Canada's top CEOs make average year's salary in 3 hours

Toronto
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With another year just beginning, a new study released says that Canada's top Chief Executive Officers will earn the annual salary of an average worker by noon. The average national salary is more than $44,000 per year.
Do you wish you made your entire salary for the year at noon today? Well, many top executives in Canada will, and much more by the end of the year.


According to a recently published study by the Canadian Centre for Policy Alternatives, many of the country?s top CEOs will make $44,366, the average salary of a worker in this country, in just three hours.


In 2010, the top 100 highest paid CEOs, whose corporations are listed on the S&P/TSX composite index, earned roughly $8.38 million, which is up 27 percent from 2009. That?s nearly 200 times higher than the average Canadian salary for full-time employees.


Meanwhile, the average worker?s income has remained stagnant. When looking at the numbers that are adjusted for inflation, the report suggests that wages were actually on the decline in 2010 compared to other years.


?The average of Canada?s CEO elite 100 make 189 times more than Canadians earning the average wage,? said Economist Hugh Mackenzie, the author of the report, in a statement. ?If you think that?s normal, it?s not. In 1998, the highest paid 100 Canadian CEOs earned 105 times more than the average wage, itself likely more than double the figure for a decade earlier.?


?The gap between Canada?s CEO Elite 100 and the rest of us is growing at a fast and steady pace, to date impervious to a tumultuous global economic reality with no signs of abating,? added the economist.


Monday?s report shows that the highest earning Canadian CEO is Frank Stronach of Magna International Inc., who earned a whopping $61.8 million. This is followed by Magna International?s Donald Walker, who made a little less than $17 million, and Magna?s Siegfried Wolf, who garnered $16.5 million.


Note, though, that the annual earnings for CEOs are not just for their salaries, but rather a factor of bonuses, shares, options and pensions. For example, Stronach?s base salary is $205,988, but he received a bonus of nearly $42 million and stock options.


The top 10 can be found below:


1) Frank Stronach ? Magna International Inc. ? $61,811,287

2) Donald Walker ? Magna International Inc. ? $16,678,837

3) Siegfried Wolf ? Magna International Inc. ? $16,527,936

4) Edward Sampson ? Niko Resources Ltd. ? $16,474,616

5) Martin Konig ? Eurpoean Goldfields ? $14,827,160

6) Richard Waugh ? Bank of Nova Scotia ? $13,750,529

7) Steve Laut ? Canadian Natural Resources Ltd. ? $13,136,288

8) S. DeFalco ? Nordion ? $13,112,817

9) Gordon Nixon ? Royal Bank of Canada ? $11,851,885

10) Jonathan Henry ? Gabriel Resources ? $11,695,706

Source: http://digitaljournal.com/article/317192

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