Jagmeet Singh introduces his plan to fight corporate greed and end outrageous CEO pay « Canada’s NDP
The top CEOs are now making 243 times more than the average Canadian worker
OTTAWA – On Tuesday, Jagmeet Singh introduced his plan that will fight corporate greed and end outrageous CEO pay by taxing large companies that pay their top executives at least 50 times more than their median workers. Singh says that money can be recouped through this measure to make life more affordable for working people.
Jagmeet’s plan will recover hundreds of millions of dollars a year, require large companies to disclose their CEO-Worker pay ratio, and include regulations to prevent tax avoidance and the use of contractors to avoid paying this penalty.
“Under this Liberal government, the ultra-rich are getting richer and hardworking Canadians are falling further behind. Canadians are playing by the rules and doing everything right. That should mean something,” said Singh. “But hardworking people’s wages aren’t rising as fast as those at the very top. And Canadians are tired of seeing politicians support unchecked corporate greed.”
Canadians were shocked when media reported that Loblaw CEO, Galen Weston, was being described as ‘underpaid’ while getting $11.79 million a year in salary – 431 times the average employee’s wage. And Galen Weston is not alone. Under this Liberal government, CEOs are making all-time high revenues. Yet Justin Trudeau and Pierre Poilievre have repeatedly voted against making CEOs and big corporations pay what they owe.
“Canadians deserve a government that fights to make life more affordable for them and their families – not to help massive corporations and their wealthy CEOs get even richer. But both Justin Trudeau and Pierre Poilievre have been stacking the deck for billionaire CEOs: Corporate landlords. Bankers. Grocery giants. Big oil,” said Singh. “Trudeau’s Liberals don’t seem to understand what people are going through because, for their ultra-rich, well-connected friends—everything is fine. And Poilievre says he’ll defend workers, but Canadians remember his record: cutting pensions and benefits, trying to raise the retirement age and refusing to tackle the corporate greed driving up costs for Canadians.
Instead of defending the ultra-wealthy like Liberals and Conservatives do, it’s time to tip the scales back in your favour. New Democrats believe in respect for workers. We believe Ottawa should work for you — not wealthy CEOs.”
Content of the motion
In the opinion of the House, the government should introduce legislation within six months following the adoption of this motion, that would:
a. establish requirements for large companies to disclose their CEO-to-median-worker pay ratio;
b. increase corporate income tax for large companies with disparities in their CEO-to-median worker pay ration, at the following rates:
i. 0.5% if CEO-to-median-worker pay ratio is between 50 and 100,
ii. 1% if CEO-to-median-worker pay ratio is between 101 and 150,
iii. 1.5% if CEO-to-median-worker pay ratio is between 151 and 200,
iv. 2% if CEO-to-median-worker pay ratio is between 201 and 250,
v. 2.5% if CEO-to-median-worker pay ratio is between 251 and 300,
vi. 3% if CEO-to-median-worker pay ratio is between 301 and 350,
vii. 3.5% if CEO-to-median-worker pay ration is between 351 and 400,
viii. 4.0% if CEO-to-median-worker pay ratio is between 401 and 450,
ix. 4.5% if CEO-to-median-worker pay ratio is between 451 and 500,
x. 5% if CEO-to-median-worker pay ratio is 500 and more; and
c. include regulations to prevent tax avoidance and use of contractors to avoid disclosing their CEO-to-median-worker pay ratio, while making sure CEO pay is defined as the total compensation of the CEO or the total compensation of the highest earning individual in the company, whichever is higher.