The CEO pay trends of 2021 are likely to have continued into 2022 as they were driven by historically high profits and historically high inflation
Canada’s 100 highest-paid CEOs made an average of $14.3 million in 2021, smashing the previous record of $11.8 million set in 2018, according to the Canadian Centre for Policy Alternatives .
“The last two years really exemplify everything that's wrong with CEO pay,” said Macdonald, calling it a “pay-for-luck scheme.” “In 2020, you have half of the CEOs on the list receiving government support, and/or changing their bonus formulas to exclude the negative impact of the pandemic on their pay,” he said. “And then the following year is record inflation, which drives record profits, which drives record CEO compensation.”, said Macdonald, which of course continued over the past year despite the Bank of Canada’s efforts to quell inflation with — again, historic — interest rate hikes.
The report offers four policy proposals for governments, with one being the introduction of a wealth tax and another being the implementation of higher top marginal tax brackets.
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