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Top CEOs earn average worker's annual salary by lunchtime on Jan. 2


Heretic

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Well...this is not really shocking - a bit depressing - but not shocking.

TORONTO - By the time you finish lunch on Thursday, Canada's top paid CEOs will have already earned the equivalent of your annual salary.

It may be hard to swallow, but according to an annual review by the Canadian Centre for Policy Alternatives, by 1:11 p.m. on Jan. 2, the average top paid Canadian CEO will have been earned as much as the average full-time worker's yearly income.

The review found the average compensation among Canada's top 100 CEOs was $7.96 million in 2012. This compared with the average annual Canadian worker's salary of $46,634.

The centre says CEO pay for Canadian public companies listed on the Toronto Stock Exchange has ballooned by 73 per cent between 1998 and 2012, the latest figures available.

In contrast, the average Canadian full-time worker's annual salary has only grown by six per cent during this period.

This amounts to the country's top 100 highest-paid CEOs making 171 times the earnings of an average Canadian wage — a jump from 105 times in 1998.

Meanwhile, minimum wage workers employed for 40 hours a week earned an average of $20,989 a year in 2012.

"Compensation packages paid to chief executive officers have come under intense scrutiny and pressure from shareholders, the media, and the general public. There is no clear relationship between CEO compensation and any measure of corporate performance," said the report's author Hugh Mackenzie in a statement.

"But despite the scrutiny, the pay of CEOs in Canada and elsewhere has proven to be remarkably resilient."

The review found the top-earning executive in Canada was the head of the Canadian Pacific Railway (TSX:CP), Hunter Harrison, who was paid $49.1 million in salary, stock options and bonuses in 2012.

Harrison, who retired as chief executive at Canadian National Railway Co. (TSX:CN) in 2009, saw his pay packet boosted some $44.5 million to make up for pension and other payments that CN refused to make when he took the top job at the rival railway.

The second-highest paid CEO was James Smith of Thomson Reuters Corp. (TSX:TRI), who took home $18.8 million, followed by former Talisman Energy Inc.(TSX:TLM) chief executive John Manzoni who pocketed $18.67 million in 2012.

The lowest-paid CEO on the top 100 list was Lino A. Saputo, of Montreal-based dairy Saputo Inc. (TSX:SAP), who earned $3.85 million.

The review also pointed out that three women made it onto the list in 2012 — Linda Hasenfratz, CEO of Linamar Corp. (TSX:LNR), Dawn Farrell, CEO of TransAlta Corp. (TSX:TA), and Nancy Southern, CEO of ATCO Ltd. (TSX:ACO.X).

In 2011, only one female executive was in the top 100 ranking.

Read more: http://www.vancouversun.com/business/CEOs+earn+average+worker+annual+salary+lunchtime/9340498/story.html#ixzz2pFxpQalx

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Many times those creating the wealth aren't the ones profiting off it and a crew working hard to make a successful company doesn't benefit like they should. Working hard is supposed to be what you do on the job....how you're compensated shouldn't be so far out of line.

Many who earn those fat paycheques also shortchange those beneath them in order to make their piece of the pie a little bigger. So I don't commend them too much, unless they're of the rare breed who make their workplace an excellent, profitable one for all, not just their piggy bank.

$50 million + after pensions? Come on, that's a little excessive no matter how many hours you log. And the conductors on the line can make as low as $48,000. Managers average about $84,000. I'm sure they also work hard, so the discrepancy is pretty significant. I just don't see anyone pulling in these astronomical salaries...boogles the mind.

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They probably worked their arses off to get to where they are today. Good for them.

Success isn't based on how much money you make.

Even though I agree with this, it's not fair some people are so wealthy while others barely get by. Should be a far less ratio of rich and poor / a balance.

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They probably worked their arses off to get to where they are today. Good for them.

Success isn't based on how much money you make.

and some people spend their entire lives working just as hard, if not harder, and can barely afford rent

imagine that

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For the most part, people aren't paid based on how hard they have to work in their job. They are paid based on their skills and value to the company. It's all based on supply and demand. Perhaps their salary is excessive, but the point is that a corporation requires the CEO have to have experience, intelligence, knowledge, and connections that the average person doesn't have.

For example, an NHL player has an easier and more fun job than the average McDonald's worker. However NHL players are paid millions because they have exceptional talent acquired through genetics, years of correctly applied training, and luck/opportunity/rich parents. McDonald's worker are paid minimum wage because almost anyone can do the job.

Not taking a side, it's just reality.

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They probably worked their arses off to get to where they are today. Good for them.

Success isn't based on how much money you make.

To me, these are two somewhat contradictory statements. On one hand you are praising their income level as deserving, on the other hand you are saying money does not equate success.

It's like saying:

"The Hawks worked their asses off to win the Cup. Good for them.

Winning isn't everything."

