Hold on to your jaw: Here’s how much Canada’s CEOs actually make
It seems like the rich are just getting richer, which especially rings true for how much money Canada’s wealthiest CEOs make.
According to data released by Global Governance Advisors (GGA), based on management information circulars filed for the 2022 fiscal year, many of Canada’s wealthiest CEOs are making base salaries of over $1 million yearly, with millions more in bonuses.
GGA’s ranking breaks down several financial factors, including base salary, bonuses, all other compensation, total stock awards, pension value, and the value of the CEO’s equity.
We’ve based our reporting on the total reported compensation.
| Name (Top 10 richest CEOs) | Company | Total Reported Compensation in 2022 |
| Seetarama Kotagiri | Magna International Inc. | $36,410,563 |
| Tony Staffieri (1) | Rogers Communications Inc. | $31,515,047 |
| Tobias Lütke | Shopify Inc. | $26,034,713 |
| José Cil | Restaurant Brands International Inc. | $22,196,166 |
| Mark Barrenechea | Open Text Corporation | $20,105,848 |
| Darren Entwistle | TELUS Corporation | $17,486,325 |
| Mark Bristow | Barrick Gold Corporation | $17,391,595 |
| Brad Corson | Imperial Oil Limited | $17,341,523 |
| Al Monaco | Enbridge Inc. | $17,234,129 |
| Roy Gori | Manulife Financial Corporation | $17,078,534 |
The data found that Seetarama Kotagiri of Magna International, a Canadian automaker manufacturer, is Canada’s wealthiest CEO, with a total reported compensation of $36,410,563.
Although Kotagiri’s base salary for 2022 was $423,061, he scored a whopping $4,485,746 in bonuses and total stock awards of $31,501,757.
Tony Staffieri, CEO of Rogers Communications Inc., came in second with a total reported compensation of $31,515,047.
Staffieri’s 2022 base salary was reported as $1,376,538. He made $1,826,666 in bonuses and held $16,750,008 in total stock awards.
Shopify CEO Tobias Lütke placed third on the list. It may be a surprise that his base salary is only $1, but don’t let that fool you because Lütke makes his money from his investment in the company’s stocks.
Lütke raked in $26,034,711 in total stock awards, and his total reported compensation was $26,034,713.
As for the richest woman CEO on the list, it’s Tracy Robinson of Canadian National Railway. With a total compensation of $13,730,479, she places 19th. Her base salary was $981,397.
With high grocery prices on the minds of most Canadians, you may be wondering where Loblaw CEO Galen Weston Jr. ranks.
He appears on the list twice.
First, he comes in at 53rd place with $8,423,455 reported as his total compensation from Loblaw Companies Limited and a base salary of $907,200.
According to the data, Weston’s year-end stock options in the company were valued at $32,604,590.
He then places 94th under George Weston Limited, his family’s company that owns Loblaw Companies Limited and Choice Properties, a real estate investment trust. His reported compensation from that company was $3,368,613, with a base salary of $388,800.
Weston Jr. will officially step down as Loblaw’s CEO in 2024.
As for the average Canadian, most are just trying to make ends meet.
Over half (52%) of Canadians say they’re $200 or less away from being unable to pay their bills, according to the latest MNP Consumer Debt Index.
What are your thoughts on Canada’s wealthiest CEOs?
Check out GGA’s full spreadsheet on CEO pay in Canada below.
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