last summer when Garrett Clark was performing in Abbotsford

Mayors call for ‘calmness’ as highway rockslide cuts Tofino, Ucluelet off from supplies

Ministry of transportation expects to open road for “essential travel only” from noon-8 p.m. Friday.

Owner surrenders dog suffering from days-old gunshot wound to B.C. SPCA

The dog was also found to be emaciated and suffering from a flea infestation

B.C. man dies after police called for ‘firearms injury’ in rural Alberta

Victim is 30-year-old Greater Victoria man, say police

Most Read