TORONTO—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.
A report on executive compensation by the Canadian Centre for Policy Alternatives (CCPA), a progressive think tank, reveals Canada’s 100 highest paid CEOs pocketed an average $7.3 million in 2008, the year recession broadsided the nation.
“Canada’s top 100 CEOs earned 174 times more than the average Canadian wage,” says economist 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.”
Soft Landing: Recession and Canada’s 100 Highest Paid CEOs shows executive compensation remains as resilient to worldwide economic forces as ever.
“Between 1998 and 2008, Canada’s top 100 CEOs’ average compensation outpaced inflation by 70 per cent,” says Mackenzie. “In contrast, Canadians earning the average income lost six per cent to inflation over that period.”
Soft Landing: Recession and Canada’s 100 Highest Paid CEOs is available at www.policyalternatives.ca
For more information please contact: Kerri-Anne Finn, CCPA Senior Communications Officer, at 613-563-1341 x306.