The upward trend in executive pay continued for the leaders of large, publicly traded waste and recycling companies in North America last year, according to recent proxy filings.

While three industry companies did face contested shareholder proposals around civil rights and environmental justice this year, proposals related to executive pay were less of an issue. Non-binding "say on pay" resolutions were approved by shareholders across large U.S.-based waste companies.

Republic Services faced a proposal by SOC Investment Group to amend its "clawback policy" for senior executive compensation, but the company said this was unnecessary given changes it had made in February and shareholders agreed. Last year, Republic also successfully overcame a shareholder proposal to incorporate environmental, social and governance metrics into executive compensation plans.

As the industry saw a resurgence in 2021 earnings after initial pandemic effects, prompting more activity on stock buybacks and other trends that were favorable to executive compensation plans, CEO pay continued to climb. While President Joe Biden and Democrats in Congress have talked about policies that would affect certain aspects of CEO pay in recent years, nothing substantial has occurred to date.

Solid waste industry breakdown

The following compensation summaries are ranked in order of each company's total annual revenue.

Republic Services has two lines, because Don Slager stepped down as CEO in June 2021 and the role was assumed by Jon Vander Ark. GFL Environmental is excluded from the initial chart for comparison purposes because its financial information is not reported in U.S. dollars, due to the company’s Canadian headquarters. Covanta, which had been included in the past, is excluded because it became a private company in July 2021. US Ecology was not included due to its recent sale to Republic Services.

WM President and CEO Jim Fish

• 2021 company revenue: $17.931 billion

• Base salary: $1,294,231 (the filing notes Fish donated $100,000 of his 2021 salary, “to fund a scholarship program for children of company employees.”)

• Stock awards, option awards, non-equity incentive plan compensation and all other compensation: $11,763,132

• Total 2021 compensation: $13,057,363

Republic Services President and CEO Jon Vander Ark

• 2021 company revenue: $11.295 billion

• Base salary: $906,539

• Stock awards, non-equity incentive plan compensation and all other compensation: $7,018,869

• Total 2021 compensation: $7,925,408 (annualized at $8,548,699)

Former Republic Services CEO Don Slager

• Base salary: $643,192

• Stock awards, non-equity incentive plan compensation and all other compensation: $14,546,869

• Total 2021 compensation: $15,190,061

Waste Connections President and CEO Worthing Jackman

• 2021 company revenue: $6.151 billion

• Base salary: $900,000

• Share-based awards, non-equity incentive plan compensation and all other compensation: $6,383,867

• Total 2021 compensation: $7,283,867

GFL Environmental President and CEO Patrick Dovigi

Canadian dollars

• 2021 company revenue: $5.525 billion

• Base salary: $1,973,298

• Option-based awards, annual incentive plan and all other compensation: $41,467,300

• Total 2021 compensation: $43,440,598

Clean Harbors Chairman and CEO Alan McKim

• 2021 company revenue: $3.806 billion

• Base salary: $1,265,000

• Stock awards, non-equity incentive plan compensation and all other compensation: $4,347,724

• Total 2021 compensation: $5,612,724

Stericycle President and CEO Cindy Miller

• 2021 company revenue: $2.647 billion

• Base salary: $999,692

• Stock awards, non-equity incentive plan compensation and all other compensation: $5,655,893

• Total 2021 compensation: $6,655,585

Harsco Chairman, President and CEO Nicholas Grasberger

• 2021 company revenue: $1.848 billion

• Base salary: $946,959

• Stock awards, option awards, non-equity incentive plan compensation and all other compensation: $4,446,758

• Total 2021 compensation: $5,393,717

Casella Waste Systems Chairman and CEO John Casella

• 2021 company revenue: $889.2 million

• Base salary: $628,300

• Stock awards, non-equity incentive plan compensation and all other compensation: $3,605,654

• Total 2021 compensation: $4,233,954

Multiyear trends

During the period outlined above, WM’s Fish started as chief financial officer before moving to president in July 2016 and CEO in November 2016. Waste Connections’ Jackman started the period as executive president and CFO, later moving to president in July 2018 and CEO in July 2019. His 2016 total pay was elevated due to specific one-time factors. Republic’s Slager stepped down as CEO in June 2021. Vander Ark joined the company in 2013 as an executive vice president, but his compensation was not reported in filings until he became chief operating officer in January 2018. From there, Vander Ark was promoted to president in April 2019 and CEO in June 2021. Stericycle’s Miller started the period as president and chief operating officer in September 2018 and was promoted to CEO in May 2019.

Outside of the solid waste industry, other company CEOs also saw their total pay increase in 2021 after a pandemic slump for some in 2020. According to recent Equilar research, which assessed pay for CEOs at the largest 100 companies by revenue, median total compensation among that group was $20 million — a 30.8% increase year over year.

Since 2017, U.S. public companies have been required to contrast CEO compensation with that of a selected “median employee." Within the group reviewed by Equilar, the pay ratio between median employees and CEOs also grew to an average of 254:1 during 2021.

Looking more broadly, the Economic Policy Institute found the average pay ratio was 351:1 in 2020 (its most recent report), an increase from the average 2019 pay ratio and up substantially from 61:1 in 1989. While pay ratios for waste and recycling company CEOs grew in 2021, they remain below the average — and well below the average for companies with low-wage workforces according to a 2022 report from the Institute for Policy Studies.

*Vander Ark's pay rate is annualized as if he were CEO throughout 2021, pursuant to Securities and Exchange Commission rules. Miller’s pay rate is similarly annualized for the 2019 calculation.

GFL is excluded from the chart because it is not required to publish this information as a Canadian company.