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3mo ago

Canada's CEO-to-worker pay gap narrows slightly in 2023, report shows

Top CEOs earned 210 times more than the average worker last year, down from 240 times in 2022, as wages rose and corporate profits dipped.

Overview

  • The top 100 highest-paid CEOs in Canada earned an average of $13.2 million in 2023, with most compensation coming from bonuses and share-based awards rather than salaries.
  • The CEO-to-worker pay ratio decreased from 240:1 in 2022 to 210:1 in 2023, attributed to rising worker wages and a 3% decline in after-tax corporate profits.
  • Patrick Dovigi, CEO of GFL Environmental Inc., was the highest-paid CEO in 2023 with $68.5 million in total compensation.
  • Policy changes, such as caps on stock option tax deductions introduced in 2021, have reduced the use of stock options as a form of CEO compensation.
  • The report highlights long-term trends of growing inequality, with the CEO-to-worker pay ratio doubling since 1998, while also recommending measures like a wealth tax to address disparities.