Financial and economic considerations, not political perception, should guide business decisions. Boards should base executive compensation on what the executives in question are worth, not “optics” or “people’s perceptions” of excessive business profits. Loblaw is a company worth, at time of writing, $40.7 billion, which includes the value not only of its grocery business, but its pharmacy and bank.
It is also far from certain that giving the CEO a pay raise is bad optics in any real way. Grocery shoppers choose where to shop based on prices, quality, variety and convenience. No one chooses their grocery store based on which pays their CEO the least. Or at least, no serious person does – Jagmeet Singh and other moralizing socialists might. Meanwhile, rewarding corporate executives for good performance resonates with employees and investors.
Jagmeet Singh’s objections to Loblaw’s profits and its CEO’s compensation is the standard socialist tripe that corporate profits and executive compensation represent a loss to consumers and ordinary workers. We may soon hear him insisting that a surgeon’s income reduces the welfare of the patients on whom he or she operates, that star athletes’ salaries are a loss to the fans who pay for them through ticket prices, and that restaurant diners are made worse off if the chef is paid more.
fpcomment It just goes to show corporate and shareholder benefit is diametrically opposed to public interest, societal good, and morality. It’s one thing to maximize profit but it’s another to lie about inflation as the blame while gouging and profiteering off of your customers.
fpcomment I wanna see a PwC office worker try to pull off being Loblaws CEO. Maybe then we’ll all remember that nobody is the same.
fpcomment GREEDISGOOD, duh?
fpcomment And there you have it folks… national post and post media showing exactly whose agenda they are trying to push. No. People are being exploited by Loblaws who is reporting record profit while 1/4 children rely on food shelters. Time for competition bureau to step in.
fpcomment Taxpayer funded public servants making exorbitant wages are a much bigger concern.
fpcomment Anyone who works in a large corporation knows things like this happen all the time. When you are in the executive branch, you generally will always win regardless of what the actual external circumstances are.
fpcomment We need a circular economic system b/c the laddering tiered payment system to infinity creates inflation simply put we have to put a lid on the value of our dollar otherwise capitalism marks us more valuable that we are, this is another inflation issue PierrePoilievre cdnpoli
fpcomment I wish Galen would sue the NDP for defamation. Would lo to see the name calling politician stop the juvenile approach to getting votes…
fpcomment Loblaw is a publicly traded company NOT crown corporation. No one complains about CEOs’ salary of APPLE, Air Canada, JnJ, Pfizer or other publicly traded companies. Why Loblaw?Share holders decide what salary to pay to CEOs NOT government officials or public. Thats capitalism! ☹️
fpcomment 100%, it's called capitalism in case Canadians forgot
fpcomment This is private sector why are people so upset about this but they barely give a thought to the greed and unaccountability of the liberals who are aided by Singh a multi millionaire (just like Trudeau and his cabinet ministers). No wonder the country is in such a mess.
fpcomment Sure, don’t begrudge him his raise, but then do put the blame for higher grocery prices where it belongs, and not on the federal gov’t.
fpcomment I completely agree and I've said it before. Galen is a business man, Jagmeet is a public servant. They both got raises but only one is doing their job.
fpcomment It is my business when his grossly exorbitant salary results in higher food prices!
fpcomment Boycott Loblaws
fpcomment This is a Conservative view.
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