This is a ranking of compensation paid in fiscal 2008 to the CEOs of the 100 largest companies (by market capitalization) in the S&P/TSX composite index as of June 1. For companies with no CEO, the president or similar executive is used. Where two names appear, the company has co-CEOs. The data reflect new compensation disclosure rules mandated by regulators for companies with fiscal year ends of Dec. 31, 2008, or later. For those with earlier fiscal year ends, the data in some categories may not be directly comparable if compiled under previous disclosure rules.
CURRENCY For companies that report in U.S. dollars, amounts are converted to Canadian dollars at the average annual exchange rate for 2008 ($1.066 Canadian).
SALARY is base salary.
BONUS is annual cash incentive payment.
PERCENTAGE CHANGE is the change from 2007 total salary and bonus. No number is shown if the CEO was not in the same position for all of 2007 and 2008.
OTHER includes all other payments and the cash value of other benefits.
STOCK AWARDS are the total of shares, share units, trust units, or similar long-term incentive plan grants.
OPTION GRANTS are the value of stock options or trust-unit rights granted in 2008.
PENSION VALUE is the annual value of pension benefit earned by the CEO in 2008.
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BY THE NUMBERS
Compensation stats for CEOs of Canada's 100 largest firms: (2008 data, plus percentage change from 2007 where available)
$863,000
Average base salary, up 10 per cent
$1.2-million
Average cash bonus, down 20 per cent
$2.1-million
Average cash compensation, salary and bonus, down 10 per cent
$5.1-million
Average total compensation, including grants of shares and options, down 5 per cent
$1.7-million
Median value of unexercised in-the-money options, down 75 per cent
$12.3-million
Median value of shares and vested share units, down 4.7 per cent
$14.3-million
Median equity owned by a CEO, including options and shares, down 27 per cent
$20.3-billion
Total value of equity (shares, units and options) owned by Canada's 100 largest company CEOs
*Includes only data for CEOs on the job for all of 2007 and 2008, and where companies provided information about the value of all compensation elements in both years
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Rank | Name | Company | Salary | Bonus | Subtotal | Change (%) | Other | Stock awards | Option Grants | Pension | Total |
1 | Thomas Glocer | Thomson Reuters Corp. | 1,598,223 | 3,227,312 | 4,825,535 | 2,090,812 | 30,028,784 | 2,065,388 | 0 | 39,010,519 | |
2 | Ted Rogers# | Rogers Communications Inc. | 1,592,067 | 2,388,101 | 3,980,168 | 14,613,590 | 0 | 2,700,438 | 190,512 | 21,484,708 | |
