This is a ranking of compensation in fiscal 2021 for the chief executive officers from the 100 largest public companies (by market capitalization) in Canada’s benchmark S&P/TSX composite index as of Dec. 31, 2021.
CEOs at Canada’s largest companies saw 23-per-cent pay increase in 2021
Prepared by Global Governance Advisors, the information comes from management information circulars filed for fiscal year 2021.
Editor’s note: An earlier version of this table incorrectly said the value of Unexercised In-the-Money Options for Gerald Schwartz of Onex Corp. was $207,113,925. It is $165,228,500.
CEO Compensation
Rank | Name | Organization Name | Industry | Ticker | Base Salary | Bonus | Sub-Total | % Change | All Other Compensation | Share-Based Awards | Option-Based Awards | Total Stock Awards | Pension Value | Total Reported Compensation | % Change | Unexercised In-the-Money Options | Unvested Share-Based Awards | Value of CEO's Equity | Accrued CEO Pension Obligation |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 | Philip Fayer | Nuvei Corp. | Information Technology | NVEI-T | $818,785 | $1,566,875 | $2,385,660 | 87% | $6,456 | $58,287,750 | $80,098,650 | $138,386,400 | $0 | $140,778,515 | 3119% | $11,109,987 | $0 | $2,284,300,896 | $0 |
2 | Patrick Dovigi | GFL Environmental Inc. | Industrials | GFL-T | $1,973,298 | $6,023,159 | $7,996,457 | 7% | $3,925,898 | $0 | $31,518,243 | $31,518,243 | $0 | $43,440,598 | 16% | $150,511,206 | $0 | $578,901,642 | $0 |
3 | Joseph Papa | Bausch Health Companies Inc. | Health Care | BHC-T | $2,005,600 | $3,068,568 | $5,074,168 | 3% | $37,577 | $20,759,345 | $2,820,443 | $23,579,788 | $0 | $28,691,533 | 52% | $0 | $14,435,147 | $46,315,142 | $0 |
4 | Joe Natale # | Rogers Communications Inc. | Communication Services | RCI-B-T | $1,206,980 | $1,206,980 | $2,413,960 | * | $14,271,605 | $4,250,011 | $4,250,043 | $8,500,054 | $2,194,700 | $27,380,319 | * | $739,967 | $11,878,122 | $530,891 | $7,584,900 |
5 | Keith Creel | Canadian Pacific Railway Ltd. | Industrials | CP-T | $1,496,068 | $2,337,606 | $3,833,674 | -24% | $237,237 | $7,138,547 | $14,910,982 | $22,049,529 | $608,541 | $26,728,981 | 59% | $122,780,918 | $16,637,469 | $42,131,798 | $3,661,737 |
6 | Mark Barrenechea | Open Text Corp. | Information Technology | OTEX-T | $1,116,398 | $2,084,759 | $3,201,157 | -3% | $39,893 | $11,270,264 | $11,765,342 | $23,035,606 | $0 | $26,276,655 | 101% | $0 | $14,908,247 | $78,313,454 | $0 |
7 | Tobias Lütke | Shopify Inc. | Information Technology | SHOP-T | $1 | $0 | $1 | -100% | $0 | $0 | $25,070,573 | $25,070,573 | $0 | $25,070,574 | 24% | $59,197,579 | $0 | $13,754,303,582 | $0 |
8 | Darren Entwistle | Telus Corp. | Communication Services | T-T | $1,543,750 | $1,111,500 | $2,655,250 | 41% | $140,133 | $13,111,500 | $0 | $13,111,500 | $3,916,000 | $19,822,883 | 24% | $0 | $26,022,161 | $37,705,769 | $0 |
9 | Charles Brindamour | Intact Financial Corp. | Financials | IFC-T | $1,284,100 | $2,180,344 | $3,464,444 | -5% | $0 | $7,800,000 | $7,800,000 | $15,600,000 | $642,660 | $19,707,104 | 95% | $1,118,640 | $25,530,973 | $54,610,788 | $16,444,774 |
10 | Al Monaco | Enbridge Inc. | Energy | ENB-T | $1,648,679 | $4,624,711 | $6,273,390 | 32% | $68,283 | $8,902,468 | $2,219,827 | $11,122,295 | $1,576,000 | $19,039,968 | 12% | $11,920,831 | $20,294,894 | $65,508,350 | $28,798,000 |
