CANADA’S CEO ELITE 100:Robert Friedland, Ivanhoe Mines-10,314,843 USD
If you’re looking for Canada’s richest 1%, the compensation tables in the proxy circulars of Canadian publicly listed corporations are a good place to start.
If you’ve made it into Canada’s richest 1% club, you’re among the 246,000 prestigious few tax filers who made a minimum of $169,300 and an average income of $404,500 (as of 2007, when the most recent data available is from).
Canada’s CEO Elite 100 — the 100 highest paid CEOs of companies listed in the TSX Index — readily surpass this entrance requirement: Their total average compensation hit the heady $8.38 million mark in 2010. That represents a 27% increase over the average $6.6 million they pocketed the previous year.
The lowest paid among Canada’s CEO Elite 100 ‘earned’ $3.9 million in 2010. That would put him — and all but one of the CEO Elite 100 is male — well into the richest 0.01% of Canadian tax filers, a privileged group of 2,460 tax filers whose minimum income was $1.85 million in 2007.1 The conclusion from these data is inescapable. Soaring executive salaries have played a significant role in driving the growth in income inequality in Canada. In 2010, 188 of the CEOs of companies in the TSX Index had enough compensation to get them into the 0.01% club.
In the words of the Occupy movement, what about the 99%? In stark contrast to Canada’s CEO Elite 100, Canadians working full-time, full-year for the average weekly wage earned a humble $44,366 in 2010.
Between September 2010 and September 2011, average weekly earnings in Canada rose by only 1.1%. After taking inflation into account, weekly earnings are now lower than they were during the worst of Canada’s 2008–9 recession, resulting in a dangerous mix: Canadians are feeling the squeeze of shrinking disposable incomes, a rising cost of living, and record-high household debt.
If you’ve made it into Canada’s richest 1% club, you’re among the 246,000 prestigious few tax filers who made a minimum of $169,300 and an average income of $404,500 (as of 2007, when the most recent data available is from).
Canada’s CEO Elite 100 — the 100 highest paid CEOs of companies listed in the TSX Index — readily surpass this entrance requirement: Their total average compensation hit the heady $8.38 million mark in 2010. That represents a 27% increase over the average $6.6 million they pocketed the previous year.
The lowest paid among Canada’s CEO Elite 100 ‘earned’ $3.9 million in 2010. That would put him — and all but one of the CEO Elite 100 is male — well into the richest 0.01% of Canadian tax filers, a privileged group of 2,460 tax filers whose minimum income was $1.85 million in 2007.1 The conclusion from these data is inescapable. Soaring executive salaries have played a significant role in driving the growth in income inequality in Canada. In 2010, 188 of the CEOs of companies in the TSX Index had enough compensation to get them into the 0.01% club.
In the words of the Occupy movement, what about the 99%? In stark contrast to Canada’s CEO Elite 100, Canadians working full-time, full-year for the average weekly wage earned a humble $44,366 in 2010.
Between September 2010 and September 2011, average weekly earnings in Canada rose by only 1.1%. After taking inflation into account, weekly earnings are now lower than they were during the worst of Canada’s 2008–9 recession, resulting in a dangerous mix: Canadians are feeling the squeeze of shrinking disposable incomes, a rising cost of living, and record-high household debt.
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