December 1, 2021

The Queens County Citizen

Complete Canadian News World

Quebec pays all board members of its Crown Corporations

6.7 billion "small" deficit in Quebec

The Minister of Finance wants to pay all the members of the Board of Directors of his Quebec government corporations to attract highly qualified directors and thereby make them more competitive.

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“When you don’t pay the Crown Corporation’s board members, the positions are hard to replace,” Finance Minister Eric Girard agreed.

A bill to modernize the governance of state-owned corporations was tabled on Tuesday and proposed to pay salaries to sitting members of boards of directors such as Retreat Quebec and Society Immobile. “We need independent people, we need competent people. We want to improve the performance of our Crown Corporations, ”the Minister said.

The move will cost taxpayers less than $ 10 million a year, he assured us. Members can pay anywhere from $ 5,000 to $ 40,000.

Equality and transparency

The equality zone between men and women (40% -60%) must be represented in each CA.

Annual reports should also be more transparent. They must disclose the compensation paid to each of the five most senior executives of the companies, including signing bonuses, severances and travel expenses.

Franయిois Dauphin, president and CEO of the Institute on Governance (IGOPP), said the awarding of CA members was “excellent news”.

“It simply came to our notice then. This is good practice because we are clearly trying to attract and retain quality people, ”he said. “We want serious people who take the time they need to fulfill their responsibilities and protect people.”

Recruitment processes and terms are standardized in Crown Corporations.

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The CEO of IGOPP, however, stressed that Quebec should rely heavily on decisions made on its boards of directors regarding appointments.

If Quebec pays members, it must trust the judgment of its board members, Dauphin said.

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