This is a ranking of compensation in fiscal 2022 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, 2022.
As executives continue their millionaire ways, another kind of green enters the picture
Prepared by Global Governance Advisors, the information comes from management information circulars filed for fiscal year 2022.
CEO Compensation
| Rank | Name | Company | 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 | Seetarama Kotagiri | Magna International Inc. | Consumer Discretionary | MG-T | $423,061 | $4,485,746 | $4,908,807 | 7% | $0 | $26,711,407 | $4,790,350 | $31,501,757 | $0 | $36,410,563 | 167% | $3,388,391 | $52,309,838 | $26,392,484 | $0 |
| 2 | Tony Staffieri (1) | Rogers Communications Inc. | Communication Services | RCI-B-T | $1,376,538 | $1,826,666 | $3,203,204 | * | $1,270,335 | $3,750,000 | $13,000,008 | $16,750,008 | $10,291,500 | $31,515,047 | * | $943,473 | $6,212,909 | $7,984,620 | $13,599,100 |
| 3 | Tobias Lütke | Shopify Inc. | Information Technology | SHOP-T | $1 | $0 | $1 | 4% | $0 | $0 | $26,034,711 | $26,034,711 | $0 | $26,034,713 | 4% | $2,143,326 | $0 | $3,738,805,525 | $0 |
| 4 | José Cil | Restaurant Brands International Inc. | Consumer Discretionary | QSR-T | $1,266,109 | $2,975,371 | $4,241,480 | 6% | $282,532 | $17,672,155 | $0 | $17,672,155 | $0 | $22,196,166 | 27% | $0 | $77,647,995 | $109,005,647 | $0 |
| 5 | Mark Barrenechea | Open Text Corporation | Information Technology | OTEX-T | $1,198,470 | $3,595,411 | $4,793,882 | 50% | $21,379 | $12,137,760 | $3,152,826 | $15,290,586 | $0 | $20,105,848 | -23% | $0 | $8,964,527 | $69,180,504 | $0 |
| 6 | Darren Entwistle | TELUS Corporation | Communication Services | T-T | $1,600,000 | $1,082,880 | $2,682,880 | 1% | $146,565 | $13,782,880 | $0 | $13,782,880 | $874,000 | $17,486,325 | -12% | $0 | $23,927,502 | $10,514,085 | $26,100,000 |
| 7 | Mark Bristow | Barrick Gold Corporation | Materials | BX-T | $2,343,106 | $5,271,988 | $7,615,094 | -6% | $199,056 | $8,435,181 | $0 | $8,435,181 | $1,142,264 | $17,391,595 | -4% | $0 | $13,835,394 | $144,402,918 | $0 |
| 8 | Brad Corson | Imperial Oil Limited | Energy | IMO-T | $1,046,245 | $2,951,349 | $3,997,594 | 108% | $1,975,182 | $6,463,180 | $0 | $6,463,180 | $4,905,567 | $17,341,523 | 98% | $0 | $21,341,420 | $0 | $0 |
| 9 | Al Monaco | Enbridge Inc. | Energy | ENB-T | $1,750,696 | $4,067,983 | $5,818,679 | -7% | $83,699 | $8,902,138 | $2,225,613 | $11,127,751 | $204,000 | $17,234,129 | -9% | $20,476,361 | $24,528,859 | $52,443,948 | $25,503,000 |
| 10 | Roy Gori | Manulife Financial Corporation | Financials | MFC-T | $1,515,205 | $3,920,304 | $5,435,509 | -26% | $131,737 | $10,436,550 | $0 | $10,436,550 | $1,074,738 | $17,078,534 | 1% | $4,333,288 | $25,770,151 | $14,189,453 | $5,378,500 |
| 11 | Patrick Dovigi | GFL Environmental Inc. | Industrials | GFL-T | $2,103,786 | $8,771,948 | $10,875,734 | 36% | $5,946,305 | $0 | $0 | $0 | $0 | $16,822,039 | -61% | $10,226,417 | $0 | $467,675,245 | $0 |
| 12 | David McKay | Royal Bank of Canada | Financials | RY-T | $1,500,000 | $2,992,500 | $4,492,500 | -20% | $44,877 | $8,610,000 | $2,152,500 | $10,762,500 | $1,064,000 | $16,363,877 | -2% | $33,181,630 | $26,798,210 | $34,940,729 | $16,823,000 |
