Live news: Canada's highest-paid CEOs break records, earn average $14.9 million in 2022
Canada’s 100 highest-paid chief executives broke records with their compensation in 2022, according to the Canadian Centre for Policy Alternatives.
“The data this year is breaking new all-time highs,” said senior economist David Macdonald.
The organization’s annual report found that the CEOs, most of them men, were paid an average of $14.9 million, up from an average of $14.3 million in 2021.
That’s $7,162 an hour, 246 times more than what the average Canadian worker makes. Before the second day of the new year is over, the average CEO has already made the average worker’s yearly salary, the report said.
That gap widened in 2022, as the average worker saw their pay rise three per cent while CEOs’ pay rose on average by 4.4 per cent. Meanwhile, prices rose by 6.8 per cent that year, the report said.
“This is very much related to what’s happening to corporate profits in 2022, similar to what happened in 2021,” said Macdonald. “It is a similar story of inflation driving profits, profits driving bonuses, and CEOs reaping the rewards.”
Read the full story here, and find out which CEOs made the most money.
The first trading day of the new year brought 2023’s scorching rally to a halt after a more than US$8 trillion surge in the S&P 500 last year.
Stocks and United States Treasuries dropped as traders trimmed their bets on interest-rate cuts and speculated that the recent rally has been overdone.
The Nasdaq composite slid 1.6 per cent in the tech-heavy benchmark’s biggest drop in about a month. Apple Inc. fell after an analyst at Barclays PLC warned that iPhone demand is cooling. Tesla Inc. reversed a premarket climb after leaving out closely watched Cybertruck delivery details from its quarterly production results. The
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