Advertisement

Widening pay gap between workers and top execs extends to Canada

Canadian Pacific chief executive Hunter Harrison earned nearly $50 million in 2013. Canadian Press

A new analysis from the Associated Press published Tuesday shows the gargantuan compensation American chief executives are awarded – up another nine per cent in 2013, it said.

The average U.S. worker meanwhile saw their wage crawl higher by a meagre 1.3 per cent.

The chasm between working wages and executive pay in America now sits at 257 times, meaning the head of a Fortune 500 firm was paid the average U.S. worker’s salary 257 times over last year. That figure has risen from 187 times in 2009.

READ MORE: 5 reasons why CEO pay is rising, and 5 more why workers’ pay isn’t

In Canada, the story is similar, according to separate report from the left-leaning Canadian Centre for Policy Alternatives published in January.

While the average chief exec pay in the United States crossed the US$10 million mark last year, in Canada the average pay among the top 100 corporate leaders was just under $8 million.

Story continues below advertisement

The Canadian group on average earned 187 times the average annual income of a full-time employee of $46,634, according to the CCPA report.

“To put that in context, the average wage in Canada increased by 6 per cent between 1998 and 2012 while the average compensation of Canada’s highest paid 100 CEOs increased by 73 per cent during the same period (inflation adjusted),” the report said.

Here’s Canada’s 10 highest-paid corporate executives, according to CCPA – and how they stack up to the top 10 highest-paid execs south of the border:

1. E. Hunter Harrison, Canadian Pacific Railway Ltd. $49.2 million

2. James C. Smith, Thomson Reuters Corp. $18.8 million

3. John A. Manzoni, Talisman Energy Inc $18.6 million

4. Paul N. Wright, Eldorado Gold Corp $18.6 million

5. Donald J. Walker, Magna International Inc. $16.8 million

6. Mark Barrenechea, OpenText Corp. $14.8 million

7. Gordon M. Nixon, Royal Bank of Canada $13.7 million

8. Gerald W. Schwartz, Onex Corp $13.2 million

9. Mark Thierer, Catamaran Corp. $12.8 million

Story continues below advertisement

10. Al Monaco, Enbridge Inc. $12.1 million

Here are the 10 highest-paid U.S. CEOs of 2013, as calculated by The Associated Press and Equilar, an executive pay research firm:

1. Anthony Petrello, Nabors Industries, $68.2 million

2. Leslie Moonves, CBS, $65.6 million

3. Richard Adkerson, Freeport-McMoRan Copper & Gold, $55.3 million

4. Stephen Kaufer, TripAdvisor, $39 million

5. Philippe Dauman, Viacom, $37.2 million

6. Leonard Schleifer, Regeneron Pharmaceuticals, $36.3 million

7. Robert Iger, Walt Disney, $34.3 million

8. David Zaslav, Discovery Communications, $33.3 million

9. Jeffrey Bewkes, Time Warner, $32.5 million

10. Brian Roberts, Comcast, $31.4 million

What the Canadian wage gap looks like, courtesy of CCPA:

Sponsored content