Valeant Pharmaceuticals International tops the ranking of Canadian CEO salaries for a second time this year—and that’s after a $100 million pay cut. Michael J. Pearson, Valeant’s former CEO, smashed the record for the top spot last year with $183 million in total compensation; this year Valeant’s new CEO, Joseph Papa, held on to the number-one ranking with $83 million. Despite that 55% pay cut, Papa still easily bested the second-highest paid CEO on the list, Magna International’s Donald Walker, at $28 million.

This ranking is compiled each year by the Canadian Centre for Policy Alternatives, using publicly available data. (Companies take varying amounts of time to disclose executive compensation, which is why this ranking covers the year 2016.) The left-leaning think tank uses the figures to highlight the gap between what the average Canadian makes compared to C-suite executives. This year’s average CEO salary among the top 100 highest-paid executives topped $10.4 million, which is 209 times the annual wage of an average Canadian.

The report’s author, CCPA Senior Economist David Macdonald, said the growing gap between CEOs and the average employee is particularly stark as several of these business leaders—Loblaw Cos. CEO Galen G. Weston, for instance—have been vocal opponents of raising the minimum wage. “Canada’s corporate executives were among the loudest critics of a new fifteen dollar minimum wage in provinces like Ontario and Alberta, meanwhile the highest paid among them were raking in record-breaking earnings,” Macdonald said in a news release.

