Among many corporate governance concerns, the one that resonates best with the average Canadian is probably excessive executive pay and perks. Actual illegal activity&#8212be it backdating of options or outright fraud on the balance sheet&#8212somehow pales in comparison to what executives can earn through legal means.

A study released by the Canadian Centre for Policy Alternatives illustrates the growing gap between the compensation of Canada’s top executives and the earnings of the average Canadian.

Using the compensation data provided in corporate reports, the study found that among the 100 highest paid CEOs in Canada, the average total compensation package topped $9 million in 2005, with the highest paid CEO taking home a whopping $74.8 million.

In the same period, the average Canadian earned just over $38,000, according to StatsCan. Those earning minimum wage earned less than $16,000.

Assuming that the top CEOs were being compensated for the same work schedule as the average Canadian, the average top CEO has already earned more in 2007 than the average Canadian will all year, having passed the $38,000 mark about 45 minutes into the first workday of the year.

For the lowest paid of the top 100 CEOs, it will take a little longer to earn the annual wage for an average Canadian: he won’t reach that mark until 12:39 p.m. on January 4. The highest paid CEO earned the same amount by 10:04 a.m., on New Year’s Day, a statutory holiday.

In the course of the year, the top paid CEO will receive the same compensation as 4,696 minimum-wage earners.

Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com.