2022 saw Canadian CEOs earn record-high salaries, starkly contrasting with average worker incomes. (The Globe and Mail)
Canada's top-earning CEOs span various sectors such as telecommunications, fast food, automotive, and technology. The Canadian Centre for Policy Alternatives (CCPA) released a report for 2022, indicating record-high earnings for these CEOs, averaging $14.9 million. This figure notably towers over the average annual income of the average Canadian worker by 246 times.
The list of the ten highest-paid Canadian CEOs in 2022 reveals remarkable compensations:
1. J. Patrick Doyle, the executive chairman of Restaurant Brands International, secured the top spot, raking in a staggering $151,812,911 in total compensation for the year. Doyle's earnings encompassed substantial share-based awards, surpassing $100 million.
Under the umbrella of Restaurant Brands, José Cil, the former CEO, seized the tenth position, amassing $22,188,911 in total compensation. In March 2023, Joshua Kobza succeeded Cil as CEO.
2. Matthew Proud, the global CEO and director of corporate software firm Dye and Durham, accumulated total compensation amounting to $98,864,268.
3. Seetarama S. Kotagiri, the CEO of Magna International Inc., secured a total compensation package of $36,398,662.
4. Tony Staffieri, president, and CEO of Rogers Communications Inc., received a total compensation of $31,515,047.
5. Mark J. Barrenechea, holding the positions of vice-chair, CEO, and CTO at IT firm OpenText Corporation, earned a total compensation of $30,252,989.
6. Tobias Lütke, serving as CEO of Shopify Inc., received a total compensation package valued at $26,026,203.
7. Gary Berman, the president, and CEO of real estate company Tricon Residential Inc., earned a total compensation of $25,781,356.
8. Joseph C. Papa, the former CEO of Bausch Health Companies Inc., secured a total compensation of $25,742,006.
9. Irwin Simon, acting as president, CEO, and chairman of the board at cannabis company Tilray Brands Inc., garnered a total compensation of $25,319,091.
10. José Cil, the CEO of Restaurant Brands International Inc., ranked tenth with a total compensation of $22,188,911.
These figures spotlight the considerable income disparities between top CEOs and the average Canadian worker, emphasizing the immense earnings and rewards within Canada's corporate landscape.
