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The Globe and Mail

Compensation rankings for Canada's top public companies

The University of Toronto's Clarkson Centre for Business Ethics and Board Effectiveness studied the alignment between CEO pay and TSR on the TSX 60 between 2004 and 2011. These are the Centre's findings.

Individual company compensation reports are available in the pdf links below.

The pay vs. TSR chart shows annual CEO compensation for each of the past eight years, and also shows the change in total shareholder return (TSR) each year. The TSR dots do NOT indicate how much the company's share price has risen or fallen in a given year, but instead shows the percentage change in TSR each year. For that reason, the dots can go down even when TSR rose year-over-year because the percentage rate of increase was less than the prior year's rate of increase. A company could have TSR growth in all or most years, but at differing rates each year, so the trend appears volatile even when results were consistently positive.

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