| 13 | Mark Little # | Suncor Energy Inc. | Energy | SU-T | $658,654 | $0 | $658,654 | * | $5,995,946 | $6,750,055 | $2,250,006 | $9,000,061 | -$24,700 | $15,629,961 | * | $11,870,493 | $0 | $5,569,069 | $18,782,423 |
| 14 | Bharat Masrani | Toronto-Dominion Bank | Financials | TD-T | $1,450,000 | $2,691,000 | $4,141,000 | 8% | $112,264 | $7,251,410 | $3,571,593 | $10,823,003 | $0 | $15,076,267 | 12% | $36,034,709 | $19,501,809 | $116,852,479 | $19,635,600 |
| 15 | Keith Creel | Canadian Pacific Kansas City Ltd. | Industrials | CP-T | $1,561,560 | $566,066 | $2,127,626 | -45% | $279,850 | $6,960,936 | $4,655,218 | $11,616,154 | $499,916 | $14,523,546 | -46% | $135,561,823 | $16,290,769 | $26,095,410 | $0 |
| 16 | Darryl White | Bank of Montreal | Financials | BMO-T | $1,000,000 | $3,327,500 | $4,327,500 | -1% | $55,823 | $6,322,250 | $1,845,250 | $8,167,500 | $1,734,683 | $14,285,506 | -4% | $13,643,748 | $19,327,134 | $11,421,808 | $6,040,829 |
| 17 | Steve Hasker | Thomson Reuters Corporation | Industrials | TRI-T | $1,492,669 | $3,582,406 | $5,075,075 | -22% | $229,182 | $6,355,323 | $2,118,405 | $8,473,728 | $0 | $13,777,984 | -7% | $17,940,696 | $25,336,032 | $5,118,802 | $0 |
| 18 | Alain Bédard | TFI International Inc. | Industrials | TFII-T | $1,920,045 | $5,941,177 | $7,861,222 | 12% | $368,925 | $4,653,671 | $0 | $4,653,671 | $847,077 | $13,730,895 | -14% | $71,560,402 | $22,962,779 | $648,431,098 | $14,766,627 |
| 19 | Tracy Robinson (1) | Canadian National Railway Company | Industrials | CNR-T | $981,397 | $1,985,230 | $2,966,627 | * | $518,527 | $7,181,298 | $2,921,622 | $10,102,920 | $142,405 | $13,730,479 | * | $21,046 | $11,179,315 | $605,241 | $0 |
| 20 | Jeff Puritt | TELUS International (Cda) Inc. | Information Technology | TIXT-T | $1,106,467 | $1,161,790 | $2,268,257 | -10% | $114,994 | $8,623,957 | $0 | $8,623,957 | $2,625,287 | $13,632,496 | -30% | $34,663,586 | $15,169,400 | $10,559,452 | $507,075 |
| 21 | George Schindler | CGI Inc. | Information Technology | GIB-A-T | $1,687,592 | $4,232,653 | $5,920,245 | 20% | $87,542 | $7,615,065 | $0 | $7,615,065 | $5,111 | $13,627,963 | 26% | $39,938,037 | $20,316,686 | $10,783,054 | $0 |
| 22 | Brian Porter # | Bank of Nova Scotia | Financials | BNS-T | $1,300,000 | $2,535,000 | $3,835,000 | 0% | $3,600 | $6,084,000 | $1,521,000 | $7,605,000 | $2,154,000 | $13,597,600 | 12% | $0 | $16,741,836 | $10,939,080 | $19,692,000 |
| 23 | Mirko Bibic | BCE Inc. | Communication Services | BCE-T | $1,400,000 | $3,094,000 | $4,494,000 | 0% | $199,916 | $7,500,000 | $0 | $7,500,000 | $1,399,733 | $13,593,649 | 22% | $763,426 | $13,938,216 | $9,352,185 | $564,626 |
| 24 | Jeffrey Orr | Power Corporation of Canada | Financials | POW-T | $4,500,000 | $0 | $4,500,000 | 0% | $572,500 | $5,594,451 | $2,637,851 | $8,232,302 | $7,000 | $13,311,802 | -1% | $2,691,857 | $13,490,734 | $25,119,076 | $33,579,000 |
| 25 | Don Lindsay # | Teck Resources Limited | Materials | TECK-B-T | $1,796,500 | $2,864,400 | $4,660,900 | * | $0 | $3,759,400 | $3,745,800 | $7,505,200 | $783,000 | $12,949,100 | * | $117,135,810 | $12,272,357 | $21,708,207 | $11,357,000 |
