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01-05-2009, 03:18 PM
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#1 | | y'all better put some respeck on my name
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| Canada's top CEOs need just 12 hours to earn average Canadian annual salary
Quote:
TORONTO - As many Canadians nurse their post-New Year's Eve hangovers and ponder what further economic storms await, Canada's top corporate executives can take some comfort in knowing they have already earned as much as the average worker will earn in all of 2009.
A new analysis by the left-leaning Canadian Centre for Policy Alternatives concludes the country's richest corporate executives will have pocketed an average of $40,237 by 9:04 a.m. Friday morning.
"By the time your computer has finished booting up on your first day back after the New Year's holiday, the average CEO would have already banked what took the average Canadian worker an entire year's worth of work to earn," the report states.
"Many of the top 100 include Canada's big bank CEOs, who recently received billions in federal government bailout money to purchase mortgage loans."
Prepared by economist Hugh Mackenzie, the report finds the top 100 CEOs of publicly traded corporations averaged more than $10 million in pay apiece in 2007, the last full year for which figures are available.
That kind of money would buy 44 high-end Porsches or five $2-million condos.
The collective billion-dollar bonanza - a 22 per cent increase over the year before - set a record and followed a decade of unprecedented pay increases, the analysis finds.
Roger Martin, dean of the Rotman School of Management, said the gap between low-end and highest-end earners began growing in earnest in the 1980s and accelerated in the 1990s, something Martin attributed essentially to greed.
The question for CEOs changed from how much they felt they needed to earn to how much could they could "possibly extract" from their companies, an attitude detrimental to the company and their employees.
"Rank-and-file employees will increasingly feel like, 'Wow, I'm working hard to make that guy really, really rich. Do I like that?"' Martin said.
The report is based on disclosures made by companies trading on the Toronto Stock Exchange. The compensation includes salaries, bonuses, proceeds from stock options and other payouts.
The top earner, according to the report, was Michael Lazaridis, head of BlackBerry maker Research In Motion based in Waterloo, Ont., who pocketed more than $51 million.
Martin said current ways of thinking about CEO compensation are "just dead wrong."
"A lot of the CEOs have a compensation formula that still compensates them wonderfully while they're not creating value or even destroying value - laying off people and the like," Martin said.
Incentives they are offered tend to encourage unhealthy and even disastrous risk-taking as senior executives seek to maximize their own earnings, often at the expense of shareholder interests, Martin said.
Despite the market meltdown and hammering of the economy that is costing thousands of workers their jobs, Mackenzie said CEO earnings for 2008 could be as high as they ever were.
"In a rational world, you would expect a big drop in executive compensation in 2008 and again this year," Mackenzie said in an interview.
But in a rational world, he said, one wouldn't expect to see the average pay of the top 50 executives rising from 104 times the average income in 1995 to almost 400 times.
Martin said CEOs should suffer along with employees and shareholders when times are tough.
Repercussions from the economic crisis may yet force them to do so.
The report notes a backlash in the United States against huge salaries and severance packages paid to executives even as their company share prices and performance plummet.
"It's only a matter of time before this new reality takes root in Canada," the report says.
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Some facts about the top 100 Canadian CEO earnings
TORONTO - An analysis out Friday by the Canadian Centre for Policy Alternatives finds top earnings for Canada's top 100 CEOs have soared in recent years. Some facts (figures based on 2007 unless otherwise noted):
-Average annual CEO earnings: $10,408,054
-Increase over previous year: 22 per cent
-Average annual pay for Canadians: $40,237
-Number of CEOs to earn total income of Nunavut: 25
-Point at which CEO earns annual salary of average Canadian: Jan. 2, 9:04 a.m.
Quote: "A lot of the CEOs have a compensation formula that still compensates them wonderfully while they're not creating value or even destroying value - laying off people and the like." - Roger Martin, dean of Rotman School of Management.
Source: Canadian Centre for Policy Alternatives
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Last edited by Harvey Specter; 01-05-2009 at 03:20 PM.
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01-05-2009, 03:25 PM
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#2 | | SFICC-03*
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not that surprising, but this isnt salary vs salary.
its the CEO annual earnings vs ordinary joe's salary (not including earnings, if any)
i read in a magazine last year that the top canadian CEOs earn just over 1M/year salary...
so to be fair, the top CEOs make around 40k in around 15 days salary(still mindblowing)
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01-05-2009, 03:26 PM
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#3 | | RS.net, helping ugly ppl have sex since 2001
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thats roughly a Evo X GSR every 12 hrs!
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01-05-2009, 03:45 PM
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#4 | | SFICC-03*
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^for poor folks like us, but when you make 10m a year, who wants an evo?
my mind would shift to: "thats rougly a lambo every 10 days!"
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01-05-2009, 04:27 PM
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#5 | | My homepage has been set to RS
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"That kind of money would buy 44 high-end Porsches or five $2-million condos. "
Or 10 $1million dollar condos!!!
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01-05-2009, 04:32 PM
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#6 | | I bringith the lowerballerith
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Originally Posted by flawless  "That kind of money would buy 44 high-end Porsches or five $2-million condos. "
Or 10 $1million dollar condos!!! | 1 mil dollar condos in dt are pretty small  | |
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01-05-2009, 05:59 PM
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#7 | | I WANT MY 10 YEARS BACK FROM RS.net!