Canada’s Top 100 Highest-Paid CEOs

Rank Company Title Name Base

Salary Other

Compensation † Total

Compensation 1 Valeant Pharmaceuticals International Inc CEO Joseph Papa * $1,299,990 $81,831,262 $83,131,252 2 Magna International Inc CEO Donald Walker * $430,781 $28,183,681 $28,614,462 3 Rogers Communications Inc Former President & CEO Guy Laurence $1,029,711 $23,573,282 $24,602,993 4 Macdonald Dettwiler & Associates Ltd Former President & CEO Daniel Friedmann $266,831 $21,160,422 $21,427,253 5 Canadian Pacific Railway Ltd CEO Hunter Harrison $2,904,595 $15,925,199 $18,829,794 6 Thomson Reuters Corp President & CEO James Smith * $2,109,541 $15,667,917 $17,777,458 7 Encana Corp President & CEO Doug Suttles * $1,370,511 $16,221,594 $17,592,105 8 CCL Industries Inc President & CEO Geoffrey Martin $1,313,760 $16,056,422 $17,370,182 9 Valeant Pharmaceuticals International Inc Former CEO J. Michael Pearson * $887,104 $14,984,687 $15,871,791 10 Waste Connections Inc CEO & Chairman Ronald Mittelstaedt * $1,284,390 $14,570,270 $15,854,660 11 Manulife Financial Corp President & CEO Donald Guloien $1,803,437 $13,577,618 $15,381,055 12 Linamar Corp CEO Linda Hasenfratz $618,431 $14,023,043 $14,641,474 13 Waste Connections Inc Former President & CEO, Progressive Waste Joseph D. Quarin * $86,034 $14,106,756 $14,192,790 14 Telus Corp President & CEO Darren Entwistle $1,375,000 $11,530,331 $12,905,331 15 Bank of Nova Scotia Group Head, International Banking & Digital Transformation Ignacio Deschamps $524,686 $12,227,722 $12,752,408 16 Bombardier Inc President & CEO Alain Bellemare * $1,381,415 $11,196,594 $12,578,009 17 Royal Bank of Canada President & CEO David McKay $1,466,667 $10,778,726 $12,245,393 18 Cott Corporation CEO Jerry Fowden * $1,193,054 $10,938,703 $12,131,757 19 Linamar Corp Chairman Frank Hasenfratz $446,064 $11,551,891 $11,997,955 20 Canadian Natural Resources Ltd Exec Chair N. Murray Edwards $1 $11,893,925 $11,893,926 21 CGI Group Inc President & CEO Michael Roach $1,373,000 $10,448,659 $11,821,659 22 CGI Group Inc Founder & Exec Serge Godin $1,373,000 $10,442,999 $11,815,999 23 Bank of Nova Scotia President & CEO Brian Porter $1,000,000 $10,763,714 $11,763,714 24 Canadian National Railway Co Former President & CEO Claude Mongeau $1,457,280 $10,122,786 $11,580,066 25 Agrium Inc President & CEO Charles Magro * $1,496,304 $10,026,084 $11,522,388 26 Suncor Energy Inc President & CEO Steven Williams $1,375,000 $10,107,343 $11,482,343 27 Enbridge Inc President & CEO Al Monaco $1,377,000 $10,014,427 $11,391,427 28 TFI International Inc President & CEO Alain Bedard $1,742,112 $9,616,501 $11,358,613 29 Quebecor Inc President & CEO Pierre Dion $1,300,000 $9,998,655 $11,298,655 30 Barrick Gold Corp Executive Chairman John Thornton * $3,313,700 $7,955,794 $11,269,494 31 Power Financial Corp President & CEO Jeffrey Orr $4,450,000 $6,773,367 $11,223,367 32 Shaw Communications Inc Executive Chair James Robert Shaw $1,355,682 $9,852,569 $11,208,251 33 Endeavour Mining Corp Former CEO Neil Woodyer * $795,369 $10,167,578 $10,962,947 34 Linamar Corp President & COO Jim Jarrell $480,569 $10,364,126 $10,844,695 35 BCE Inc President & CEO, BCE & Bell George Cope $1,400,000 $9,361,529 $10,761,529 36 Agnico Eagle Mines Ltd Vice-Chair & CEO Sean Boyd * $1,550,732 $9,199,149 $10,749,881 37 Bank of Montreal CEO William Downe $1,987,650 $8,653,658 $10,641,308 38 Aecon Group Inc Former President & CEO Terrance L. McKibbon $689,555 $9,870,233 $10,559,788 39 Onex Corporation CEO Gerald Schwartz $1,723,124 $8,763,565 $10,486,689 40 Toronto-Dominion Bank President & CEO Bharat Masrani $1,000,000 $9,343,954 $10,343,954 41 Alimentation Couche-Tard Inc President & CEO Brian Hannasch $1,587,353 $8,673,347 $10,260,700 42 Transcanada Corp President & CEO Russell Girling $1,300,008 $8,838,014 $10,138,022 43 Celestica Inc President & CEO Robert A. Mionis * $1,126,773 $8,794,228 $9,921,001 44 Teck Resources Ltd President & CEO Donald Lindsay $1,493,500 $8,050,980 $9,544,480 45 Canadian Imperial Bank of Commerce CEO Victor Dodig $1,000,000 $8,191,750 $9,191,750 46 Open Text Corp CEO & CTO Mark Barrenechea $1,251,142 $7,795,728 $9,046,870 47 Sun Life Financial Inc President & CEO Dean Connor $1,076,923 $7,926,771 $9,003,694 48 Air Canada President & CEO Calin Rovinescu $1,400,000 $7,599,225 $8,999,225 49 Kinross Gold Corp President & CEO Paul Rollinson * $1,283,383 $7,063,037 $8,346,420 50 Goldcorp Inc President & CEO David Garofalo $1,250,000 $7,069,888 $8,319,888 51 Canadian National Railway Co President & CEO Luc Jobin $1,106,208 $7,195,958 $8,302,166 52 Canadian Natural Resources