The average top paid CEO in Canada will have already made the average worker’s annual salary before 11 a.m.
The Canadian Centre for Policy Alternatives looks at the 100 highest-paid chief executive officers at publicly listed companies for 2016.
The policy think-tank says those CEOs took home a record $10.4-million — over 200% an average Canadian’s salary of just under $50,000.
The report found on average base pay made up just 11% of a CEOs compensation.
Most of it came from share grants (33%), bonuses (26%) and stock options (15%).
”They are now making your average pay prior to your second cup of coffee,” said author David Macdonald.
”In a couple of years — five years maybe — CEOs will make your pay before breakfast.”
Valeant Pharmaceuticals CEO Joseph Papa earned over $83-million last year to top the list.
Macdonald says the federal government could help narrow the inequality gap by taxing top earners at a higher rate.
He’d also like to see the government close loopholes such as the stock option deduction, where profits from stock options are taxed at a lower rate compared to regular income.