11 | Jay Hennick | Colliers International Group Inc. | Real Estate | CIGI-T | $1,628,116 | $16,767,312 | $18,395,428 | 2013% | $0 | $0 | $0 | $0 | $0 | $18,395,428 | 2013% | $0 | $0 | $1,117,293,648 | $0 |
12 | Mark Bristow | Barrick Gold Corp. | Materials | ABX-T | $2,256,300 | $5,821,254 | $8,077,554 | -16% | $193,309 | $8,664,192 | $0 | $8,664,192 | $1,211,633 | $18,146,688 | -25% | $0 | $19,313,694 | $140,240,095 | $2,715,512 |
13 | José Cil | Restaurant Brands International Inc. | Consumer Discretionary | QSR-T | $1,153,943 | $2,835,585 | $3,989,528 | 33% | $20,572 | $13,499,775 | $0 | $13,499,775 | $0 | $17,509,876 | -35% | $0 | $78,567,496 | $92,097,909 | $0 |
14 | Roy Gori | Manulife Financial Corp. | Financials | MFC-T | $1,518,805 | $5,836,575 | $7,355,380 | 42% | $134,644 | $8,622,705 | $0 | $8,622,705 | $747,457 | $16,860,186 | 15% | $4,279,247 | $21,300,485 | $15,092,904 | $4,863,500 |
15 | David McKay | Royal Bank of Canada | Financials | RY-T | $1,500,000 | $4,095,000 | $5,595,000 | 93% | $44,877 | $7,920,000 | $1,980,000 | $9,900,000 | $1,132,000 | $16,671,877 | 24% | $39,156,435 | $29,202,094 | $37,127,624 | $20,092,000 |
16 | Alain Bédard | TFI International Inc. | Industrials | TFII-T | $1,754,900 | $5,264,700 | $7,019,600 | 15% | $3,493,660 | $4,453,400 | $0 | $4,453,400 | $1,050,001 | $16,016,660 | 26% | $132,128,320 | $37,221,094 | $621,763,801 | $18,049,000 |
17 | Sean Boyd # | Agnico Eagle Mines Ltd. | Materials | AEM-T | $1,850,078 | $4,000,169 | $5,850,247 | 5% | $22,024 | $9,147,888 | $0 | $9,147,888 | $673,239 | $15,693,398 | 11% | $0 | $13,438,636 | $12,649,794 | $21,795,922 |
18 | Darryl White | Bank of Montreal | Financials | BMO-T | $1,000,000 | $3,382,500 | $4,382,500 | 29% | $256,873 | $6,426,750 | $1,875,750 | $8,302,500 | $1,933,864 | $14,875,737 | 34% | $17,461,055 | $20,661,822 | $12,558,457 | $7,056,385 |
19 | Steve Hasker (1) | Thomson Reuters Corp. | Industrials | TRI-T | $1,495,478 | $4,994,897 | $6,490,375 | * | $229,976 | $6,067,656 | $2,022,557 | $8,090,213 | $0 | $14,810,564 | * | $18,328,604 | $18,014,082 | $0 | $450,326 |
20 | Glenn Chamandy | Gildan Activewear Inc. | Consumer Discretionary | GIL-T | $1,557,233 | $4,671,698 | $6,228,931 | 60% | $143,769 | $8,095,900 | $0 | $8,095,900 | $77,469 | $14,546,069 | -35% | $37,276,203 | $32,120,895 | $181,298,038 | $2,679,888 |
21 | Michael Dilger # | Pembina Pipeline Corp. | Energy | PPL-T | $1,068,182 | $1,472,880 | $2,541,062 | * | $6,461,285 | $3,654,000 | $1,566,000 | $5,220,000 | $123,020 | $14,345,367 | * | $2,394,516 | $6,698,820 | * | $4,812,419 |
22 | Alexander Pourbaix | Cenovus Energy Inc. | Energy | CVE-T | $1,225,000 | $2,900,000 | $4,125,000 | 82% | $110,710 | $5,499,987 | $4,124,998 | $9,624,985 | $133,200 | $13,993,895 | 47% | $25,053,577 | $18,745,775 | $13,531,831 | $529,145 |
23 | Seetarama Kotagiri (1) | Magna International Inc. | Consumer Discretionary | MG-T | $407,388 | $4,192,958 | $4,600,345 | * | $0 | $5,415,120 | $3,610,080 | $9,025,200 | $0 | $13,625,545 | * | $15,782,819 | $12,483,607 | $17,035,174 | $0 |
24 | Jean-Jacques Ruest # | Canadian National Railway Co | Industrials | CNR-T | $1,090,545 | $2,323,649 | $3,414,194 | 135% | $27,724 | $6,159,399 | $2,941,900 | $9,101,299 | $1,005,000 | $13,548,217 | 25% | $42,329,216 | $22,421,145 | $94,911,609 | $14,274,000 |