| 26 | Glenn Chamandy | Gildan Activewear Inc. | Consumer Discretionary | GIL-T | $1,627,157 | $2,200,567 | $3,827,724 | -39% | $143,146 | $8,823,563 | $0 | $8,823,563 | $76,623 | $12,871,055 | -12% | $1,077,438 | $22,974,044 | $121,908,687 | $0 |
| 27 | Alexander Pourbaix | Cenovus Energy Inc. | Energy | CVE-T | $1,291,667 | $1,849,250 | $3,140,917 | -24% | $114,181 | $7,068,722 | $2,356,248 | $9,424,970 | $156,333 | $12,836,401 | -8% | $51,697,963 | $30,615,283 | $33,571,431 | $0 |
| 28 | Charles Brindamour | Intact Financial Corporation | Financials | IFC-T | $1,300,000 | $2,737,020 | $4,037,020 | 17% | $149,603 | $8,125,000 | $0 | $8,125,000 | $108,113 | $12,419,736 | -41% | $13,521,301 | $29,057,378 | $72,754,056 | $12,072,273 |
| 29 | Michael Rousseau | Air Canada | Industrials | AC-T | $1,300,000 | $2,275,000 | $3,575,000 | * | $0 | $3,900,000 | $3,900,000 | $7,800,000 | $1,000,100 | $12,375,100 | * | $1,155,644 | $4,458,924 | $3,234,349 | $7,405,400 |
| 30 | Brian Hannasch | Alimentation Couche-Tard Inc. | Consumer Staples | ATD-T | $1,897,705 | $3,017,731 | $4,915,436 | -4% | $0 | $5,297,625 | $1,055,134 | $6,352,759 | $1,001,068 | $12,269,263 | -4% | $66,407,312 | $7,504,818 | $52,256,466 | $14,471,284 |
| 31 | David Hutchens | Fortis Inc. | Utilities | FTS-T | $1,560,240 | $2,268,849 | $3,829,089 | 23% | $980,732 | $6,541,848 | $0 | $6,541,848 | $207,226 | $11,558,895 | 26% | $0 | $15,901,954 | $5,576,639 | $9,038,581 |
| 32 | Alexandre L’Heureux | WSP Global Inc. | Industrials | WSP-T | $1,350,000 | $3,118,500 | $4,468,500 | 36% | $137,000 | $4,919,989 | $2,004,756 | $6,924,745 | $0 | $11,530,245 | 25% | $31,229,958 | $7,164,956 | $30,611,186 | $0 |
| 33 | Ken Seitz (1) | Nutrien Ltd. | Materials | NTR-T | $1,078,840 | $1,826,733 | $2,905,574 | * | $21,842 | $6,110,387 | $1,229,438 | $7,339,825 | $1,090,036 | $11,357,276 | * | $4,990,076 | $7,679,178 | $3,146,683 | $1,473,713 |
| 34 | Scott Burrows (1) | Pembina Pipeline Corporation | Energy | PPL-T | $1,250,000 | $2,515,600 | $3,765,600 | * | $87,082 | $5,000,000 | $1,250,000 | $6,250,000 | $1,208,425 | $11,311,107 | * | $3,428,820 | $10,445,145 | $1,443,787 | $1,477,278 |
| 35 | Victor Dodig | Canadian Imperial Bank of Commerce | Financials | CM-T | $1,000,000 | $1,872,540 | $2,872,540 | -8% | $2,250 | $5,992,128 | $1,498,032 | $7,490,160 | $650,000 | $11,014,950 | -14% | $5,630,994 | $13,759,841 | $10,350,411 | $8,392,000 |
| 36 | Laurent Ferreira | National Bank of Canada | Financials | NA-T | $947,409 | $1,937,748 | $2,885,157 | * | $0 | $3,894,872 | $1,918,384 | $5,813,256 | $2,290,000 | $10,988,413 | * | $8,580,536 | $10,465,922 | $8,555,328 | $3,007,000 |
| 37 | Neil Rossy | Dollarama Inc. | Consumer Discretionary | DOL-T | $1,316,370 | $4,620,459 | $5,936,829 | 47% | $0 | $2,336,554 | $2,336,546 | $4,673,100 | $18,000 | $10,627,929 | 8% | $37,807,408 | $5,823,984 | $666,596,063 | $0 |
| 38 | François Poirier | TC Energy Corporation | Energy | TRP-T | $1,083,333 | $1,452,000 | $2,535,333 | 21% | $142,543 | $4,200,000 | $2,800,000 | $7,000,000 | $927,000 | $10,604,876 | 8% | $0 | $4,013,413 | $4,751,643 | $4,327,000 |
