http://www.socialjustice.org/view.php?storyid=4
Prime Minister and CEO of Canada - Martin's ties to "big business" too
close for comfort
November 17, 2003 (1:00pm EST)
OTTAWA ? There is good reason to suspect that Paul Martin's first loyalty
is to the corporate sector rather than governing in the best interests of
the whole country. The incoming Prime Minister has been dogged by questions
regarding his past role as CEO of Canada Steamship Lines and his ongoing
connections to the business community.
At a press conference on Parliament Hill today, the Centre for Social
Justice launched a large, colour poster entitled Exposing the Face of
Corporate Power. It gives data on the 100 largest corporations in the
country and the men and one woman who run them. The poster shows the
average compensation received by the chief executives of the
publicly-traded companies last year, including salary, benefits and stock
options, was $7.2 million.
"Huge pay cheques may trouble people, but this poster is really about
corporate power and the influence that these executives wield over
government," said David Langille, Director of Public Affairs at the Centre.
"Having a CEO as Prime Minister symbolizes the growing corporatization of
Canadian politics," he added.
Professor Robert MacDermid of York University, who did the research behind
the poster, pointed out that "Corporations and corporate executives gave
over 9 million dollars to Paul Martin's leadership campaign, often giving
$100,000 or more each. This raises questions about the loyalties of our
next Prime Minister. How much will Martin be beholden to these executives?"
The Centre will continue to track Mr. Martin's connections in the business
world, connections which are likely to affect his commitment to middle and
lower income Canadians and the poor. "The possible effects of the
relationship cannot be ignored," cautioned Langille. "What will it mean to
have a CEO as our Prime Minister? Whose interests will be served? We will
certainly be keeping track in the name of accountability and the public
interest."
MacDermid found that the CEO's salaries account for only a small portion of
executives' annual compensation, the bulk being made up of benefits and
bonuses. For example, Gordon Nixon of the Royal Bank received a salary of
$900,000 last year but his stock options were calculated to be worth $12.8
million. "Such excessive payments contributes to growing income inequality
in Canada," noted MacDermid, "especially when you consider that minimum
wage workers earned an average of only $14,102 that same year -- it would
take them 912 years to earn that much."
- 30 -
BACKGROUND
The Centre for Social Justice brings together people from community
organizations, faith groups, universities and unions to advocate for
greater equality and democracy.
The Centre conducts research, education and advocacy in a bid to narrow the
gap in income, wealth and power, and enhance peace and human security.
Media Contacts:
Dr. Robert MacDermid, Associate Professor
Department of Political Science, York University
4700 Keele Street, Toronto, Ontario M3J 1P3
[log in to unmask]
(416) 736-5128
David Langille, Director of Public Affairs
Centre for Social Justice
489 College Street, Suite 303
Toronto, Ontario M6G 1A5
[log in to unmask]
www.socialjustice.org
(416) 927-0777 Ext. 225
Cell: (416) 436-6650
Centre for Social Justice
489 College Street
Suite 303
Toronto, Ontario
M6G 1A5
Tel: 416-927-0777
Fax: 416-927-7771
Toll free: 1-888-803-8881
[log in to unmask]
To unsubscribe send one line: unsubscribe click4hp to: [log in to unmask] . To view archives or modify subscription see: http://listserv.yorku.ca/archives/click4hp.html
|