25 | Jeffrey Orr | Power Corporation of Canada | Financials | POW-T | $4,500,000 | $0 | $4,500,000 | -6% | $572,500 | $6,053,737 | $2,367,500 | $8,421,237 | $7,000 | $13,500,737 | 3% | $56,434,522 | $13,967,384 | $59,168,061 | $41,108,000 |
26 | Bharat Masrani | Toronto-Dominion Bank | Financials | TD-T | $1,450,000 | $2,374,200 | $3,824,200 | 18% | $112,096 | $6,401,850 | $3,153,160 | $9,555,010 | $0 | $13,491,306 | 28% | $58,638,481 | $21,221,859 | $115,320,310 | $22,918,700 |
27 | Donald Lindsay | Teck Resources Ltd. | Materials | TECK-B-T | $1,733,850 | $3,083,100 | $4,816,950 | 4% | $0 | $3,752,500 | $3,752,300 | $7,504,800 | $892,000 | $13,213,750 | 8% | $72,310,705 | $13,081,758 | $50,715,588 | $13,575,000 |
28 | Ann Fandozzi | Ritchie Bros Auctioneers Inc. | Industrials | RBA-T | $1,128,150 | $1,275,790 | $2,403,940 | -39% | $0 | $5,345,607 | $5,076,700 | $10,422,307 | $187,252 | $13,013,499 | 35% | $0 | $20,614,819 | $880,539 | $0 |
29 | Brian Hannasch | Alimentation Couche-Tard Inc. | Consumer Staples | ATD-A-T | $1,716,644 | $3,382,511 | $5,099,155 | 5% | $0 | $5,516,183 | $1,196,077 | $6,712,260 | $1,014,108 | $12,825,523 | -2% | $34,586,526 | $5,341,464 | $37,170,446 | $15,750,182 |
30 | Victor Dodig | Canadian Imperial Bank of Commerce | Financials | CM-T | $1,000,000 | $2,136,960 | $3,136,960 | 21% | $2,250 | $6,838,272 | $1,709,568 | $8,547,840 | $1,066,000 | $12,753,050 | 32% | $18,415,133 | $16,637,418 | $12,321,751 | $10,525,000 |
31 | Brian Porter | Bank of Nova Scotia | Financials | BNS-T | $1,300,000 | $2,516,000 | $3,816,000 | 11% | $4,152 | $6,038,000 | $1,509,000 | $7,547,000 | $812,000 | $12,179,152 | 0% | $7,443,308 | $21,674,604 | $12,833,021 | $21,722,000 |
32 | Bradley Shaw | Shaw Communications Inc. | Communication Services | SJR-B-T | $2,000,000 | $6,122,600 | $8,122,600 | 12% | $422,609 | $2,880,650 | $0 | $2,880,650 | $518,210 | $11,944,069 | 74% | $2,654,400 | $9,314,128 | $343,960,998 | $134,748,000 |
33 | Jeff Puritt | Telus International Cda Inc. | Information Technology | TIXT-T | $965,678 | $1,554,257 | $2,519,935 | * | $156,508 | $7,677,688 | $0 | $7,677,688 | $1,503,222 | $11,857,353 | * | $2,627,940 | $22,471,383 | $12,916,284 | $375,608 |
34 | Mark Little | Suncor Energy Inc. | Energy | SU-T | $1,235,000 | $1,960,000 | $3,195,000 | 104% | $126,894 | $6,750,031 | $2,258,366 | $9,008,397 | -$529,500 | $11,800,791 | 16% | $4,132,308 | $15,464,645 | $9,448,321 | $22,895,452 |
35 | Mayo Schmidt # | Nutrien Ltd. | Materials | NTR-T | $1,106,454 | $2,850,227 | $3,956,682 | * | $103,484 | $7,060,668 | $0 | $7,060,668 | $638,876 | $11,759,710 | * | $0 | $8,807,199 | * | $596,032 |
36 | Bruce Flatt | Brookfield Asset Management Inc. | Financials | BAM-A-T | $1,034,739 | $0 | $1,034,739 | 0% | $77,605 | $10,467,703 | $0 | $10,467,703 | $0 | $11,580,047 | 31% | $0 | $80,462,451 | $4,928,923,581 | $0 |
37 | Mirko Bibic | BCE Inc. | Communication Services | BCE-T | $1,300,000 | $3,188,250 | $4,488,250 | 54% | $218,183 | $6,000,000 | $0 | $6,000,000 | $436,605 | $11,143,038 | 18% | $4,167,182 | $12,323,336 | $18,712,637 | $1,726,348 |