| 39 | Marc Parent | CAE Inc. | Industrials | CAE-T | $1,174,400 | $2,482,500 | $3,656,900 | 49% | $95,250 | $3,360,561 | $1,441,052 | $4,801,613 | $2,045,000 | $10,598,763 | 43% | $18,707,311 | $9,684,555 | $11,567,580 | $12,318,000 |
| 40 | Ann Fandozzi | RB Global, Inc. | Industrials | RBA-T | $1,171,553 | $2,766,154 | $3,937,707 | 64% | $280,855 | $3,179,679 | $2,911,382 | $6,091,061 | $0 | $10,309,623 | -21% | $454,764 | $14,526,702 | $7,765,882 | $0 |
| 42 | Bruce Flatt (2) | Brookfield Corporation | Financials | BN-T | $966,717 | $0 | $966,717 | 4% | $0 | $9,172,029 | $0 | $9,172,029 | $0 | $10,138,747 | -4% | $0 | $0 | $2,876,147,611 | $0 |
| 41 | Bruce Flatt (2) | Brookfield Asset Management Ltd. | Financials | BAM-T | $966,717 | $0 | $966,717 | * | $0 | $9,172,029 | $0 | $9,172,029 | $0 | $10,138,747 | * | $0 | $0 | $648,056,484 | $0 |
| 43 | Paul Mahon | Great-West Lifeco Inc. | Financials | GWO-T | $1,262,000 | $2,640,735 | $3,902,735 | -11% | $217,800 | $3,551,140 | $2,271,774 | $5,822,914 | $0 | $9,943,449 | 9% | $920,762 | $9,959,488 | $10,688,105 | $23,320,232 |
| 44 | Ammar Al-Joundi (1) | Agnico Eagle Mines Limited | Materials | AEM-T | $1,244,314 | $1,800,677 | $3,044,991 | * | $2,068,858 | $4,349,372 | $0 | $4,349,372 | $456,748 | $9,919,970 | * | $0 | $9,150,240 | $14,306,065 | $0 |
| 45 | Kevin Strain (1) | Sun Life Financial Inc. | Financials | SLF-T | $1,000,000 | $1,710,000 | $2,710,000 | * | $700 | $4,717,549 | $1,562,505 | $6,280,054 | $435,260 | $9,426,014 | * | $1,751,982 | $9,868,360 | $2,626,632 | $8,675,000 |
| 46 | Worthing Jackman | Waste Connections, Inc. | Industrials | WCN-T | $1,274,739 | $2,147,847 | $3,422,586 | -21% | $105,075 | $5,545,412 | $0 | $5,545,412 | $0 | $9,073,073 | -1% | $0 | $15,796,003 | $26,770,519 | $0 |
| 47 | Tim McKay | Canadian Natural Resources Limited | Energy | CNQ-T | $638,885 | $1,379,991 | $2,018,876 | -4% | $107,314 | $4,595,370 | $2,305,000 | $6,900,370 | $0 | $9,026,560 | -5% | $57,238,375 | $39,346,663 | $91,651,368 | $0 |
| 48 | Randall Crawford | AltaGas Ltd. | Utilities | ALA-T | $1,240,139 | $1,240,139 | $2,480,278 | -26% | $58,437 | $4,960,556 | $0 | $4,960,556 | $1,177,108 | $8,676,379 | -6% | $12,829,896 | $12,334,470 | $1,601,530 | $2,830,184 |
| 49 | Michael Medline | Empire Company Limited | Consumer Staples | EMP-A-T | $1,275,774 | $2,679,481 | $3,955,255 | 3% | $59,030 | $2,340,000 | $1,560,000 | $3,900,000 | $737,000 | $8,651,285 | 15% | $19,062,759 | $4,997,895 | $17,231,249 | $1,744,000 |
| 50 | Jay Forbes | Element Fleet Management Corp. | Financials | EFN-T | $1,000,000 | $1,650,000 | $2,650,000 | 15% | $0 | $6,000,000 | $0 | $6,000,000 | $0 | $8,650,000 | 27% | $31,800,000 | $21,019,864 | $7,380,000 | $0 |
| 51 | José Boisjoli | BRP Inc. | Consumer Discretionary | DOO-T | $1,206,852 | $2,158,818 | $3,365,670 | -18% | $618 | $0 | $4,667,994 | $4,667,994 | $512,000 | $8,546,282 | 4% | $43,042,178 | $0 | $111,068,861 | $14,416,000 |