Ltd President Steve Laut $567,000 $7,672,154 $8,239,154 53 Shaw Communications Inc President Jay Mehr $1,491,250 $6,697,816 $8,189,066 54 Restaurant Brands International Inc CEO Daniel Schwartz $1,060,384 $7,123,120 $8,183,504 55 National Bank of Canada President & CEO Louis Vachon $1,125,015 $6,990,168 $8,115,183 56 Canadian Imperial Bank of Commerce Group Head, CMO Harry Culham $500,000 $7,552,550 $8,052,550 57 Cenovus Energy Inc President & CEO Brian Ferguson $1,350,000 $6,691,460 $8,041,460 58 Fortis Inc President & CEO Barry Perry $1,100,000 $6,906,611 $8,006,611 59 Eldorado Gold Corp President & CEO Paul Wright $902,800 $6,895,680 $7,798,480 60 Endeavour Mining Corp President & CEO Sebastien de Montessus * $1,193,054 $6,565,881 $7,758,936 61 Hudson's Bay Co Governer & Exec Chair Richard Baker $790,140 $6,959,888 $7,750,028 62 Imperial Oil Ltd Chairman, President & CEO Rich Kruger $1,139,328 $6,438,490 $7,577,818 63 George Weston Ltd Chairman & CEO, George Weston Ltd. & Loblaw Cos Ltd Galen G. Weston $1,100,000 $6,441,156 $7,541,156 64 George Weston Ltd Former President & CEO Paviter Binning $1,100,000 $6,416,676 $7,516,676 65 National Bank of Canada EVP Financial Markets Denis Girouard $333,691 $7,126,142 $7,459,833 66 Transalta Corp President & CEO Dawn L. Farrell $960,556 $6,429,222 $7,389,778 67 Novagold Resources Inc President & CEO Gregory Lang * $979,773 $6,279,620 $7,259,392 68 Shaw Communications Inc CEO Bradley Shaw $2,259,470 $4,978,018 $7,237,488 69 Gildan Activewear Inc President & CEO Glenn Chamandy $1,056,146 $6,037,469 $7,093,615 70 Power Corporation of Canada Deputy Chairman & Co-CEO André Desmarais $1,175,000 $5,700,897 $6,875,897 71 Intact Financial Corp CEO Charles Brindamour $1,048,231 $5,774,186 $6,822,417 72 Canadian Tire Corp President & CEO Stephen Wetmore $596,154 $6,222,158 $6,818,312 73 Power Corporation of Canada Chairman & Co-CEO Paul Desmarais, Jr. $1,175,000 $5,598,689 $6,773,689 74 Maple Leaf Foods Inc President & CEO Michael H. McCain $1,080,104 $5,473,952 $6,554,056 75 Ritchie Bros Auctioneers CEO Ravi Saligram $1,325,480 $5,129,905 $6,455,385 76 SNC-Lavalin Group Inc President & CEO Neil Bruce $1,100,000 $5,312,211 $6,412,211 77 National Bank of Canada CTO & EVP Strategic Initiatives Ricardo Pascoe $450,006 $5,910,957 $6,360,963 78 Husky Energy Inc Former President & CEO Asim Ghosh $1,597,140 $4,738,303 $6,335,443 79 Mitel Networks Corp President & CEO Richard D. McBee * $1,069,631 $5,234,927 $6,304,558 80 Brookfield Asset Management Inc Senior Managing Bruce Flatt * $795,334 $5,385,958 $6,181,292 81 Transcontinental Inc President & CEO François Olivier $995,649 $5,123,419 $6,119,068 82 Great-West Lifeco Inc President & CEO Paul Mahon $1,135,327 $4,928,837 $6,064,164 83 Methanex Corp President & CEO John Floren $951,000 $5,094,953 $6,045,953 84 Riocan Real Estate Investment Trust CEO Edward Sonshine $1,300,000 $4,703,700 $6,003,700 85 Hudson's Bay Co CEO Gerald Storch $1,580,280 $4,380,221 $5,960,501 86 Cameco Corp President & CEO Tim Gitzel $1,025,000 $4,899,134 $5,924,134 87 Finning International Inc President & CEO Scott Thomson $927,000 $4,950,749 $5,877,749 88 Brookfield Asset Management Inc Senior Managing Partner Brian W Kingston $927,890 $4,840,933 $5,768,823 89 Nevsun Resources Ltd President & CEO Clifford T. Davis $730,000 $4,885,523 $5,615,523 90 CAE Inc President & CEO Marc Parent $888,667 $4,720,910 $5,609,577 91 Saputo Inc President & COO Dino Dello Sbarba $1,025,000 $4,473,143 $5,498,143 92 Yamana Gold Inc Chairman & CEO Peter Marrone * $1,957,403 $3,524,657 $5,482,060 93 IGM Financial Inc President & CEO, Mackenzie Inc & Mackenzie Investments Barry McInerney $477,564 $4,916,208 $5,393,772 94 Atco Ltd & Canadian Utilities Ltd President & CEO Nancy Southern $1,000,000 $4,371,540 $5,371,540 95 IGM Financial Inc President & CEO Jeffrey Carney $1,116,667 $4,213,181 $5,329,848 96 B2Gold Corp President & CEO Clive Johnson $1,000,000 $4,305,796 $5,305,796 97 Franco-Nevada Corp President & CEO David Harquail $751,050 $4,543,096 $5,294,146 98 Lundin Mining Corp CEO Paul Conibear * $864,397 $4,401,695 $5,266,092 99 Saputo Inc CEO Lino Saputo Jr. $1,300,000 $3,900,000 $5,200,000 100 TMX Group Ltd CEO Louis Eccleston $750,000 $4,428,401 $5,178,401

* Compensation converted from USD; † “Other Compensation” includes: cash bonuses, stock-based bonuses, options-based bonuses, pension value, and any other payments aside from base salary. Full details at the Canadian Centre for Policy Alternatives.

This post originally appeared at Canadian Business.

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