38 | Connor Teskey | Brookfield Renewable Partners L.P | Utilities | BEP-UN-T | $948,511 | $1,925,647 | $2,874,158 | 42% | $80,605 | $8,104,028 | $0 | $8,104,028 | $0 | $11,058,791 | 43% | $36,276,973 | $34,047,270 | $739,449 | $0 |
39 | George Schindler | CGI Inc. | Information Technology | GIB-A-T | $1,556,353 | $3,392,850 | $4,949,203 | 423% | $79,230 | $5,768,343 | $0 | $5,768,343 | $3,161 | $10,799,937 | 124% | $56,489,189 | $21,613,839 | $8,400,519 | $1,822,973 |
40 | Louis Vachon | National Bank of Canada | Financials | NA-T | $1,125,015 | $2,140,313 | $3,265,328 | 39% | $4,180 | $4,302,028 | $2,118,920 | $6,420,948 | $970,000 | $10,660,456 | 28% | $115,065,899 | $16,614,867 | $30,633,833 | $23,558,000 |
41 | Gary Berman | Tricon Residential Inc. | Real Estate | TCN-T | $1,050,433 | $4,365,941 | $5,416,374 | 52% | $1,069,236 | $4,136,550 | $0 | $4,136,550 | $0 | $10,622,159 | 77% | $4,777,089 | $16,074,884 | $95,429,470 | $0 |
42 | Galen Weston * | George Weston Ltd. | Consumer Staples | WN-T | $1,221,000 | $3,183,827 | $4,404,827 | 57% | $96,219 | $3,464,885 | $2,640,458 | $6,105,343 | $0 | $10,606,389 | 18% | $48,102,823 | $16,171,828 | $11,535,231,618 | $0 |
43 | Scott Patterson | FirstService Corp. | Real Estate | FSV-T | $1,005,056 | $3,502,530 | $4,507,586 | 188% | $0 | $0 | $5,341,414 | $5,341,414 | $0 | $9,849,000 | 31% | $79,310,512 | $0 | $304,120,458 | $0 |
44 | Neil Rossy | Dollarama Inc. | Consumer Discretionary | DOL-T | $1,598,904 | $2,446,324 | $4,045,229 | -2% | $0 | $2,876,452 | $2,876,500 | $5,752,952 | $18,498 | $9,816,679 | 7% | $25,649,113 | $3,277,991 | $913,762,210 | $386,613 |
45 | François Poirier (1) | TC Energy Corp. | Energy | TRP-T | $1,000,000 | $1,100,000 | $2,100,000 | * | $71,923 | $3,600,000 | $2,400,000 | $6,000,000 | $1,642,000 | $9,813,923 | * | $1,041,949 | $2,962,179 | $3,969,025 | $4,585,000 |
46 | Tim McKay | Canadian Natural Resources Ltd. | Energy | CNQ-T | $616,600 | $1,479,840 | $2,096,440 | 40% | $118,031 | $4,927,867 | $2,328,750 | $7,256,617 | $0 | $9,471,088 | 22% | $28,302,525 | $28,508,787 | $63,092,113 | $0 |
47 | Randall Crawford | AltaGas Ltd. | Utilities | ALA-T | $1,159,510 | $2,203,026 | $3,362,536 | 2% | $51,375 | $2,921,738 | $1,949,901 | $4,871,639 | $988,276 | $9,273,826 | 1% | $21,992,490 | $17,972,739 | $1,870,735 | $2,682,137 |
48 | Alexandre L’Heureux | WSP Global Inc. | Industrials | WSP-T | $1,347,837 | $1,937,912 | $3,285,749 | 41% | $136,760 | $4,123,500 | $1,701,007 | $5,824,507 | $0 | $9,247,016 | 34% | $40,700,810 | $10,403,354 | $39,380,593 | $0 |
49 | Marna Cloete | Ivanhoe Mines Ltd. | Materials | IVN-T | $814,775 | $1,975,829 | $2,790,604 | 227% | $33,143 | $5,616,722 | $776,753 | $6,393,474 | $0 | $9,217,221 | 322% | $4,413,162 | $6,073,080 | $5,085,407 | $0 |
50 | David Hutchens (1) | Fortis Inc. | Utilities | FTS-T | $1,378,850 | $1,737,351 | $3,116,201 | * | $517,550 | $5,392,003 | $0 | $5,392,003 | $112,602 | $9,138,356 | * | $0 | $14,981,560 | $5,121,088 | $11,713,105 |
51 | Worthing Jackman | Waste Connections Inc. | Industrials | WCN-T | $1,128,150 | $3,221,495 | $4,349,645 | 61% | $113,728 | $4,666,955 | $0 | $4,666,955 | $0 | $9,130,327 | 35% | $0 | $13,451,466 | $22,200,465 | $0 |
52 | Paul Mahon | Great-West Lifeco Inc. | Financials | GWO-T | $1,262,000 | $3,104,520 | $4,366,520 | 16% | $220,201 | $3,733,253 | $1,893,088 | $5,626,341 | -$1,120,911 | $9,092,151 | 16% | $13,903,422 | $13,794,644 | $8,565,446 | $30,307,688 |
