The average compensation for Canada's top 100 CEOs reached $13.2 million in 2023, marking the third-highest amount since records began. Despite a decline from record-breaking years in 2021 and 2022, CEO pay remains significantly higher than average worker income, highlighting a growing gap.
Canada ’s 100 highest-paid CEOs earned on average $13.2 million in 2023, according to the Canadian Centre for Policy Alternatives, with Dovigi topping the list. It was the third biggest year for CEO pay since the CCPA began tracking the data in 2007, but a decline after 2021 and 2022 broke records. “It’s still well up from where it has stood historically,” said David Macdonald, report author and senior economist at the CCPA.
Factors leading to the decline included lower profits in 2023 and workers making wage gains after the most recent bout of inflation, he said. The CCPA calculates that by 10:54 a.m. on Jan. 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
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