2013 Pay for Performance Study

Since 2007, CCBE has studied the linkage between CEO pay and TSR on the TSX 60.  The purpose of this project has been to observe trends in pay for performance in Canada's largest firms, and the results have been very positive.  Between 2004 and 2008 a large majority of issuers showed CEO pay and TSR moving in the same direction, a remarkable accomplishment given the significant impact of the 2008 financial crisis on market performance.  

CCBE has crafted scorecards for each issuer, measuring alignment between CEO pay and TSR over four separate time horizons: 1, 4, 6, and 8 years.  Click on the links below for reports on each individual issuer showing their score out of 24, as well as other CEO pay and financial performance trends.  Most issuers received a score between 10 and 15 out of 24.  Despite strong alignment in most cases in the 8-year observation, the financial crisis had a much more significant impact on the shorter-term scores, resulting in the relatively low average score.  

Currently, this study does not comment on the appropriateness of the structure or dollar value of CEO compensation.  Rather, our goal was to monitor the movement of CEO pay against the movement in value creation for shareholders.  

Please click the links below for free downloads of our reports.

Full summary of Pay for Performance findings 2004-2011

Individual Reports.  Click on ticker symbol to download PDF.

NOTE: Some issuers were excluded from this study either due to a lack of historical data or because of other difficulties in obtaining sufficient data for full analysis.  We will attempt to include these and other relevant issuers in future iterations of our study.