53 | Paul Rollinson | Kinross Gold Corp. | Materials | K-T | $1,552,356 | $1,676,544 | $3,228,899 | 4% | $397,876 | $4,439,735 | $0 | $4,439,735 | $698,559 | $8,765,070 | -15% | $7,098,617 | $6,314,884 | $18,472,248 | $7,086,715 |
54 | Brad Corson | Imperial Oil Ltd. | Energy | IMO-T | $968,956 | $956,421 | $1,925,377 | 93% | $2,178,025 | $3,447,056 | $0 | $3,447,056 | $1,200,091 | $8,750,549 | 94% | $63,271,250 | $10,702,452 | $5,231,975 | $0 |
55 | Dean Connor # | Sun Life Financial Inc. | Financials | SLF-T | $655,769 | $985,479 | $1,641,248 | * | $6,125 | $6,500,039 | $0 | $6,500,039 | $398,737 | $8,546,149 | * | $14,916,710 | $20,781,553 | $27,622,007 | $8,922,000 |
56 | Scott Balfour | Emera Inc. | Utilities | EMA-T | $1,098,077 | $1,288,100 | $2,386,177 | -3% | $37,349 | $4,124,917 | $1,375,101 | $5,500,018 | $357,000 | $8,280,544 | 6% | $15,529,157 | $9,209,912 | $10,326,003 | $4,549,000 |
57 | José Boisjoli | BRP Inc. | Consumer Discretionary | DOO-T | $1,166,041 | $2,915,104 | $4,081,145 | 3% | $2,268 | $0 | $3,576,169 | $3,576,169 | $528,000 | $8,187,582 | -3% | $39,096,944 | $0 | $105,686,978 | $15,983,000 |
58 | Gerald Schwartz | Onex Corp. | Financials | ONEX-T | $1,629,550 | $6,267,500 | $7,897,050 | 353% | $0 | $0 | $0 | $0 | $0 | $7,897,050 | -39% | $165,228,500 | $0 | $1,089,073,210 | $0 |
59 | Ray Ferris | West Fraser Timber Co Ltd. | Materials | WFG-T | $984,375 | $1,650,000 | $2,634,375 | 42% | $0 | $1,151,505 | $1,152,452 | $2,303,957 | $2,702,300 | $7,640,632 | 83% | $0 | $0 | $4,761,067 | $11,230,400 |
60 | Ian Edwards | SNC-Lavalin Group Inc. | Industrials | SNC-T | $1,386,884 | $1,650,041 | $3,036,925 | 45% | $115,325 | $4,200,000 | $0 | $4,200,000 | $277,377 | $7,629,627 | -5% | $0 | $9,581,296 | $3,631,801 | $1,520,966 |
61 | Michael Medline | Empire Company Ltd. | Consumer Staples | EMP-A-T | $1,124,994 | $2,714,063 | $3,839,057 | 53% | $62,548 | $1,856,250 | $1,237,500 | $3,093,750 | $496,000 | $7,491,355 | -43% | $16,969,146 | $4,671,404 | $12,396,511 | $1,202,000 |
62 | Marie Inkster # | Lundin Mining Corp. | Materials | LUN-T | $1,128,062 | $1,353,675 | $2,481,737 | 23% | $4,991,304 | $0 | $0 | $0 | $0 | $7,473,041 | 31% | $3,827,368 | $0 | * | $0 |
63 | Edward Ryan | Descartes Systems Group Inc. | Information Technology | DSG-T | $607,948 | $940,125 | $1,548,073 | 31% | $2,507 | $5,135,951 | $742,315 | $5,878,266 | $0 | $7,428,845 | 18% | $5,251,150 | $10,963,304 | $41,789,425 | $0 |
64 | Marc Parent | CAE Inc. | Industrials | CAE-T | $906,847 | $1,543,440 | $2,450,287 | -10% | $83,735 | $1,674,398 | $2,511,818 | $4,186,216 | $686,000 | $7,406,238 | 0% | $27,548,890 | $10,701,962 | $20,984,232 | $12,206,000 |
65 | Greg Hicks | Canadian Tire Corp.oration Ltd. | Consumer Discretionary | CTC-A-T | $1,100,000 | $2,636,308 | $3,736,308 | 99% | $218,007 | $1,781,905 | $1,187,975 | $2,969,880 | $0 | $6,924,195 | 54% | $7,457,024 | $6,224,299 | $1,854,674 | $0 |
66 | Jay Forbes | Element Fleet Management Corp. | Financials | EFN-T | $1,000,000 | $1,310,000 | $2,310,000 | 6% | $0 | $4,500,000 | $0 | $4,500,000 | $0 | $6,810,000 | 20% | $17,875,000 | $13,360,476 | $5,152,000 | $0 |
