Top CEOs earned $7.3 million in 2008: Report

Executive compensation 174 times higher than average worker's salary
|hrreporter.com|Last Updated: 02/12/2010

Canadians may have been hit hard by a worldwide economic recession, but it appears Canada’s 100 highest paid CEOs are enjoying a soft landing.

Canada’s 100 highest paid CEOs pocketed an average of $7.3 million in 2008, according to Soft Landing: Recession and Canada’s 100 Highest Paid CEOs, a report by think tank Canadian Centre for Policy Alternatives (CCPA).

“Canada’s top 100 CEOs earned 174 times more than the average Canadian wage,” said Hugh Mackenzie, CCPA research associate.

“To put that in perspective, Canadians will work full-time throughout the year to earn the national average of $42,305. The top 100 CEOs pocket that amount by 1:01 p.m. on January 4 – the first working day of the year.”

Between 1998 and 2008, Canada’s top 100 CEOs’ average compensation outpaced inflation by 70 per cent, said Mackenzie. In contrast, Canadians earning the average income lost six per cent to inflation over that period.

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