The board of directors for Loblaws supermarket chain has given president Galen Weston a $1.2-million raise in 2022, bringing his total pay to $11.79-million.
The board made the decision after receiving a report from consultants who decided he has been underpaid.
Weston is also chairman and chief executive officer of George Weston Ltd., the holding company controlled by the Weston family that controls Loblaws, Shopper’s Drug Mart and a number of other supermarket chains, including Zehr’s Markets.
The Weston family owns 78.65 million shares of George Weston, worth $14.2-billion.
Galen Weston also personally owned stock options in George Weston and Loblaw valued at $42-million as of March 13, the company said.
So, what are other executives paid to justify giving Weston this raise? And how is that fair in a nation where so many families can no longer afford groceries and depend on food banks and soup kitchens?
And, as I said before, why doesn't Loblaws give 10 per cent of its profits to food banks. Instead, this week in Zehr's I see they have packaged items for donation to food banks with price tags of $10 and $20 that they expect their customers to pay.
And I bet Zehr's will claim it made the donations.