67 | Tim Gitzel | Cameco Corp. | Energy | CCO-T | $1,060,900 | $1,414,000 | $2,474,900 | 1% | $0 | $3,872,184 | $0 | $3,872,184 | $331,000 | $6,678,084 | 2% | $15,989,858 | $5,751,064 | $17,093,412 | $9,089,100 |
68 | Philip Pascall # | First Quantum Minerals Ltd. | Materials | FM-T | $1,566,875 | $1,566,875 | $3,133,750 | 20% | $5,731 | $3,509,800 | $0 | $3,509,800 | $0 | $6,649,281 | 32% | $14,112,486 | $16,930,638 | $177,767,386 | $0 |
69 | Geoffrey Martin | CCL Industries Inc. | Materials | CCL-B-T | $1,578,157 | $2,854,220 | $4,432,377 | 15% | $0 | $1,686,839 | $0 | $1,686,839 | $263,245 | $6,382,461 | 13% | $1,017,700 | $21,125,586 | $44,118,124 | $7,974,466 |
70 | Randy Smallwood | Wheaton Precious Metals Corp. | Materials | WPM-T | $1,127,000 | $2,129,400 | $3,256,400 | 9% | $372,021 | $2,028,304 | $676,170 | $2,704,474 | $0 | $6,332,895 | 9% | $10,929,705 | $11,698,535 | $15,426,376 | $0 |
71 | Gord Johnston | Stantec Inc. | Industrials | STN-T | $1,100,016 | $1,760,000 | $2,860,016 | 38% | $140,433 | $3,300,003 | $0 | $3,300,003 | $0 | $6,300,452 | 25% | $0 | $13,873,466 | $5,953,321 | $0 |
72 | Denis Ricard | iA Financial Corp.oration Inc. | Financials | IAG-T | $950,000 | $1,714,427 | $2,664,427 | 22% | $0 | $284,995 | $592,800 | $877,795 | $2,444,048 | $5,986,270 | -13% | $7,011,287 | $656,833 | $6,666,705 | $23,619,607 |
73 | Arun Banskota (1) | Algonquin Power & Utilities Corp. | Utilities | AQN-T | $966,808 | $1,270,359 | $2,237,167 | * | $14,780 | $2,816,875 | $605,625 | $3,422,500 | $259,452 | $5,933,899 | * | $242,231 | $3,108,001 | $1,877,133 | $355,449 |
74 | Michael Rose | Tourmaline Oil Corp. | Energy | TOU-T | $600,000 | $4,500,000 | $5,100,000 | 17% | $60,000 | $0 | $459,564 | $459,564 | $0 | $5,619,564 | 22% | $3,885,400 | $0 | $666,101,047 | $0 |
75 | James O’Sullivan (1) | IGM Financial Inc. | Financials | IGM-T | $1,200,000 | $2,720,280 | $3,920,280 | * | $114,606 | $1,275,000 | $0 | $1,275,000 | $292,639 | $5,602,525 | * | $6,915,294 | $2,238,208 | $1,618,096 | $374,465 |
76 | Galen Weston | Loblaw Companies Ltd. | Consumer Staples | L-T | $730,546 | $2,173,751 | $2,904,297 | 157% | $30,265 | $1,649,109 | $824,692 | $2,473,801 | $0 | $5,408,363 | 52% | $23,829,165 | $7,874,993 | $49,087,635 | $0 |
77 | Michael Steinmann | Pan American Silver Corp. | Materials | PAAS-T | $1,225,000 | $1,071,880 | $2,296,880 | -16% | $48,000 | $2,450,000 | $0 | $2,450,000 | $551,250 | $5,346,130 | -5% | $0 | $1,972,563 | $3,683,337 | $2,686,500 |
78 | Eric La Flèche | Metro Inc. | Consumer Staples | MRU-T | $1,014,231 | $1,289,076 | $2,303,307 | -5% | $5,287 | $1,223,967 | $1,020,346 | $2,244,313 | $466,000 | $5,018,907 | -1% | $11,526,574 | $4,171,678 | $16,279,171 | $12,861,000 |
79 | Bob Espey | Parkland Corp. | Energy | PKI-T | $994,615 | $1,302,585 | $2,297,200 | 80% | $114,865 | $1,987,477 | $562,493 | $2,549,970 | $0 | $4,962,035 | 37% | $4,865,691 | $4,825,664 | $23,265,650 | $0 |
80 | John McKenzie | TMX Group Ltd. | Financials | X-T | $750,000 | $2,036,250 | $2,786,250 | 60% | $6,306 | $1,050,000 | $450,000 | $1,500,000 | $520,172 | $4,812,728 | 7% | $4,366,803 | $934,570 | $1,434,957 | $6,178,211 |
81 | Paul Brink | Franco-Nevada Corp. | Materials | FNV-T | $715,000 | $1,072,500 | $1,787,500 | 30% | $829,742 | $2,145,000 | $0 | $2,145,000 | $0 | $4,762,242 | 37% | $18,043,079 | $5,261,146 | $38,367,841 | $0 |