| 52 | Paul Rollinson | Kinross Gold Corporation | Materials | K-T | $1,508,870 | $1,629,579 | $3,138,450 | -3% | $386,520 | $4,315,513 | $0 | $4,315,513 | $678,992 | $8,519,474 | -3% | $1,351,895 | $7,167,440 | $15,141,067 | $0 |
| 53 | Galen Weston (4) | Loblaw Companies Limited | Consumer Staples | L-T | $907,200 | $2,661,350 | $3,568,550 | 23% | $35,648 | $3,213,153 | $1,606,104 | $4,819,257 | $0 | $8,423,455 | 56% | $32,604,590 | $9,959,431 | $55,462,776 | $0 |
| 54 | Scott Balfour | Emera Incorporated | Utilities | EMA-T | $1,100,000 | $1,085,700 | $2,185,700 | -8% | $35,656 | $4,248,511 | $1,416,492 | $5,665,003 | $361,651 | $8,248,010 | 0% | $5,135,826 | $8,117,114 | $10,066,776 | $3,965,968 |
| 55 | Edward Ryan | Descartes Systems Group Inc. | Information Technology | DSG-T | $717,563 | $734,250 | $1,451,813 | -6% | $2,670 | $5,743,707 | $1,021,561 | $6,765,267 | $0 | $8,219,750 | 11% | $6,717,254 | $13,267,064 | $47,264,392 | $0 |
| 56 | Clive Johnson | B2Gold Corp. | Materials | BTO-T | $1,300,000 | $975,000 | $2,275,000 | -20% | $488,926 | $5,000,000 | $0 | $5,000,000 | $0 | $7,763,926 | -19% | $0 | $10,803,768 | $18,295,340 | $0 |
| 57 | Gord Johnston | Stantec Inc. | Industrials | STN-T | $1,250,010 | $2,375,000 | $3,625,010 | 27% | $192,698 | $3,749,982 | $0 | $3,749,982 | $0 | $7,567,690 | 20% | $0 | $14,790,115 | $5,557,751 | $0 |
| 58 | Tim Gitzel | Cameco Corporation | Energy | CCO-T | $1,092,700 | $1,720,000 | $2,812,700 | 14% | $0 | $3,988,202 | $0 | $3,988,202 | $589,900 | $7,390,802 | 11% | $20,220,311 | $8,002,785 | $11,481,866 | $7,569,200 |
| 59 | Connor Teskey (3) | Brookfield Renewable Corporation | Utilities | BEP-UN-T | $965,828 | $1,113,341 | $2,079,169 | -19% | $82,486 | $5,106,506 | $0 | $5,106,506 | $0 | $7,268,162 | -32% | $5,916,150 | $77,200 | $329,429 | $0 |
| 60 | James O’Sullivan | IGM Financial Inc. | Financials | IGM-T | $1,200,000 | $2,538,000 | $3,738,000 | -5% | $110,289 | $1,695,000 | $1,080,000 | $2,775,000 | $490,180 | $7,113,469 | 27% | $2,988,090 | $3,367,073 | $1,757,238 | $0 |
| 61 | Scott Thomson # | Finning International Inc. | Industrials | FTT-T | $1,188,008 | $1,643,279 | $2,831,287 | * | $83,495 | $3,080,000 | $770,000 | $3,850,000 | $294,028 | $7,058,810 | * | $1,139,942 | $8,477,237 | $5,273,731 | $0 |
| 62 | Jay Hennick | Colliers International Group Inc. | Real Estate | CIGI-T | $1,952,588 | $5,005,460 | $6,958,048 | -62% | $0 | $0 | $0 | $0 | $0 | $6,958,048 | -62% | $0 | $0 | $605,453,606 | $0 |
| 63 | Ray Ferris | West Fraser Timber Co. Ltd. | Materials | WFG-T | $1,113,750 | $1,732,500 | $2,846,250 | 8% | $0 | $1,319,985 | $1,320,009 | $2,639,994 | $1,338,200 | $6,824,444 | -11% | $5,521,280 | $1,213,815 | $3,857,222 | $10,411,800 |
| 64 | Randy Smallwood | Wheaton Precious Metals Corp. | Materials | WPM-T | $1,200,000 | $1,620,000 | $2,820,000 | -13% | $0 | $2,610,000 | $869,994 | $3,479,994 | $398,247 | $6,698,241 | 6% | $7,496,151 | $9,775,159 | $17,044,381 | $0 |
| 65 | Greg Hicks | Canadian Tire Corporation, Limited | Consumer Discretionary | CTC-A-T | $1,250,000 | $983,974 | $2,233,974 | -40% | $196,368 | $2,437,407 | $1,624,956 | $4,062,363 | $0 | $6,492,705 | -6% | $4,142,356 | $5,935,218 | $2,092,219 | $0 |