3 | George Cope | BCE Inc. | 959,327 | 3,265,000 | 4,224,327 | 141,555 | 11,250,000 | 3,750,000 | 185,463 | 19,551,345 | |
4 | William Doyle | Potash Corp. of Saskatchewan | 1,164,072 | 2,211,950 | 3,376,022 | -3 | 275,011 | 3,111,942 | 6,937,974 | 4,449,106 | 18,150,052 |
5 | Edward Sampson | Niko Resources Ltd. | 608,000 | 617,500 | 1,225,500 | 55 | 0 | 0 | 12,859,437 | 0 | 14,084,992 |
6 | Hunter Harrison | Canadian National Railway Co. | 1,790,880 | 3,575,195 | 5,366,075 | 212 | 1,113,975 | 3,450,745 | 1,799,124 | 1,620,129 | 13,350,260 |
7 | Dominic D'Alessandro | Manulife Financial Corp. | 1,361,540 | 0 | 1,361,540 | -75 | 1,962,254 | 3,906,240 | 3,906,240 | 2,115,000 | 13,251,199 |
8 | Mike Lazaridis | Research In Motion Ltd. | 1,167,102 | 1,800,000 | 2,967,102 | 55 | 0 | 0 | 9,818,000 | 0 | 12,785,157 |
9 | James Balsillie | Research In Motion Ltd. | 1,167,102 | 1,800,000 | 2,967,102 | 55 | 0 | 0 | 9,818,000 | 0 | 12,785,157 |
10 | Jean Claude Gandur(1) | Addax Petroleum Corp. | 1,921,966 | 2,018,065 | 3,940,031 | 15 | 0 | 7,899,502 | 0 | 66,715 | 11,906,263 |
11 | Jim Shaw | Shaw Communications Inc. | 2,000,000 | 6,000,000 | 8,000,000 | 23 | 226,176 | 0 | 3,507,000 | n/a | 11,733,199 |
12 | Stephen Wetmore# | Bell Aliant Regional Comm. Income | 900,000 | 664,200 | 1,564,200 | 5,999,199 | 1,799,996 | 0 | 2,199,855 | 11,563,250 | |
13 | Jeffrey Orr | Power Financial Corp. | 3,358,665 | 2,000,000 | 5,358,665 | 399,379 | 122,500 | 4,008,734 | 1,360,000 | 11,249,278 | |
14 | Tye Burt | Kinross Gold Corp. | 1,250,018 | 2,747,440 | 3,997,458 | -31 | 246,179 | 3,552,435 | 2,368,291 | 899,279 | 11,063,611 |
15 | Randall Eresman | EnCana Corp. | 1,325,020 | 4,000,058 | 5,325,078 | 42 | 140,945 | 0 | 4,580,467 | 973,588 | 11,020,120 |
16 | Robert Brown | CAE Inc. | 1,030,000 | 4,496,000 | 5,526,000 | 70 | 149,341 | 1,762,500 | 1,935,000 | 1,430,000 | 10,802,911 |
17 | Kevin McArthur# | Goldcorp Inc. | 1,305,743 | 956,393 | 2,262,136 | 1 | 30,061 | 5,123,196 | 1,826,140 | 12,259 | 9,253,793 |
18 | Ron Brenneman | Petro-Canada | 1,345,913 | 1,791,000 | 3,136,913 | 11 | 154,067 | 2,381,080 | 2,475,268 | 1,052,000 | 9,199,339 |
19 | Michael Wilson | Agrium Inc. | 1,260,783 | 2,285,124 | 3,545,907 | 23 | 27,618 | 2,186,522 | 2,183,522 | 1,235,059 | 9,178,651 |
20 | John Manzoni | Talisman Energy Inc. | 1,254,000 | 1,341,780 | 2,595,780 | 192,581 | 0 | 5,027,580 | 1,000,400 | 8,816,341 | |
21 | Harold Kvisle | TransCanada Corp. | 1,237,503 | 2,552,000 | 3,789,503 | 12 | 12,354 | 3,000,000 | 1,000,000 | 753,000 | 8,554,869 |
22 | Edmund Clark | Toronto-Dominion Bank | 1,500,000 | 1,250,000 | 2,750,000 | -27 | 71,071 | 3,000,113 | 2,250,035 | -310,000 | 7,761,192 |