82 | Dean Setoguchi (1) | Keyera Corp. | Energy | KEY-T | $650,000 | $821,600 | $1,471,600 | * | $0 | $2,986,621 | $0 | $2,986,621 | $64,992 | $4,523,213 | * | $0 | $6,580,386 | $6,645,664 | $322,424 |
83 | Jonathan Gitlin (1) | RioCan Real Estate Investment Trust | Real Estate | REI-UN-T | $850,685 | $947,520 | $1,798,205 | * | $50,000 | $1,998,000 | $457,500 | $2,455,500 | $76,700 | $4,380,405 | * | $1,202,500 | $4,072,115 | $2,432,366 | $1,005,400 |
84 | Terry Anderson | ARC Resources Ltd. | Energy | ARX-T | $600,000 | $915,000 | $1,515,000 | 36% | $64,050 | $2,797,504 | $0 | $2,797,504 | $0 | $4,376,554 | 13% | $0 | $3,517,781 | $6,885,157 | $0 |
85 | Lino Saputo | Saputo Inc. | Consumer Staples | SAP-T | $1,389,427 | $2,954,863 | $4,344,290 | 8% | $0 | $0 | $0 | $0 | $0 | $4,344,290 | 8% | $0 | $3,344,343 | $7,442,627 | $0 |
86 | Mark Kenney | Canadian Apartment Properties Real Estate Investment Trust | Real Estate | CAR-UN-T | $820,087 | $1,210,320 | $2,030,407 | 1% | $88,449 | $2,150,062 | $0 | $2,150,062 | $0 | $4,268,918 | 13% | $0 | $4,488,785 | $16,828,635 | $0 |
87 | Michael Emory | Allied Properties Real Estate Investment Trust | Real Estate | AP-UN-T | $950,000 | $1,311,000 | $2,261,000 | 32% | $47,500 | $1,804,947 | $0 | $1,804,947 | $0 | $4,113,447 | 40% | $3,361,134 | $1,554,995 | $59,530,626 | $0 |
88 | John Chen | BlackBerry Ltd. | Information Technology | BB-T | $1,253,500 | $2,507,000 | $3,760,500 | -7% | $22,409 | $0 | $0 | $0 | $0 | $3,782,909 | -6% | $0 | $17,223,090 | $106,407,706 | $0 |
89 | Micheal Rousseau (1) | Air Canada | Industrials | AC-T | $500,000 | $0 | $500,000 | * | $0 | $250,000 | $250,000 | $500,000 | $2,717,000 | $3,717,000 | * | $3,128,333 | $1,167,052 | $2,285,653 | $7,794,400 |
90 | Scott Medhurst | Toromont Industries Ltd. | Industrials | TIH-T | $759,785 | $1,410,518 | $2,170,303 | 59% | $37,585 | $0 | $1,148,253 | $1,148,253 | $285,342 | $3,641,483 | 30% | $14,661,027 | $0 | $21,026,687 | $2,938,651 |
91 | Brian Hill | Aritzia Inc. | Consumer Discretionary | ATZ-T | $1 | $1 | $2 | 0% | $8,400 | $1,500,000 | $1,500,000 | $3,000,000 | $0 | $3,008,402 | 35706% | $2,584,682 | $4,772,078 | $1,307,600,865 | $0 |
92 | Nancy Southern (1) | Canadian Utilities Ltd. | Utilities | CU-T | $890,000 | $0 | $890,000 | * | $31,150 | $0 | $606,000 | $606,000 | $1,411,080 | $2,938,230 | * | $1,192,550 | $0 | $8,594,156 | $33,447,215 |
93 | Kevan Gorrie | Granite Real Estate Investment Trust | Real Estate | GRT-UN-T | $800,000 | $1,130,400 | $1,930,400 | -12% | $0 | $920,000 | $0 | $920,000 | $0 | $2,850,400 | -8% | $0 | $4,348,595 | $11,269,424 | $0 |
94 | Mike Crawley | Northland Power Inc. | Utilities | NPI-T | $697,311 | $687,400 | $1,384,711 | 24% | $4,059 | $1,250,000 | $0 | $1,250,000 | $0 | $2,638,770 | 6% | $0 | $3,404,841 | $3,214,363 | $0 |
95 | George Paleologou | Premium Brands Holdings Corp. | Consumer Staples | PBH-T | $1,100,000 | $165,000 | $1,265,000 | 7% | $38,361 | $1,320,000 | $0 | $1,320,000 | $0 | $2,623,361 | -16% | $0 | $1,707,403 | $50,876,972 | $0 |
96 | Pierre Karl Péladeau | Quebecor Inc. | Communication Services | QBR-B-T | $1,400,900 | $1,115,830 | $2,516,730 | 154% | $0 | $0 | $0 | $0 | $60,300 | $2,577,030 | 147% | $0 | $0 | $2,018,567,681 | $9,754,700 |