| 66 | Geoffrey Martin | CCL Industries Inc. | Materials | CCL-B-T | $1,701,016 | $2,259,827 | $3,960,843 | -11% | $0 | $1,827,480 | $0 | $1,827,480 | $381,391 | $6,169,714 | -3% | $154,030 | $19,021,436 | $37,620,408 | $0 |
| 67 | Ian Dundas | Enerplus Corporation | Energy | ERF-T | $656,691 | $1,128,325 | $1,785,016 | 13% | $299,531 | $3,667,832 | $0 | $3,667,832 | $0 | $5,752,378 | 26% | $0 | $40,642,270 | $7,773,523 | $0 |
| 68 | Scott Patterson | FirstService Corporation | Real Estate | FSV-T | $1,055,699 | $358,886 | $1,414,585 | -69% | $0 | $0 | $4,320,817 | $4,320,817 | $0 | $5,735,402 | -42% | $17,262,507 | $0 | $199,844,492 | $0 |
| 69 | Robert Espey | Parkland Corporation | Energy | PKI-T | $1,049,039 | $1,303,325 | $2,352,364 | 2% | $129,088 | $2,047,476 | $1,102,498 | $3,149,974 | $0 | $5,631,426 | 13% | $1,424,841 | $5,202,938 | $20,634,754 | $0 |
| 70 | Arun Banskota | Algonquin Power & Utilities Corp. | Utilities | AQN-T | $995,231 | $0 | $995,231 | -56% | $17,047 | $3,439,000 | $812,500 | $4,251,500 | $246,730 | $5,510,508 | -7% | $0 | $2,099,195 | $1,826,587 | $0 |
| 71 | Paul Brink | Franco-Nevada Corporation | Materials | FNV-T | $900,000 | $900,000 | $1,800,000 | 1% | $921,449 | $2,700,000 | $0 | $2,700,000 | $0 | $5,421,449 | 14% | $18,302,007 | $6,409,008 | $42,859,923 | $0 |
| 72 | Eric La Flèche | Metro Inc. | Consumer Staples | MRU-T | $1,034,231 | $1,483,040 | $2,517,271 | 9% | $5,504 | $1,248,000 | $1,040,299 | $2,288,299 | $549,000 | $5,360,074 | 7% | $12,302,071 | $4,439,030 | $19,150,687 | $11,237,000 |
| 73 | Terry Anderson | ARC Resources Ltd. | Energy | ARX-T | $630,000 | $1,300,000 | $1,930,000 | 27% | $82,108 | $3,250,014 | $0 | $3,250,014 | $0 | $5,262,122 | 20% | $1,082,470 | $18,473,253 | $3,244,960 | $0 |
| 74 | Denis Ricard | iA Financial Corporation Inc. | Financials | IAG-T | $980,000 | $1,059,331 | $2,039,331 | -23% | $0 | $1,469,992 | $765,000 | $2,234,992 | $952,123 | $5,226,446 | -13% | $7,931,941 | $1,903,083 | $7,442,026 | $19,758,794 |
| 75 | Grant Fagerheim | Whitecap Resources Inc. | Energy | WCP-T | $515,000 | $795,000 | $1,310,000 | 6% | $240,528 | $3,658,111 | $0 | $3,658,111 | $0 | $5,208,639 | 52% | $0 | $8,439,406 | $35,485,014 | $0 |
| 76 | Lino Saputo | Saputo Inc. | Consumer Staples | SAP-T | $1,719,900 | $3,415,721 | $5,135,621 | 215% | $0 | $0 | $0 | $0 | $0 | $5,135,621 | 215% | $0 | $0 | $6,890,908 | $0 |
| 77 | Tristan Pascall (1) | First Quantum Minerals Ltd. | Materials | FM-T | $1,108,620 | $878,665 | $1,987,284 | * | $461,782 | $2,473,278 | $0 | $2,473,278 | $4,008 | $4,926,353 | * | $697,376 | $20,317,304 | $2,433,364 | $0 |
| 78 | Michael Rose | Tourmaline Oil Corp. | Energy | TOU-T | $600,000 | $3,500,000 | $4,100,000 | -20% | $572,000 | $248,155 | $0 | $248,155 | $0 | $4,920,155 | -12% | $7,117,815 | $212,748 | $1,125,497,873 | $0 |
| 79 | Dean Setoguchi | Keyera Corp. | Energy | KEY-T | $669,500 | $1,069,861 | $1,739,361 | 18% | $0 | $2,973,957 | $0 | $2,973,957 | $66,714 | $4,780,032 | 6% | $0 | $8,825,459 | $6,892,576 | $0 |
| 80 | John McCluskey | Alamos Gold Inc. | Materials | AGI-T | $925,589 | $1,272,684 | $2,198,273 | 19% | $84,594 | $1,666,060 | $555,354 | $2,221,414 | $263,793 | $4,768,075 | 13% | $7,440,685 | $5,559,265 | $19,140,810 | $0 |
