A study on executive compensation by the Canadian Centre for Policy Alternatives says the 100 highest paid CEOS working at companies listed on the Toronto Stock Exchange in 2015 earned the average annual Canadian wage before noon on Jan. 3, the first working day of that year.
“Total compensation for Canada’s 100 highest paid CEOs in 2015 hit a historic high, registering at $9.5 million—193 times the average industrial wage in Canada,” Hugh Mackenzie, the study’s author writes, noting that the average earnings rate for Canadians in that year was $49,510.
In addition, the average earnings of Canada’s corporate top 100 jumped by 178% between 1998 and 2015, the economist pointed out, or from $3.39 million per year in 1998 to $9.47 million in 2015. “Public outrage over the CEO pay gap hasn’t curbed corporate boards’ enthusiasm for lining the bank accounts of their executives,” Mackenzie writes.
“‘Say on pay’ votes were supposed to deliver cautionary messages about pay, but those votes are simply advisory and boards are free to ignore them, and usually do.” Of the 100 CEOs whose total 2015 compensation was published in the report, 17 came from the mining sector, and of those, ten were among the list’s top fifty.
Charles Magro of Agrium (TSX: AGU; NYSE: AGU) ranked 21 on the list; Robert A. Gannitcott*, (former CEO) of Dominion Diamond Corp. (TSX: DDC; NYSE: DDC) ranked 22; Donald Lindsay of Teck Resources (TSX: TCK.A, TCK.B; NYSE: TCK) ranked 23; Charles Jeannes** of Goldcorp (TSX: G; NYSE: GG) ranked 27; Sean Boyd of Agnico Eagle Mines (TSX: AEM; NYSE: AEM) ranked 38; and Paul Wright of Eldorado Gold Corp. (TSX: ELD; NYSE: EGO) ranked 50.
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