97 | Mark Poweska | Hydro One Ltd. | Utilities | H-T | $513,193 | $513,193 | $1,026,386 | 1% | $516,223 | $0 | $0 | $0 | $46,093 | $1,588,702 | 48% | $0 | $0 | $3,990,801 | $127,664 |
98 | Dax Dasilva | Lightspeed Commerce Inc. | Information Technology | LSPD-T | $0 | $0 | $0 | -100% | $3,730 | $498,340 | $747,576 | $1,245,916 | $0 | $1,249,647 | -17% | $7,003,810 | $2,480,255 | $1,100,845,698 | $0 |
99 | Prem Watsa | Fairfax Financial Holdings Ltd. | Financials | FFH-T | $600,000 | $0 | $600,000 | 0% | $46,290 | $0 | $0 | $0 | $0 | $646,290 | -2% | $0 | $0 | $338,579,451 | $0 |
100 | Mark Leonard | Constellation Software Inc. | Information Technology | CSU-T | $0 | $0 | $0 | 0% | $0 | $0 | $0 | $0 | $0 | $0 | 0% | $0 | $0 | $1,009,963,384 | $0 |
Source: Global Governance Advisors research based on company filings
Notes:
* Galen Weston’s $10.61-million compensation from George Weston includes his $5.41-million compensation from Loblaw Cos.
# Former CEO
(1) New CEO in 2021.
The Methodology
If a company does not have a CEO, the president or a similar top executive is used. When CEOs have changed during the year, the chart typically shows the CEO who was in place for the larger portion of the year.
For companies that report pay in U.S. dollars, the amounts are converted to Canadian dollars at the average annual exchange rate for 2021. If the company has an irregular year-end, the exchange rate is the rate used by the company for its currency conversion.
Salary is base salary in 2021.
Bonus is the value of any annual and long-term cash incentives paid for 2021 performance, typically paid after the end of the fiscal year.
Total Cash Compensation is the sum of salary and bonus.
Percent change is the change from 2020′s total salary and bonus. No number is shown if the CEO was not in the same position for all of 2020 and 2021.
Other includes all other payments and the cash value of perquisites and benefits.
Share-based awards is the total value of shares, share units, trust units or similar long-term incentive plan grants in 2021.
Option-based awards is the estimated grant date value of new stock options awarded to the CEO in 2021.
Total stock awards is the sum of the values of share-based awards and option-based awards.
Pension value is the additional annual value of the pension benefit earned by the CEO in 2021.
Unexercised in-the-money options is the year-end value of stock options held by the CEO.
Unvested share-based awards is the year-end value of share units or similar compensation that has not yet met time or performance conditions required for payout.
Value of CEO’s equity is the year-end value of common shares owned and vested stock units held by the CEO as per the company’s most recent proxy circular disclosure, valued at the end of the company’s fiscal year. This excludes unvested share units and unexercised stock options. Share holdings may have changes since the end of the fiscal year due to subsequent grants of shares by the company or sales of stock on the open market by the CEO.
Accrued CEO pension obligation is the estimated year-end value of a company’s total expected cost to provide the CEO’s defined-benefit pension. It excludes the value of any defined-contribution pension accrued by the CEO.