| 81 | Peter Rockandel (1) | Lundin Mining Corporation | Materials | LUN-T | $1,128,806 | $826,590 | $1,955,396 | * | $41,797 | $2,060,491 | $652,086 | $2,712,577 | $0 | $4,709,770 | * | $429,634 | $1,022,305 | $1,470,870 | $0 |
| 82 | Derek Evans | MEG Energy Corp. | Energy | MEG-T | $615,750 | $874,365 | $1,490,115 | -7% | $95,261 | $3,105,017 | $0 | $3,105,017 | $0 | $4,690,393 | 7% | $2,186,268 | $33,773,282 | $18,957,030 | $0 |
| 83 | Nancy Southern | Canadian Utilities Limited | Utilities | CU-T | $890,000 | $1,602,000 | $2,492,000 | 180% | $31,150 | $0 | $1,002,750 | $1,002,750 | $1,148,914 | $4,674,814 | 59% | $1,170,850 | $0 | $8,902,028 | $27,873,258 |
| 84 | Sam Pollock (3) | Brookfield Infrastructure Corporation | Utilities | BIP-UN-T | $700,537 | $0 | $700,537 | * | $38,189 | $0 | $3,914,755 | $3,914,755 | $0 | $4,653,480 | * | $0 | $0 | $165,744,607 | $0 |
| 85 | Brian Vaasjo | Capital Power Corporation | Utilities | CPX-T | $800,000 | $1,294,320 | $2,094,320 | 4% | $96,860 | $1,600,022 | $411,068 | $2,011,090 | $440,194 | $4,642,464 | 5% | $13,410,730 | $11,001,571 | $8,067,471 | $8,215,566 |
| 86 | Marna Cloete | Ivanhoe Mines Ltd. | Materials | IVN-T | $976,294 | $1,122,738 | $2,099,032 | -25% | $32,702 | $1,575,088 | $924,225 | $2,499,313 | $0 | $4,631,047 | -50% | $4,589,900 | $5,310,672 | $6,125,568 | $0 |
| 87 | Craig Bryksa | Crescent Point Energy Corp. | Energy | CPG-T | $575,000 | $1,045,063 | $1,620,063 | 10% | $83,278 | $2,874,990 | $0 | $2,874,990 | $0 | $4,578,331 | 12% | $3,586,937 | $11,138,360 | $6,836,106 | $0 |
| 88 | Jennifer Wong (1) | Aritzia Inc. | Consumer Discretionary | ATZ-T | $1,134,615 | $825,000 | $1,959,615 | * | $0 | $1,250,000 | $1,250,000 | $2,500,000 | $0 | $4,459,615 | * | $28,224,319 | $2,081,573 | $630,292 | $0 |
| 89 | Andrew Phillips | PrairieSky Royalty Ltd. | Energy | PSK-T | $580,000 | $950,000 | $1,530,000 | -13% | $0 | $2,850,000 | $0 | $2,850,000 | $69,600 | $4,449,600 | 4% | $352,800 | $12,694,400 | $19,362,627 | $0 |
| 90 | Jonathan Gitlin | RioCan Real Estate Investment Trust | Real Estate | REI-UN-T | $900,000 | $1,175,569 | $2,075,569 | 15% | $50,000 | $2,250,000 | $0 | $2,250,000 | $73,000 | $4,448,569 | 2% | $750,000 | $4,809,181 | $3,105,615 | $737,700 |
| 91 | Mark Kenney | Canadian Apartment Properties Real Estate Investment Trust | Real Estate | CAR-UN-T | $820,000 | $1,178,340 | $1,998,340 | -2% | $83,759 | $2,155,724 | $0 | $2,155,724 | $0 | $4,237,823 | -1% | $0 | $4,389,894 | $11,933,243 | $0 |
| 92 | Scott Medhurst | Toromont Industries Ltd. | Industrials | TIH-T | $835,654 | $1,620,821 | $2,456,475 | 13% | $39,424 | $586,937 | $586,926 | $1,173,863 | $363,204 | $4,032,966 | 11% | $3,395,099 | $534,181 | $19,529,591 | $0 |
| 93 | Mike Crawley | Northland Power Inc. | Utilities | NPI-T | $800,000 | $636,800 | $1,436,800 | 4% | $7,460 | $2,000,000 | $0 | $2,000,000 | $0 | $3,444,260 | 26% | $0 | $4,579,040 | $3,477,596 | $0 |