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For the most part, people aren't paid based on how hard they have to work in their job. They are paid based on their skills and value to the company. It's all based on supply and demand. Perhaps their salary is excessive, but the point is that a corporation requires the CEO have to have experience, intelligence, knowledge, and connections that the average person doesn't have.

For example, an NHL player has an easier and more fun job than the average McDonald's worker. However NHL players are paid millions because they have exceptional talent acquired through genetics, years of correctly applied training, and luck/opportunity/rich parents. McDonald's worker are paid minimum wage because almost anyone can do the job.

Not taking a side, it's just reality.

Sad reality. Connections is a huge piece of the puzzle.

http://business.financialpost.com/2013/09/16/mike-harris-to-join-fasken-martineau/

This guy never even finished university.

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I get so friggin' tired of people complaining.... Yeah, CEO make crap loads more than the Mail room guy... that's the way it goes.

Get over it.

I make at least triple that of the entry level position at my company.... why? Because I have FAR more responsibility. That's why.

god, i know. what is with these whiners? wealth disparity exists, guys!!! Get over it!!!

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If most of us weren't so content with putting in the average amount of effort then there would be more of us with more money. 40-50hours of work a week is average, going to college for 4-5years getting a diploma and then becoming a number in some corporation is average. If you want large scale success you need large scale effort.

Quit complaining that it isn't fair. Life isn't fair. If you don't have what you want or what you need it's your fault for not doing what you had to in order to get it. I know a kid who is 20 years old and made 120K this year and is projected to bring in 1.5M in 2014. This kid is amazing and I look up to him. He works hard, has different sources of income and is making a name for himself as well as giving him security for life.

Most of the working world has talked themselves out of success. Telling themselves that just having enough to get by, doing your 45 hours a week at work and finding a job with a mediocre pension is enough.BORING! no one ever got rich off of 45 hours a week. No one retired at 50 by just "doing enough to get by".

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Quit complaining that it isn't fair. Life isn't fair. If you don't have what you want or what you need it's your fault for not doing what you had to in order to get it.

lmfao

bro, some people have real world experience with real world problems that far exceed your car lot pep talks

go snort a rail off the hood of a honda and stop telling poor people that they are the victims of their own lack of ambition

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Quit complaining that it isn't fair. Life isn't fair. If you don't have what you want or what you need it's your fault for not doing what you had to in order to get it. I know a kid who is 20 years old and made 120K this year and is projected to bring in 1.5M in 2014. This kid is amazing and I look up to him. He works hard, has different sources of income and is making a name for himself as well as giving him security for life.

Most of the working world has talked themselves out of success. Telling themselves that just having enough to get by, doing your 45 hours a week at work and finding a job with a mediocre pension is enough.BORING! no one ever got rich off of 45 hours a week. No one retired at 50 by just "doing enough to get by".

Don't think CEO's work 45 hours a week. From what I have seen, they work a lot less and have far more vacation time than the rest of us. Fair enough though, they probably did nothing but work all their lives to be in this position.

Who is this 20 year old kid you are talking about. Give us a link please?

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lmfao

bro, some people have real world experience with real world problems that far exceed your car lot pep talks

go snort a rail off the hood of a honda and stop telling poor people that they are the victims of their own lack of ambition

I've had my own share of problems, more than I care to discuss on here. These viewpoints of mine don't come from my work either so you can put that to bed. I have a sincere belief in hard work and dedication. Why? Because it pays off.

You are for the most part a big bundle of negativity on this site so it's no surprise that you disagree with me. However I would put everything I have on a bet that you live a mediocre life, that you have a cynical view of the world and you likely put blame on others all the time.

I went from living off government assistance to where I am now and it wasn't due to average amounts of effort.

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Sad reality. Connections is a huge piece of the puzzle.

http://business.financialpost.com/2013/09/16/mike-

harris-to-join-fasken-martineau/

This guy never even finished university.

He could have still have a lot of knowledge though, gained through practical experience rather than a degree.

Still, connections do make it easier to get a job, even on the entry level. So many people get jobs without applying only because they have friends/family hooking them up. And that's why people are always going on and on about "networking". Can't get a job/promotion if people don't know you exist.

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I have a sincere belief in hard work and dedication. Why? Because it pays off.

sometimes it does, and sometimes it doesn't. usually it doesn't. upward mobility is a total fantasy for most people, and most people are restricted to the conditions they are born into. if you think this is because of lack of ambition or laziness, you are totally shortsighted. your personal story, however tragic or triumphant it is, is not necessarily a proper representation of how the average person lives

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I'm so sick of all you bleeding heart commie red lovers. Ever heard of the trickle down effect?? :picard:

Why do you commies always complain about those who work hard and have a better life due to their hard work? The jealousy is astounding.

Just remember that if not for this system you'd all be governed by Castro and would be speaking Cuban.

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