In a world where corporate paychecks reach astronomical heights, the Canadian Centre for Policy Alternatives unveiled a sobering truth – Canada’s top 100 CEOs amassed an average of $13.2 million each in 2023, thanks to salaries, bonuses, and other perks. While this figure marked a slight drop from the record-breaking 2021 and 2022 paychecks, it still represented the third-highest payday for chief executives since data tracking began in 2007.
Here are some key takeaways from the report:
- Decline in CEO Pay: Lower profits in 2023 and wage gains for workers post-inflation contributed to the decreases in CEO pay this year.
- Growing Disparities: The chasm between CEOs and regular workers continues to widen, with CEOs now making an average of 210 times more than the average worker in 2023, a stark contrast to the 104 times more they earned in 1998.
- Compensation Sources: While salaries don’t contribute significantly to CEOs’ total compensation packages, bonuses and various forms of awards usually make up the bulk of their earnings.
- Gender Disparity: The majority of CEOs on the list are men, with only three women making the cut in 2023, a number dwarfed by the presence of CEOs named Scott (five) and Michael (four).
Despite the grim statistics, the report also shed light on some positive developments, such as workers’ wages catching up to inflation and the notable earnings of women CEOs in comparison to their male counterparts.
Looking ahead, the report offers several recommendations to bridge the gap, including the implementation of a “wealth tax” on individuals worth more than $10 million and higher top marginal tax rates.
In a landscape where high compensation is often seen as a necessity to attract top talent, the report challenges this notion by revealing that most CEOs on the list were promoted internally after years of dedicated service within their organizations, debunking the myth of fierce external competition for these coveted roles.
As we reflect on the findings of this report, it becomes clear that addressing income disparities at the executive level requires bold policy changes and a reevaluation of our societal values. By taking concrete steps towards fairer compensation structures and equitable taxation, we can move towards a more just and sustainable future for all Canadians.
Leave feedback about this