A new study by CCPA Research Associate Hugh Mackenzie shows Canada's best paid 100 CEOs appear to be recession-proof, earning 155 times more than the average Canadian.
The study looks at 2009 compensation levels for Canada’s best paid 100 CEOs and finds they pocketed an average of $6.6 million during the darkest period of the recession – a stark contrast from the total average Canadian income of $42,988.
At that rate, this handful of elite CEOs pocket the equivalent of the average Canadian wage by 2:30 pm on January 3 – the first working day of the year.
"Canadians may still be feeling the pain from a worldwide economic meltdown caused by reckless financial speculation but Canada's business elite has preserved its privileged position," writes author Hugh Mackenzie.
The biggest pay package went to Aaron Regent at Barrick Gold Corp., who made $24.2 million in 2009, according to Mackenzie. In second place was Hunter Harrison at Canadian National Railway Co., at $17.3 million, followed by Gerald Schwartz at Onex Corp., at $16.7 million.