May 18, 2022

The Queens County Citizen

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Crown Corporations | Legault wants to end bonuses, but the CDPQ justifies the boss’s salary

Crown Corporations |  Legault wants to end bonuses, but the CDPQ justifies the boss's salary

(Quebec) Franకోois Legalt wants to abolish bonuses for state agency leaders “under certain circumstances”, but has backed Caisse de dépôt et Placement (CDPQ)’s Bigg Boss’ sanctioned salary of over $ 6.8 million in 2021.

Posted at 1:47 p.m.

Patrice Bergeron
Canadian Press

His finance minister, Eric Girard, was reluctant, however.

The day after the revelations about the bonuses paid to the Société des alcools du Québec (SAQ) and Loto-Québec for the year 2021, Québec solidaire (QS) and Parti québécois (PQ) launched the first Salvos on Wednesday morning.

SAQ has awarded 9 million bonuses to all of its staff. Loto-Québec pays between 4 and 5 million to its staff, but not to its senior executives, at the Société québécoise du cannabis, which is a zero bonus.

“I want the Prime Minister to put an end to the bonus parties in the management of our Crown corporations,” said QS spokesman Gabriel Nadeau-Dubois. It is obscene and it must be stopped. ⁇

During questioning, Franకోois Legalt indicated that he would like to see this incentive removed, but only after the termination of each contract with the senior executives.

“In some cases, when the contracts expire, we have to gradually stop paying these bonuses. ⁇

“No, I’m not in favor of that,” Girard said

In the afternoon, when questioned by PQ MP Martin Ouellet in a parliamentary committee, Mr. Girard opposed the abolition of the variable pay of directors of public sector entities such as SAQ or Loto- Quebec.

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Party Quebecois proposes that we put an end to variable compensation without adjusting the fixed compensation upwards.

“No, I’m not in favor of that,” Mr. Girard said. We will lose because there is no performance evaluation (manager) in his remuneration. ⁇

Remuneration of Charles Emand

Failing to defend the bonuses, Mr. Legalt defended the compensation granted to Charles Eamond by Kaisse’s Board of Directors.

The total compensation of the owner of the CDPQ reached 4.5 million in 2021 or 30.5% compared to the same period last year. And in addition, he received a “compensation bonus” of 1.8 million for giving up future income from his former owner Scotiabank.

“Substantial sums were paid to Scotiabank, not to the individual, but to Scotiabank to allow a quality manager at Kaisse de Depot to have a good return, bringing in hundreds of millions, if not billions, more,” the CAQ chief argued.

He believes President Kaisse’s compensation is comparable to what he paid to his ancestors.