CEOs at Canada’s largest companies saw 23-per-cent pay increase in 2021

“I know that several of the banks and some other companies did across-the-board wage increases for lower- and middle-income employees, but it remains to be seen whether that’s going to in any way make up for the increasing levels on the upper end that keep going up and up and up,” said Catherine McCall, executive director of the Canadian Coalition for Good Governance, a group of institutional investors.

Nuvei, for example, gave Mr. Fayer share and option awards valued at $138.6-million on Oct. 6, when the company’s shares traded on the New York Stock Exchange at US$123.14. More than six months later, when the company issued its proxy circular, the shares traded at less than half that amount. Kelly Gorman of Kingsdale Advisory Services said the desire to lure and retain executives drove companies to raise pay in 2021. “What we’re seeing is that boards this year are really focused around the retention of key staff. They were focused on making sure that they were retaining their CEOs and their key officers. And so I’m not surprised that we’re seeing the compensation go up.”

“The biggest piece of the pie is the stock award that CEOs get,” said Kenneth Yung, the practice leader for executive rewards at Mercer Ltd. While CEO median pay went up by 20 to 25 per cent at many companies, he said, “I believe that the actual pay that they have received went up by way more than 20 to 25 per cent.”

Median figures exclude the wealthy outliers, several of which are among Canada’s CEO-founders or members of founding families. There were 10 CEOs who had accumulated at least $1-billion in company stock at the end of their most recent fiscal years, with G Lütke of Shopify Inc.and Mr. Weston above $10-billion. All told, the 100 CEOs owned $46.4-billion in stock in their companies, up more than $6-billion from the prior year.

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