| 94 | Galen Weston (4) | George Weston Limited | Consumer Staples | WN-T | $388,800 | $899,020 | $1,287,820 | -31% | $15,278 | $1,032,634 | $1,032,881 | $2,065,515 | $0 | $3,368,613 | -48% | $36,377,582 | $7,321,892 | $13,212,905,375 | $0 |
| 95 | John McKenzie | TMX Group Limited | Financials | X-T | $750,000 | $765,000 | $1,515,000 | -46% | $8,940 | $1,200,000 | $300,000 | $1,500,000 | $221,563 | $3,245,503 | -33% | $4,341,998 | $988,609 | $4,128,162 | $4,349,086 |
| 96 | Pierre Karl Péladeau | Quebecor Inc. | Communication Services | QBR-B-T | $1,440,100 | $909,853 | $2,349,953 | -7% | $0 | $0 | $720,250 | $720,250 | $58,500 | $3,128,703 | 21% | $411,250 | $0 | $2,138,721,152 | $9,854,400 |
| 97 | Gerald Schwartz # | Onex Corporation | Financials | ONEX-T | $1,692,243 | $0 | $1,692,243 | -79% | $0 | $0 | $0 | $0 | $0 | $1,692,243 | -79% | $0 | $0 | $676,674,701 | $0 |
| 98 | William Sheffield (1) | Hydro One Limited | Utilities | H-T | $420,953 | $200,000 | $620,953 | * | $38,866 | $420,953 | $0 | $420,953 | $0 | $1,080,772 | * | $0 | $0 | $1,007,109 | $0 |
| 99 | Prem Watsa | Fairfax Financial Holdings Limited | Financials | FFH-T | $600,000 | $0 | $600,000 | 0% | $59,214 | $0 | $0 | $0 | $0 | $659,214 | 2% | $0 | $0 | $1,879,013,399 | $0 |
| 100 | Mark Leonard | Constellation Software Inc. | Information Technology | CSU-T | $0 | $0 | $0 | 0% | $0 | $0 | $0 | $0 | $0 | $0 | 0% | $0 | $0 | $909,598,937 | $0 |
| Median | $1,111,185 | $1,636,429 | $2,816,350 | 0.00% | $70,661 | $3,708,907 | $742,625 | $68,157 | $8,598,141 | 1.56% | $3,188,241 | $8,894,993 | $13,061,348 | $0 | |||||
| Average | $1,157,387 | $1,907,393 | $3,064,780 | 3.45% | $285,636 | $4,368,466 | $1,427,915 | $528,156 | $9,674,953 | 5.19% | $12,340,310 | $11,465,557 | $318,517,159 | $4,412,695 |
Source: Global Governance Advisors research based on company filings
# Former CEO
(1) New CEO in 2022
(2) Following the spinout of Brookfield Asset Management from Brookfield Corp., Bruce Flatt remained CEO of both companies. The companies did not allocate his pay between the two in their disclosures, so the same figures are provided for each company (except for unvested share-based awards and CEO equity data)
(3) Sam Pollock, CEO of Brookfield Infrastructure, and Connor Teskey, CEO of Brookfield Renewable, are paid by Brookfield Corp. They currently receive option-based awards and share-based awards in the form of Brookfield Corp. and/or Brookfield Asset Management equity.
(4) Galen Weston’s compensation from George Weston and Loblaw represents amounts paid by the respective companies.
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 2022. 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 2022.
Bonus is the value of any annual and long-term cash incentives paid for 2022 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 2021′s total salary and bonus. No number is shown if the CEO was not in the same position for all of 2021 and 2022.
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 2022.
Option-based awards is the estimated grant date value of new stock options awarded to the CEO in 2022.
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 2022.
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.