Article content

“When you get into those $40-million-plus, even $30-million-plus, usually it’s a result of some level of special awards that are outside of the ordinary,” he said.

Article content

Enbridge CEO Greg Ebel earned $24.39 million last year. Darren Makowichuk/Postmedia file

Article content

Those high earners will usually get a “more normalized” package the following year, falling within the low-to-mid $20 million range that’s common among Canada’s largest companies.

Article content

Long term incentive plan (LTIP) awards can be time-based, goal- or milestone-based, or a combination of both, in the form of cash awards, stock options, performance shares and/or restricted shares.

Article content

The majority of McKenna’s LTIP came from a legacy cash incentive plan, which paid out cash bonuses based on the net capital appreciation of majority owner Brookfield’s investment in Rockpoint entities from the date of the award to a defined liquidity date.

Article content

That liquidity date was likely the company’s IPO, which brought in $704 million. When Rockpoint went public, it was only the second company to make an initial public offering on the Toronto Stock Exchange (TSX) last year. 

Article content

CPKC’s Creel earned $25.66 million in 2025 — more than $2 million more than the previous year — nearly half of which was through share-based awards.

Article content

Article content

Patrick Waldron, assistant vice-president of communications and media relations for CPKC, said in a statement that the company’s executive compensation structure supports its operations-focused culture.

Article content

Keith Creel, chief executive of Canadian Pacific Kansas City Railway was paid $25.66 million in 2025. Katherine Calnan Photography/Courtesy CPKC

Article content

“It is linked to the critical metrics that drive the achievement of our strategic plan without taking on undue risk, and is designed to create long-term sustainable value for our shareholders,” he said.

Article content

Waldron described Creel as a highly regarded railroader and business leader.

Article content

“The board and the many shareholders we regularly engage with view Mr. Creel as the best CEO in the rail industry,” he said. “The past three years have been transformational for the company given the combination with Kansas City Southern, and resulted in industry-leading earnings growth.

Article content

“Mr. Creel’s compensation reflects that and is in the best interest of shareholders.”

Article content

Despite dropping in the annual rankings, Ebel’s total compensation of $24.39 million in 2025 rose slightly from the previous year, when he earned $23.78 million.

Article content

The annual list is dominated by the oil and gas sector, with seven of the top 10 executives and 52 per cent of the top 100 companies employed in Alberta’s top industry.

Article content

Article content

TC Energy president and CEO François Poirier had a total paycheque of $16.19 million last year. Darren Makowichuk/Postmedia file

Article content

The remainder of the top 10 includes:

Article content

Article content

Edwards, who had a base salary of $1, collected $11.4 million in long-term incentive payments and almost $6.4 million in option-based awards, along with annual bonuses. Ebel had the highest base salary among the top 10 at almost $2 million.

Article content

Canadian Natural Resources executive chairman Murray Edwards collected $20.67 million in 2025, of which $1 was his base pay. Gavin Young/Postmedia file

Article content

Rockpoint’s Kalar and Donegan, who ranked 12th and 13th respectively, each collected more than $9 million in long-term awards. The company’s top five executives earned a combined total of more than $71 million.

Article content

Consistent with previous years, only a handful of women made the top 100 list. Top paid among them was ATCO’s Nancy Southern, with a total of $9 million split between her roles at both ATCO and its subsidiary, Canadian Utilities Ltd.