23 | Richard George | Suncor Energy Inc. | 1,277,308 | 900,000 | 2,177,308 | -25 | 243,141 | 3,091,904 | 2,520,461 | -527,400 | 7,505,389 |
24 | Richard Waugh | Bank of Nova Scotia | 1,000,000 | 500,000 | 1,500,000 | -42 | 1,157,705 | 3,010,000 | 3,010,000 | -1,173,000 | 7,504,663 |
25 | Allen Loney | Great-West Lifeco Inc. | 729,167 | 1,062,500 | 1,791,667 | 58,028 | 30,041 | 560,000 | 4,853,253 | 7,292,989 | |
26 | Peter Munk | Barrick Gold Corp. | 1,000,000 | 5,833,333 | 6,833,333 | 101,216 | 0 | 0 | 0 | 6,934,549 | |
27 | Darren Entwistle | Telus Corp. | 1,225,000 | 451,414 | 1,676,414 | -10 | 52,903 | 1,819,900 | 2,500,000 | 840,000 | 6,889,207 |
28 | Stephen Snyder | TransAlta Corp. | 975,000 | 2,548,320 | 3,523,320 | 64 | 54,746 | 2,670,585 | 0 | 437,900 | 6,686,615 |
29 | Donald Stewart | Sun Life Financial Inc. | 1,142,308 | 0 | 1,142,308 | -63 | 0 | 3,300,006 | 2,200,009 | -65,500 | 6,576,760 |
30 | Donald Lindsay | Teck Resources Ltd. | 1,144,000 | 500,000 | 1,644,000 | -18 | 40,000 | 2,216,004 | 2,282,784 | 336,000 | 6,518,770 |
31 | Patrick Daniel | Enbridge Inc. | 1,181,250 | 2,000,000 | 3,181,250 | 17 | 166,760 | 1,163,100 | 1,314,400 | 650,000 | 6,475,527 |
32 | Jacques Lamarre# | SNC-Lavalin Group Inc. | 1,035,000 | 2,328,750 | 3,363,750 | 162 | 109,342 | 1,034,000 | 1,136,300 | 637,500 | 6,281,054 |
33 | Donald Walker | Magna International Inc. | 117,793 | 2,785,458 | 2,903,251 | -57 | 3,342,251 | 0 | 0 | 0 | 6,245,445 |
34 | Charles Fischer# | Nexen Inc. | 1,348,750 | 1,500,000 | 2,848,750 | 124,245 | 0 | 2,245,760 | 938,800 | 6,157,555 | |
35 | Siegfried Wolf | Magna International Inc. | 106,600 | 2,785,458 | 2,892,058 | -60 | 3,232,880 | 0 | 0 | 0 | 6,124,878 |
36 | Jürgen Schreiber | Shoppers Drugs Mart Corp. | 1,200,000 | 1,480,500 | 2,680,500 | 410,872 | 2,400,000 | 0 | 366,800 | 5,858,172 | |
37 | Allen Chan | Sino-Forest Corp. | 479,560 | 4,743,700 | 5,223,260 | 36 | 98,867 | 0 | 0 | 0 | 5,322,163 |
38 | Scott Saxberg | Crescent Point Energy Trust | 371,000 | 1,800,000 | 2,171,000 | 308 | 7,983 | 3,113,515 | 0 | 0 | 5,292,806 |
39 | Louis Vachon | National Bank of Canada | 800,000 | 743,900 | 1,543,900 | 129 | 175,057 | 1,200,000 | 2,000,000 | 368,000 | 5,287,086 |
40 | Ian Greenberg | Astral Media Inc. | 850,000 | 1,147,271 | 1,997,271 | 3 | 0 | 1,531,600 | 588,700 | 1,154,900 | 5,272,474 |
41 | Gordon Nixon | Royal Bank of Canada | 1,400,000 | 2,400,000 | 3,800,000 | -30 | 674,359 | 0 | 0 | 770,000 | 5,244,329 |
42 | Paul Desmarais, Jr. | Power Corp. of Canada | 1,000,000 | 1,250,000 | 2,250,000 | -35 | 437,000 | 170,625 | 1,449,001 | 876,000 | 5,182,591 |
