The president of the giant Loblaw, which notably owns Maxi, Provigo and Pharmaprix, saw its income climb by $ 1.2 million in 2022, in the midst of a year of food inflation which saw prices soar on grocery store shelves.
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According to the “Globe and Mail”, Loblaw’s board of directors has asked an outside firm, Meridian Compensation Partners, to assess the compensation of Galen Weston, who is also president and chief executive officer of George Weston Ltd., the Loblaw umbrella company.
“Meridian’s 2022 analysis results show that Mr. Weston’s total compensation is below market median and below Weston’s and Loblaw’s pay policy targets,” the circular reads. to Loblaw shareholders.
Consequently, it was decided to pay a bigger bonus and more shares to Galen Weston to increase his compensation from $10.6 million in 2021 to $11.8 million in 2022.
This increase comes at a time when inflation is not ringing off the grocery stores, unlike other sectors of the economy. In February, food inflation reached 10.6% over one year, a rate twice as high as the general inflation rate established at 5.2% according to Statistics Canada.
Galen Weston went to Ottawa on March 8 to testify alongside the leaders of Metro and Empire (IGA, Sobeys, Safeway). The three giants have all assured in parliamentary committee not to be responsible for inflation and not to have taken advantage of it to inflate their profits.