Despite a decline from record highs in 2021 and 2022, Canadian CEO pay remains significantly higher than average worker income. The report highlights the growing gap between CEO compensation and the earnings of ordinary Canadians.
GFL Environmental CEO Patrick Dovigi earned an average of $13.2 million in 2023 from salaries, bonuses, and other compensation, according to the Canadian Centre for Policy Alternatives. It was the third highest year for CEO pay since the CCPA began tracking the data in 2007, but a decline after record-breaking years in 2021 and 2022.
\Factors leading to the decline included lower profits in 2023 and workers making wage gains after the most recent bout of inflation, said David Macdonald, report author and senior economist at the CCPA. \The CCPA calculates that by 10:54 a.m. on January 2, the average CEO on the list had made $62,661 -- the average annual income for a Canadian worker. \The gap between CEOs and regular workers has grown significantly, the report found. The 100 top-paid CEOs earned on average 210 times more than the average worker did in 2023, while in 1998, they earned 104 times more. \The highest-paid Canadian CEO in 2023 was Patrick Dovigi of GFL Environmental Inc., whose total compensation was $68.5 million. He was followed by Joshua Kobza of Restaurant Brands International Inc. at $39.1 million, then R.M. Kruger of Suncor Energy Inc. at $36.8 million. \Salaries were generally not the main source of CEOs' total compensation, with most of it coming instead from other forms of compensation like share-based awards and option-based awards. 'Salaries make up an ever smaller proportion of their overall compensation,' said Macdonald, adding that sometimes an executive will even take a salary of just a dollar -- including Tobi Lutke of Shopify and Murray Edwards of Canadian Natural Resources Ltd., both on 2023's list. \The average cash bonus for these CEOs was $2 million
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