43 | Laurent Beaudoin | Bombardier Inc. | 0 | 3,675,000 | 3,675,000 | 61 | 1,415,703 | 0 | 0 | 0 | 5,090,764 |
44 | Sean Boyd | Agnico-Eagle Mines Ltd. | 925,000 | 740,000 | 1,665,000 | -19 | 21,265 | 39,000 | 3,312,000 | 21,000 | 5,058,246 |
45 | André Desmarais | Power Corp. of Canada | 1,000,000 | 1,250,000 | 2,250,000 | -35 | 555,750 | 170,625 | 1,449,001 | 594,000 | 5,019,341 |
46 | Mayo Schmidt(2) | Viterra Inc. | 850,000 | 1,354,688 | 2,204,688 | 85,000 | 2,197,404 | 500,000 | 0 | 4,987,092 | |
47 | John Lau | Husky Energy Inc. | 1,477,750 | 3,029,000 | 4,506,750 | -19 | 157,888 | 0 | 0 | 132,998 | 4,797,617 |
48 | Frederic Green | Canadian Pacific Railway Ltd. | 893,750 | 0 | 893,750 | -38 | 226,829 | 0 | 2,625,790 | 988,000 | 4,734,331 |
49 | Steve Laut | Canadian Natural Resources Ltd. | 550,000 | 463,500 | 1,013,500 | -7 | 96,295 | 0 | 3,538,898 | 0 | 4,648,686 |
50 | Gerald Grandey | Cameco Corp. | 986,000 | 553,000 | 1,539,000 | -19 | 412,611 | 970,750 | 1,347,000 | 290,500 | 4,559,842 |
51 | Marc Tellier | Yellow Pages Income Fund | 825,000 | 650,000 | 1,475,000 | -31 | 0 | 2,637,032 | 0 | 416,000 | 4,528,001 |
52 | William Wells | Biovail Corp. | 573,520 | 860,000 | 1,433,520 | 584,809 | 2,151,250 | 162,000 | 0 | 4,331,579 | |
53 | Gerald Schwartz | Onex Corp. | 644,345 | 3,654,000 | 4,298,345 | -66 | 0 | 0 | 0 | 0 | 4,298,279 |
54 | Peter Marrone | Yamana Gold Inc. | 1,001,614 | 500,531 | 1,502,145 | -80 | 49,807 | 2,568,798 | 0 | 0 | 4,120,670 |
55 | Michael Waites | Finning International Inc. | 690,194 | 250,000 | 940,194 | 55,027 | 0 | 2,414,833 | 691,000 | 4,101,054 | |
56 | Nancy Southern | Canadian Utilities Ltd. | 900,000 | 1,080,000 | 1,980,000 | 0 | 19,125 | 0 | 798,120 | 1,271,942 | 4,069,187 |
57 | Michael Roach | CGI Group Inc. | 885,000 | 600,000 | 1,485,000 | 151,552 | 0 | 2,359,000 | 0 | 3,995,552 | |
58 | Bruce March(3) | Imperial Oil Ltd. | 479,700 | 493,984 | 973,684 | 821,511 | 1,584,780 | 0 | 611,774 | 3,991,749 | |
59 | Stanley Marshall | Fortis Inc. | 870,000 | 950,000 | 1,820,000 | 6 | 248,077 | 798,466 | 439,462 | 618,146 | 3,924,157 |
60 | Marcel Coutu | Canadian Oil Sands Trust | 800,000 | 690,000 | 1,490,000 | -32 | 208,000 | 1,000,000 | 1,000,000 | 0 | 3,697,968 |
61 | Thomas Gault# | Candian Tire Corp. Ltd. | 1,074,519 | 575,885 | 1,650,404 | 300,003 | 1,684,781 | 0 | 0 | 3,635,188 | |
62 | Gerald McCaughey | Canadian Imperial Bank of Commerce | 1,000,000 | n/a | 1,000,000 | 0 | 1,445,179 | na | 742,500 | 413,000 | 3,600,679 |
63 | Edward Sonshine | RioCan Real Estate Investment Trust | 900,000 | 1,503,000 | 2,403,000 | 7 | 0 | 0 | 859,133 | 178,700 | 3,440,840 |
