The Quebec government adopted a new variable compensation policy for Quebec (IQ) investing in the cabinet last Wednesday, according to information Mario Dumont reported to QB Radio on Tuesday.
Under the new policy, IQ executives will now receive variable compensation, a long-term incentive plan that can be improved based on their performance.
In doing so, the person who trusts current President Guy LeBlanc and Finance Minister Pierre FitzGibbon will receive a reward of up to $ 1.1 million or double that of his predecessor.
By adding base pay and performance bonuses, the total compensation for vice presidents could fluctuate between 75 775,000 and 1 million million, the finance ministry said in a statement confirming the evening news.
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“At the end of every three-year performance cycle, LTIP will allow senior executive vice presidents 45% additional target compensation, up to 90% of their base salary. This additional target salary will be 35% for other first vice presidents and up to 70% of their salary,” the ministry explained.
The company aims to be competitive in this field to be able to attract talent.
The Coquista government has relied on the model of the FTQ Solidarity Fund, seeking a way to better reward Quebec directors of investments.
Performance bonuses on salaries are based on three criteria: economic growth (jobs and investment value created), organizational performance and investment on Quebec’s portfolio returns.
Under the leadership of Minister FitzGibbon, the mission of the Crown Corporation expanded, leading the Legal government to attract investment to Quebec.
“I believe the changes announced today will help achieve these goals by establishing a more focused compensation on results,” Minister FitzGibbon commented in a press release.
Keep in mind that more than a hundred workers were transferred to IQ from the Ministry of Finance last spring. Upon passing, they benefited from a large increase in their salary.