As the fiscal year 2025 comes to a close, a report showcasing the compensation packages of chief executive officers (CEOs) from Canada’s largest public companies has been released. Compiled by Global Governance Advisors, this comprehensive analysis reveals how the leaders of the 100 most significant firms on the S&P/TSX composite index are remunerated, reflecting both their financial performance and the broader economic landscape.
Methodology Behind the Rankings
The data presented in this report is derived from management information circulars filed by companies, which outline their executive compensation details. These circulars were collected for all fiscal years concluding by February 1, 2026. Notably, while referencing figures for “2025,” this includes companies whose fiscal year may extend beyond the conventional calendar year-end. In instances where a company lacks a CEO, the highest-ranking executive, such as the president, is considered. For firms that experienced changes in leadership throughout the year, the compensation figures typically reflect the CEO who served for the majority of the period.
Where applicable, compensation reported in U.S. dollars has been converted to Canadian dollars using the average annual exchange rate for 2025. This ensures consistency across the data, accommodating companies with unique year-end dates and varying currency practices.
Breakdown of Compensation Components
The report meticulously categorises various aspects of CEO compensation. Base salary denotes the actual earnings of the CEO for 2025, while bonuses encompass both annual and long-term cash incentives awarded for performance during the fiscal year. The total cash compensation is the cumulative amount of salary and bonuses, with a percentage change reflecting any variations from the previous year.
In addition to cash remuneration, other forms of compensation include share-based awards and option-based awards. Share-based awards represent the value of shares or similar long-term incentives granted during 2025, while option-based awards denote the estimated value of new stock options provided to the CEO. The total stock awards combine these two elements.
Furthermore, the report addresses pension benefits, highlighting the annual value accrued by CEOs in 2025, as well as the year-end valuation of stock options still held and unvested share-based awards. The overall value of a CEO’s equity is derived from common shares and vested stock units as disclosed in proxy circulars, excluding those that remain unvested or unexercised.
Adjustments and Corrections
An important correction has been made to the report following an earlier misrepresentation. Initially, Jim Kessler, CEO of RB Global Inc., was incorrectly ranked as the second-highest paid CEO in Canada with a reported total compensation of $60.2 million for 2025. Upon further review, this figure has been amended, and Kessler now appears as the fourth-highest paid, with total compensation revised to $30.1 million. Such corrections are vital for maintaining the integrity of the data presented.
Why it Matters
The compensation of Canada’s top CEOs is not merely a reflection of individual performance; it serves as a barometer for corporate governance and economic health across the country. Understanding these figures sheds light on the broader trends affecting executive pay and can influence shareholder perspectives, investor confidence, and regulatory scrutiny. As companies navigate complex market dynamics, the remuneration of their leaders remains a critical point of discussion, shaping the landscape of corporate accountability and transparency in Canada.
