Canada’s 100 highest paid chief executive officers (CEOs) made an average of $14.3 million in 2021, beating the previous record of $11.8 million set in 2018, according to data from the Canadian Centre for Policy Alternatives (CCPA).
The CCPA said that the 100 highest paid CEOS made 243 times the average Canadian worker’s salary in 2021, beating the previous 2018 record of 227 times.
Most of the money made by the CEOs was not from their salary but from variable compensation that includes bonuses and stock option awards.
Variable compensation is intended to be tied to a company’s performance, but the pandemic showed that’s less and less the case in Canada.
Increasingly when companies struggle, which was the case in 2020, companies adjust their compensation rules to ensure that executive pay doesn’t decline much, according to the CCPA.
The highest-paid CEO in Canada during 2021 was Nuvei (NVEI) head Philip Fayer, who made almost $141 million. Nuvei’s stock declined 58% in the last year.
The number-two spot on the list was held by GFL Environmental (GFL) CEO Patrick Dovigi, who made more than $43 million in 2021. GFL’s stock fell 23% in the past 12 months.
The lowest-paid CEO on the list was Cameco’s (CCO) Tim Gitzel, who made $6.7 million. Cameco’s stock rose 2% in the last year.
The pay trends of CEOs likely continued in 2022, said the CCPA in a news release.