The data is in on the total compensation of Canada’s most hated billionaire.
George Weston Limited (TSX: WN) this afternoon filed its most recent Management Information Circular, providing shareholders – and Canadians – a glimpse into just how large the salary is for the head of one of the country’s largest employers. And in a time of rising inflation, Canadians can find solace in the fact that good guy Galen G. Weston saw his total compensation increase over 11% in 2022, a time during which the general populous saw inflation of 6.8%.
Compensation for 2022 for Weston, whom is CEO and Chairman of George Weston Limited, amounted to $11.8 million, versus $10.6 million last year. For comparison, President and CFO Richard Dufresne saw his compensation increase a mild 1.4% from $6.6 million to $6.7 million, while Robert Sawyer, COO of Loblaw, saw his income climb over 24% from $7.5 million to $9.4 million.
All while the average consumer saw the price of food purchased from stores rise an astounding 9.8% in 2022, the fast pace recorded since 1981.
And if you perhaps might be thinking that Weston was underpaid considering his role in running one of the largest private employers in Canada, consider this tidbit. The value of his “eligible holdings” in George Weston Limited climbed from $12.46 billion to $12.90 billion – or $446.6 million – over the course of the year.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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