Hey there, time traveller!
This article was published 1/1/2010 (4278 days ago), so information in it may no longer be current.
Not even a worldwide economic downturn could put a crimp in the salaries and other earnings the leaders of local publicly traded companies took home in the past year.
A half-dozen CEOs of Winnipeg-based firms cracked the seven-figure mark in total compensation once again, led by Allen Loney, head of insurance giant Great-West Lifeco. He pulled in nearly $730,000 in salary and a bonus of more than $1 million, 18 months after taking over the company from longtime top earner, Ray McFeetors.
But if you think the heads of the more than 40 public companies that call Manitoba home made a lot of money in previous annual lists, you ain't seen nothing yet. That's because the Ontario Securities Commission, which oversees the disclosure of such matters, recently mandated that all public companies in Canada release not only how much they pay their CEOs in salary and bonuses, but also their long-term compensation, including pension and health benefits.
So, Loney also received more than $4.8 million in "pension value." Combined with three other columns of compensation, including share-based and option-based awards, he earned a total of $7,292,989.
In second place is Edward Kennedy, CEO of the North West Company Fund, whose $626,538 salary represented less than one-quarter of his total compensation of nearly $2.9 million, then Pierre Blouin, CEO of MTS Allstream, who earned $803,066 in salary and nearly $2.8 million overall.
The other members of the million-dollar-plus club are John Marinucci of New Flyer Industries (who has since retired) at $843,077 in salary and $2.5 million in total compensation, Murray Taylor, head of IGM Financial who earned $743,333 in salary and $1.77 million in total compensation, and Arni Thorsteinson, head of the Temple, Huntingdon and Lanesborough REITs, who earned $500,000 from each for a total of $1.5 million.
The salary information was pulled from management information circulars, which are released shortly before companies hold their annual shareholder meetings. In compiling this list, the Free Press used the most recent circulars. The timing varies from company to company because annual meetings are held at different times throughout the year, therefore some figures are for 2008 while others are for 2009. It's an inexact science, to be sure.
Leonard Asper, CEO of Canwest Global Communications Corp., consistently among the top earners in the province, is conspicuously absent from this year's list. Because of the company's bankruptcy protection, it has been able to postpone its annual general meeting, which is usually held in January, to presumably sometime later this year. As such, it has not issued its circular information. In 2008, Asper got just over $1 million in total.
Only companies on the Winnipeg Free Press/Wellington West Capital Manitoba Index are included on the list. But the executive decision was made to exclude Jovian Capital, which merged with Rice Capital Management Plus in 2003, because while it used to have significant operations in Winnipeg, the vast majority of its company is run out of Toronto. As well, HudBay Minerals, which moved its head office to Toronto during the year, is omitted.
If you're wondering why some other prominent Winnipeg leaders, such as Hartley Richardson, CEO of James Richardson & Sons Limited, aren't included, it's because they run private companies. Richardson, however, who heads up one of the pillars of the Manitoba economy, would undoubtedly cut the muster. In Canadian Business magazine's Rich 100 list, which came out in November, his family ranked 15th in the country with $2.72 billion in net worth.