Average Canadian CEO getting $8.38M

Jan. 3, 2012 at 10:03 AM
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TORONTO, Jan. 3 (UPI) -- Average compensation for Canadian chief executive officers rose 27 percent to $8.38 million in 2010, the Canadian Center for Policy Alternatives said Tuesday.

The left-leaning think tank said its "CEO Elite Top 100" list showed the lowest level of compensation was $3.9 million while the highest was $68.8 million.

There was only one woman in the top 100, the center said.

In contrast, Canadians who worked full-time for the full-year for an average weekly wage earned $44,366 in 2010, the release said. Full-time minimum wage workers earned an average $19,798 that year.

"By noon Jan. 3, the Elite 100 already have what it takes the average Canadian the rest of the year, working full-time, to earn," the think-tank said.

Among the top 100 CEOs, their average compensation is 189 times more than Canadians earning the average wage.

The center compiled its findings from distributed circulars on publicly traded companies.

The top three on the list were all from the automotive conglomerate Magna International Inc., which reported on base salary, bonuses, shares and options.

Founder Frank Magna was paid $68.8 million in 2010, followed by co-CEOs Donald Walker with $16.6 million and Siegfried Wolf with $16.5 million. Wolf resigned in November 2010.

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