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The Construction Compensation Report 2023
BOARD & EXECUTIVE COMPENSATION AND GOVERNANCE
The 2023 Bedford Group/TRANSEARCH Report on Executive & Board Compensation and Governance in the Construction industry is now available for download. This is Bedford’s first annual industry-wide survey of compensation awards and practices, and provides insights and analysis about the construction sector. Our Bedford team is readily available to let you know more about this report, our compensation services and to answer any questions you may have. Please contact Monika at:
Monika Mrowinski, Talent Acquisition Specialist
Tel: 416-963-9000 ext. 238
Email: mmrowinski@bedfordgroup.com
Complete the Form to Download the Full Report
Bedford has been a leader in executive search for boards and companies globally for over forty years. We have a thorough understanding of how important competitive compensation and executive acquisition and retention practices are within the construction industry.
Bedford Resources Inc. is proud to present the teaser for our first annual industry-wide study of compensation awards and practices, highlighting data released in 2023 proxies for Directors and CEOs of Canadian and US companies. A full report covering 2024 proxies, year-over-year compensation changes, and additional pay practice insights for NEO positions such as CFO and COO will be released in the fall.
While our report has combined pay data for the US and Canadian markets, Bedford wanted to provide some additional high-level points about the differences in pay practices between the two countries. The US construction market is significantly larger, offering more projects and opportunities, but also more competition. This has contributed to upward pressure on base salary and total compensation packages for US CEOs. The median salary for US CEOs in 2022 was US$900,000 compared to US$547,395 for Canadian CEOs. Median total compensation for the US was almost double that in Canada, at US$6.3M versus US$3.3M respectively. Finally, while there was a heavy reliance on using a combination of RSUs/Common Stock and PSUs for equity compensation in both markets, 48% of Canadian CEOs analyzed received Options, whereas only 16% received them in the United States.
From a diversity perspective, 4% of CEOs in Canada identified as female, compared to 6.1% in the United States. US and Canadian companies had the same representation of female board members, both at 28%. However, where only 7.4% of board chairs/lead directors identified as female in Canada, this number was even lower in the United States at 3.7%.
Stay tuned for additional insights into pay and diversity practices in the construction industry, or reach out at any time for specific information and analysis. Bedford is a leader in compensation, executive search, and talent management for Canadian and international companies