64 | Paul Wright | Eldorado Gold Corp. | 550,000 | 1,443,800 | 1,993,800 | 136 | 39,287 | 860,000 | n/a | 241,667 | 3,134,890 |
65 | William Downe | Bank of Montreal | 1,032,000 | 1,400,000 | 2,432,000 | 152 | 401,444 | 0 | 0 | -13,359 | 2,820,237 |
66 | Thomas Kloet | TMX Group Inc. | 326,218 | 700,000 | 1,026,218 | 392,227 | 350,000 | 918,500 | 99,368 | 2,786,313 | |
67 | Pierre Blouin | Manitoba Telecom Services Inc. | 803,066 | 750,000 | 1,553,066 | 2 | 67,871 | 800,026 | 0 | 342,000 | 2,762,965 |
68 | David Fesyk | Inter Pipeline Fund | 550,000 | 675,000 | 1,225,000 | -6 | 160,749 | 1,350,000 | 0 | 0 | 2,735,743 |
69 | John Wright | Petrobank Energy & Resources Ltd. | 273,481 | 80,000 | 353,481 | 13 | 13,431 | 245,372 | 2,044,009 | 0 | 2,656,306 |
70 | Robert Geddes | Ensign Energy Services Inc. | 430,000 | 452,842 | 882,842 | 27 | 0 | 465,549 | 1,250,000 | 0 | 2,598,418 |
71 | Bruce Flatt | Brookfield Asset Management Inc. | 425,000 | 0 | 425,000 | -1 | 19,124 | 360,477 | 1,663,740 | 0 | 2,468,340 |
72 | Charles Brindamour | Intact Financial Corp. | 567,115 | 278,004 | 845,119 | 17,182 | 990,000 | 0 | 587,678 | 2,439,979 | |
73 | Christopher Huskilson | Emera Inc. | 623,076 | 468,750 | 1,091,826 | 25 | 24,491 | 632,813 | 210,938 | 427,000 | 2,387,093 |
74 | Lino Saputo, Jr. | Saputo Inc. | 950,000 | 1,396,500 | 2,346,500 | 47 | 0 | 0 | 0 | 0 | 2,346,547 |
75 | John Dielwart | ARC Energy Trust | 500,000 | 650,000 | 1,150,000 | 12 | 35,000 | 1,120,045 | 0 | 0 | 2,305,057 |
76 | Gordon Kerr | Enerplus Resources Fund | 520,833 | 240,000 | 760,833 | -20 | 130,191 | 682,500 | 682,500 | 0 | 2,256,004 |
77 | Galen G. Weston | Loblaw Cos. Ltd. | 1,000,000 | 1,183,800 | 2,183,800 | 118 | 69,072 | 0 | 0 | 0 | 2,252,990 |
78 | Eric La Flèche | Metro Inc. | 580,962 | 412,596 | 993,558 | 0 | 22,206 | 1,234,000 | n/a | 2,249,764 | |
79 | Richard Ross | Inmet Mining Corp. | 725,000 | 217,500 | 942,500 | -70 | 147,497 | 1,103,266 | 0 | 21,000 | 2,214,193 |
80 | W. Galen Weston | George Weston Ltd. | 1,000,000 | 1,000,000 | 2,000,000 | 100 | 78,355 | 0 | 0 | 0 | 2,078,455 |
81 | Charles Sims | IGM Financial Inc. | 688,333 | 420,000 | 1,108,333 | -29 | 533,579 | 30,000 | 394,160 | 0 | 2,066,043 |
82 | Robert Michaleski | Pembina Pipeline Income Fund | 581,333 | 441,430 | 1,022,763 | 4 | 38,372 | 798,690 | 0 | 98,384 | 1,958,213 |
83 | William Holland | CI Financial Corp. | 625,000 | 400,000 | 1,025,000 | 64 | 0 | 0 | 862,500 | 0 | 1,887,564 |
84 | Peter Barnes | Silver Wheaton Corp. | 624,986 | 224,995 | 849,981 | -21 | 12,865 | 0 | 1,006,807 | 0 | 1,869,632 |
85 | Yvon Charest | Industrial Alliance Ins. and Fin. Serv. Inc. | 668,772 | 0 | 668,772 | -38 | 0 | 0 | 529,920 | 652,000 | 1,850,654 |
