UTAM President Daren Smith. PHOTO BY JOHNNY GUATTO COURTESY OF THE UNIVERSITY OF TORONTO

On March 23, the Ontario government released its annual Sunshine List of public employees who earned more than $100,000 in 2017.

The list contains 3,811 U of T employees, up from 3,626 employees who made it onto last year’s list. The top U of T earner was Daren Smith, President and Chief Investment Officer of the University of Toronto Asset Management Corporation (UTAM). Smith took home $936,089.48, making him the second highest paid public employee in the province. This is a substantial increase from the $512,215.61 he made in 2016. UTAM is a not-for-profit subsidiary of the university responsible for the management of its pension funds, endowment, and both short and long-term investments.

The next top earners from U of T are also from UTAM. Senior Portfolio Manager Charles O’Reilly made $571,307.86, while Chief Operating Officer Lisa Becker, the top female earner at U of T, made $499,678.76, ranking 55th in the province. Managing Director Adrian Hussey earned $499,080.91, while rounding out the top five was Vice-Dean of Learning and Innovation and Professor of Economics Mihnea Moldoveanu, who took home $467,300.04.

Many of the remaining U of T top earners in 2017 teach in the Rotman School of Management; this was also the case in 2016. U of T President Meric Gertler appears 13th on the list of U of T earners. He earned $438,892.04 last year, almost identical to the $438,892.32 he made in 2016, which had made him U of T’s seventh highest earning employee.

More than half of U of T’s Sunshine List earners made between $100K and $150K. Only 0.6 per cent of the Sunshine List members made more than $400K.


Average salary of U of T’s Sunshine List members went down slightly from $160,568.28 to $159,553.18 in 2017, although the number of earners increased. Professors of Education appeared most frequently in this year’s edition, with 74 of them earning more than $100K, followed by Professors of Electrical and Computer Engineering, who appeared a total of 51 times.



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