Canadian CEOs received 42 per cent raises in 2000

CEO salaries are spinning out of control, possibly due to U.S. influence

Canada’s top CEOs got raises of more than 42 per cent last year, according to the National Post.

John Roth, CEO of Nortel Networks Corp., got the biggest raise: 91 per cent. He now earns $70.8-million including salary, bonuses and incentives.

Second in total compensation is Jacques Bougie, outgoing president and CEO of Alcan Aluminium Ltd. ($32.8-million, triple what he made in 1999).

Third is Manulife Financial Ltd.’s CEO, Dominic D’Alessandro ($17.8-million), slightly outpacing the heads of Canada’s five big banks ($6.3-million to $12.2-million).

The Financial Post and William M. Mercer looked at the compensation for 60 Canadian CEOs. Seven of them had packages worth $10-million or more last year. The average was $6.1 million. Just four CEOs made less than $1-million.

Much of the total compensation is paid out in the form of incentives.

The huge jump in CEO compensation may be due to salaries in the United States., as many of the large Canadian companies have increasing U.S. presence.

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