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by the time you make 1 million + a year, you are aiming more than a porsche...
probably a trip to space or buy an island off shore or a private jet or spend money on Zhang ZiYi
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01-05-2009, 06:50 PM
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#8 | | nuggets mod
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| Quote: |
Number of CEOs to earn total income of Nunavut: 25
| lol.. This is the best statistic ever! I think all monetary numbers should be measured relative to the total income of Nunavut
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01-05-2009, 07:10 PM
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#9 | | RS Operative (G)
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they deserve that they work hard
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01-05-2009, 07:56 PM
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#10 | | I *heart* Revscene.net very Muchie
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Originally Posted by halogodv2 they deserve that they work hard | hahahahahahahaha
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01-05-2009, 08:42 PM
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#11 | | i like gifs
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I'd bling out my garage with a Alfa Romeo 8C Competizione. Saw that car on Top Gear and it is sexy as hell.
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01-05-2009, 08:44 PM
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#12 | | I contribute to threads in the offtopic forum
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Originally Posted by halogodv2 they deserve that they work hard | lol if you were a CEO making that kind of money, you think you would work "hard"? I'd be throwing an office party every week ahahahaha
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01-05-2009, 08:55 PM
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#13 | | I WANT MY 10 YEARS BACK FROM RS.net!
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^ he means they probably worked hard to get to where they are now
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01-05-2009, 11:12 PM
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#14 | | OMGWTFBBQ is a common word I say everyday
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you beat me to it.
i saw that article on MSN. i was like WOW i don't even make 40 a year lol
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01-06-2009, 12:33 AM
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#15 | | I contribute to threads in the offtopic forum
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Last edited by m4k4v4li; 01-06-2009 at 12:33 AM.
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01-06-2009, 03:42 AM
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#16 | | I keep RS good
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lol life's not fair, too fucking bad.
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01-06-2009, 07:37 AM
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#17 | | Willing to sell a family member for a few minutes on RS
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| Quote:
Originally Posted by Ulic Qel-Droma lol life's not fair, too fucking bad. |  | |
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01-06-2009, 03:01 PM
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#18 | | Banned By Establishment
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Originally Posted by Ulic Qel-Droma lol life's not fair, too fucking bad. | wtf this seems completely fair to me. they worked hard, they deserve it. somebody has to rise to the top of the corporate ladder, and these CEO's verbally fought, stressed hard, allied and betrayed other employees, and kissed ass just to get to the top. it's a cut-throat world in business and if any person makes it to CEO and lasts, that's fair game to me.
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01-06-2009, 03:06 PM
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#19 | | Need my Daily Fix of RS
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damn, 12 hours
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01-06-2009, 03:28 PM
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#20 | | Unauthourized Spammer
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It's funny that everyone who says it isn't fair would just as quickly justify it to be fair if it was them.
It's always easy to talk when the shoe is on the other foot. While I'm not an avid supporter of obscene wage gaps, monetary gain seems to be the measuring stick for overachievers.
What's going to drive people to do more if they reach a salary cap? Also, CEO wages and CEO packages are different. Wages are generally capped at a specific amount however bonuses or stock options are given beyond that fixed income.
The element I do not agree with is making money at the expense of other human beings. The goal of what you do should somehow benefit the quality of life for people, if you're not part of the solution, you're part of the problem.
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01-06-2009, 10:44 PM
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#21 | | Banned (ABWS)
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but they'll have to wait 2 years to fully pay off the penthouse at shangri-la,
where would they live during that time
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01-07-2009, 02:58 AM
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#22 | | Marcosexual Fan Club, CEO
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Greed is good. There should still be some glamor among executives.
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01-07-2009, 10:30 AM
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#23 | | I keep RS good
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Originally Posted by BNR32_Coupe wtf this seems completely fair to me. they worked hard, they deserve it. somebody has to rise to the top of the corporate ladder, and these CEO's verbally fought, stressed hard, allied and betrayed other employees, and kissed ass just to get to the top. it's a cut-throat world in business and if any person makes it to CEO and lasts, that's fair game to me. | no it's not fair, because someone else can work just as hard, but be at the wrong place or at the wrong time or both, and never make it even close.
or someone could be born into wealth.
or whatever, an infinite amount of situations where it is very unfair.
the world isnt fair man, a man's gotta do what a man's gotta do to get ahead.
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01-07-2009, 10:40 AM
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#24 | | Everyone wants a piece of R S...
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Originally Posted by flawless "That kind of money would buy 44 high-end Porsches or five $2-million condos. "
Or 10 $1million dollar condos!!! | or 1 $10 million condo! BALLER!
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01-07-2009, 10:42 AM
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#25 | | SFICC-03*
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^yes, the world is not fair. i thought that was obvious?
cant tell me these CEOs making $10,000,000 a year work 2000000 harder than a chinese sweatshop working making $5 a day. they make more money while taking a shit at their office than one chinese worker will make slaving away for a lifetime.
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