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Did you get a raise last year? If you’re an executive at one of Canada’s largest companies, chances are you enjoyed a hefty pay bump. 

CEOs at the 100 biggest Canadian businesses listed on the Toronto Stock Exchange took home combined pay totalling $1.16 billion in 2021—a 32 per cent increase from the $877 million the year prior, according to an analysis by The Globe and Mail and consulting firm Global Governance Advisors. The median CEO pay package—which includes a base salary, annual bonus and stock awards—rose to $9.13 million in 2021, up 23 per cent from 2020. In comparison, the CEOs saw a 1.4 per cent pay bump from 2019 to 2020 when Covid first hit. 

Philip Fayer, the CEO of payment processing company Nuvei, topped the list with a stock-heavy pay package valued at just over $140 million. The second top earner was Patrick Dovigi, CEO of waste management company GFL Environmental, at $43.4 million. 

Why CEOs make bank

The reason for the compensation increases was largely due to a strong stock market and corporate gains, bouncing back from the worst days of the pandemic, says David Macdonald, senior economist at the research institute Canadian Centre for Policy Alternatives, or CCPA…

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