A piece about executive compensation in the June 24, 2024 issue of The Globe and Mail written by David Milstead got this old boomer’s blood boiling. It summarizes the various annual financial and other benefits paid to top CEOs of Canadian corporations including salaries, bonuses, pension benefits, and stock options. It raises the question in my mind of just how much one guy (they were all men, notably no women) truly needs to live a happy, fulfilled life.

Consider these numbers for total annual compensation:

• Patrick Divigi, GFL Environmental – $68.46 million/year
• Joshua Kobza, Restaurant Brands – $37.71 million/year
• Richard Kruger. Suncor Energy – $36.85 million/year
• Tobias Lütke, Shopify – $26.03 million/year
• and the list goes on . . .

That doesn’t cover the high-flying American tycoons who rake in even more. I could give these guys the benefit of the doubt and assume they donate most of it to worthy charities and causes, keeping back a measly few hundred thousand to pay to maintain their “cottage” on Lake Muskoka and the 10,000 sq. ft. pied à terre in the city. Ha! Not bloody likely. Which raises the further question: Why does one person deserve so much money? Do they work harder or are they that much smarter or irreplaceable than the average nurse, service worker, single mother working two jobs, or immigrant delivery driver? Even life-saving doctors don’t make that kind of money. And as we all know, there is a shocking degree of mediocrity in the executive suites of most businesses.

Our entire economic system is based on capitalist principles and I am not opposed to capitalism—on the contrary. But, the disparity in income distribution between high and low earners has become so pronounced and so top-heavy that I’m finding it harder and harder to accept. I also realize that value and worth are two very different and opposing principles.

My husband and I live a very comfortable lifestyle on what these top execs probably pay in annual golf fees. We have no company pension or stock options to fall back on and like most seniors, we track and save our pennies because we both worked hard for more than forty-five years to reach this point. So many people and organizations are starved for funds while these CEOs rake in millions. What on earth do they do with all that money?

We’ve seen the over-the-top homes the size of a community hospital built by men who earn more in an hour than most of us earn in a lifetime. Would a 5,000 sq. ft. McMansion with a pool not adequately accommodate their families? How many cars does one person need to get around and what is the functional difference between a Honda CRV and a luxury status symbol costing hundreds of thousands of dollars? Billionaire Warren Buffet lives in a modest suburban home, and last I heard he drove a used car. He contributes millions to charity through the foundation he created with Bill Gates and Melinda French Gates.

To their credit, ex-wives Belinda Gates and MacKenzie Scott (Jeff Bezos’s ex) have taken their hefty divorce settlements and returned the financial benefits to helping charitable causes. Just this week I read that Belinda had recently written a cheque for more than one billion dollars for various charities. They’re a positive example to all of us. We could use more Dolly Partons in this world. She donates millions to various causes in aid of the less fortunate. I know that rich guys do contribute to charitable foundations but I think there’s room for a lot more give and less take.

The financial imbalance is not limited to the people listed in the The Globe article. We have pop stars, celebrities, business magnates, and influencers, who feel no shame in flaunting their wealth. At least Liberace was brutally upfront about it—he invited audience members to feel his mink cape that they paid for. Imagine if those top-earning Canadian CEOs returned some of their wealth to those working for them—those people who ultimately created their bosses’ success.

As I look at what Tobias Lütke makes for example in one year, I can’t help wondering how much more my few shares in Shopify would be worth if he took a salary of say $5 million instead of $26.03 million, and turned the remaining $20+ million over to people like me, his shareholders or his employees. You can be sure we would put it back into the economy or maybe even more shares in Shopify. I’m not advocating we all turn into Mother Theresa but it would be a better world if the wealth were more evenly distributed.

Imagine if support for victims of domestic abuse, animal shelters, hospitals, senior citizens’ homes, or educational scholarships received more of this largesse. Young people today can’t afford to buy a home while these guys live in mansions and drive cars that far exceed their needs. How many Birkin bags and Chanel jackets do their wives really need? I accept that they should be rewarded for their contribution to the economy but not disproportionately at the expense of those whose needs are far greater.

Too much is still raked in by too few while too many try to get by with too little. That’s my rant for today. I feel a bit better, but only a bit.