CEO's in Canada saw their pay raises go up by 39%! Not in base salary but in their shareholdings that they get as bonuses. And they get bonuses cause why? Well cause they are CEO's. Not because they produced anything. As the Globe and Mail reports.
In Canada over the last year average workers salaries increased by 3.1 % And despite the long boom for capitalism, that wage increase is the average over the past twenty five years according to Stats. Canada. In other words workers have not seen anything trickle down, but have remained steady making no gains in from the boom.
Dennis Entwhistle of Telus did quite well thank you, seeing as he stalled any compensation to Telus workers for five years and then forced them out on strike.
He more than doubled his bonus from 2004.
Hunter Harrison did quite well considering the major environmental disasters his company; CN had with record accidents and derailments in Western Canada last year. But I guess he earned his compensation by thwarting fines for those accidents and payouts to the folks affected by his companies toxic spills.
Executive Compensation
CEO pay soared 39% in 2005; read Janet McFarland's live discussion transcript
Investors could certainly ask that question this year. A Report on Business survey of executive compensation shows that Canada's CEOs saw their pay soar an average of 39 per cent in 2005 compared with 2004 (itself a year of huge compensation increases) as stock markets and commodity prices rocketed higher. While salaries and bonuses climbed a modest 6 per cent last year, CEOs saw their stock option gains climb 47 per cent over 2004. CEOs on average earned $1.8-million each from exercising stock options — a number that climbs to $4.5-million if only those CEOs who cashed out options are included.
(The ROB review looked at 247 of the 279 companies that make up the S&P/TSX composite index. The others have not yet reported their compensation data for 2005.)
Executive Compensation Report 2005
RANK | COMPANY | CEO | TOTAL($) | DETAILS |
1 | Precision Drilling Trust | Swartout, Hank | $74,824,335 | |
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2 | Canadian National Railway Co. | Harrison, Hunter | $56,219,496 | |
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3 | Nortel Networks Corp.(1) | Zafirovski, Mike | $37,429,297 | |
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4 | Canadian Imperial Bank of Commerce | Hunkin##, John | $29,471,306 | |
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5 | Talisman Energy Inc. | Buckee, James | $23,330,301 | |
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6 | Potash Corp. of Saskatchewan | Doyle, William | $22,128,851 | |
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7 | Magna International Inc. | Walker, Donald | $19,557,890 | |
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8 | Power Corp. of Canada | Desmarais, André | $18,844,090 | |
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9 | EnCana Corp. | Morgan##, Gwyn | $18,162,456 | |
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10 | Bank of Nova Scotia | Waugh, Richard | $17,180,536 | |
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11 | Cameco Corp. | Grandey, Gerald | $16,567,579 | |
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12 | Peyto Energy Trust | Gray, Donald | $15,512,035 | |
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13 | TELUS Corp. | Entwistle, Darren | $14,096,690 | |
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14 | Power Corp. of Canada | Desmarais Jr., Paul | $13,881,209 | |
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15 | George Weston Ltd.(2) | Weston, Galen | $13,443,682 | |
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16 | Sherritt International Corp. | Delaney, Ian | $13,254,590 | |
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17 | Alimentation Couche-Tard Inc. | Bouchard, Alain | $12,048,833 | |
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18 | Alcan Inc. | Engen##, Travis | $11,850,529 | |
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19 | MDS Inc. | Rogers##, John | $11,730,988 | |
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20 | Imperial Oil Ltd. | Hearn, Tim | $11,497,563 | |
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21 | Canadian Tire Corp. | Sales##, Wayne | $11,259,253 | |
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22 | Ivanhoe Mines Ltd. | Friedland, Robert | $10,875,000 | |
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23 | Inco Ltd. | Hand, Scott | $10,715,736 | |
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24 | Onex Corp. | Schwartz, Gerald | $10,576,533 | |
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25 | Paramount Resources Ltd.(3) | Riddell, Clayton | $9,981,976 | |
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