86 | Robert Quartermain | Silver Standard Resources Inc. | 425,000 | 100,000 | 525,000 | 0 | 10,868 | 0 | 1,245,000 | 0 | 1,780,868 |
87 | Murray Taylor | IGM Financial Inc. | 743,333 | 453,000 | 1,196,333 | -17 | 73,732 | 30,000 | 439,059 | 30,750 | 1,769,857 |
88 | Richard Clark | Red Back Mining Inc. | 424,471 | 872,308 | 1,296,779 | 1 | 0 | 0 | 472,142 | 0 | 1,768,922 |
89 | Joseph Conway | IamgoldCorp. | 600,000 | 450,000 | 1,050,000 | 36 | 26,593 | 0 | 675,700 | 11,429 | 1,763,758 |
90 | Lorenzo Donadeo | Vermilion Energy Trust | 408,750 | 300,000 | 708,750 | -15 | 0 | 1,000,012 | 0 | 42,919 | 1,751,666 |
91 | Donald Schroeder | Tim Hortons Inc. | 552,153 | 560,000 | 1,112,153 | 268,886 | 119,002 | 242,790 | 0 | 1,742,831 | |
92 | William Andrew | Penn West Energy Trust | 525,000 | 0 | 525,000 | 0 | 84,886 | 0 | 1,016,000 | 0 | 1,625,886 |
93 | Glenn Chamandy | Gildan Activewear Inc. | 742,365 | 289,523 | 1,031,888 | 14 | 66,553 | 232,677 | 232,686 | 39,219 | 1,603,037 |
94 | Philip Pascall | First Quantum Minerals Ltd. | 823,928 | 373,100 | 1,197,028 | 6 | 24,490 | 165,018 | 0 | 0 | 1,386,542 |
95 | John Shackleton | Open Text Corp. | 502,000 | 544,369 | 1,046,369 | 14 | 13,284 | 0 | 314,900 | 0 | 1,374,567 |
96 | Alain Bouchard | Alimentation Couche-Tard Inc. | 965,328 | 241,332 | 1,206,660 | -35 | 0 | 0 | 0 | n/a | 1,206,625 |
97 | Peter Blake | Ritchie Bros. Auctioneers Inc. | 537,264 | 370,648 | 907,912 | -3 | 32,513 | 0 | 224,151 | 0 | 1,164,573 |
98 | David Johnson# | Progress Energy Resources Corp. | 325,000 | 220,000 | 545,000 | -29 | 32,500 | 549,900 | 0 | 0 | 1,127,371 |
99 | Raymond Chan# | Baytex Energy Trust | 525,000 | 430,000 | 955,000 | 4 | 52,500 | 0 | 0 | 0 | 1,007,504 |
100 | Geoffrey Burns | Pan American Silver Corp. | 474,750 | 0 | 474,750 | -17 | 28,350 | 81,000 | 243,000 | 0 | 827,083 |
101 | David Harquail | Franco-Nevada Corp. | 381,741 | 381,741 | 763,482 | 11,786 | 0 | 0 | 0 | 775,268 | |
102 | Prem Watsa | Fairfax Financial Holdings Ltd. | 600,000 | 0 | 600,000 | 0 | 20,000 | 0 | 0 | 0 | 620,000 |
103 | Keith MacPhail | Bonavista Energy Trust | 185,000 | 0 | 185,000 | 9 | 0 | 0 | 316,836 | 0 | 501,845 |
104 | James Kinnear(4) | Pengrowth Energy Trust | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
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TABLE FOOTNOTES
# = Former CEO
n/a = Information not available
(1) Value of shares only shows direct ownership
(2) change not given because 2007 compensation was for a 15 month period
(3) Pension is provided by Exxon Mobil
(4) Compensation is provided under a management contract. Personal payment information is not provided.