Exemption from payment to the CEO of Hydro

The sole CEO of Crown Corporation was rewarded by another company. Sophie Brochu, owner of Hydro-Quebec, renewed her mandate as director of the Bank of Montreal (BMO) at the financial institution’s shareholders ’annual meeting yesterday.

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Om^{To me} Brochu has served on the BMO Board of Directors since 2011. In 2021, she will receive 5,000 225,000 for her role with the bank, paid in cash and deferred share value (DDVA). As of February 21, she had $ 3 million in DDVA, according to the Bank Remuneration Circular.

Sophie Brooch took control of Hydro-Quebec in the midst of an epidemic on April 2, 2020, following the departure of Eric Martel from Bombardier. His annual salary is 80 580,000, with a performance bonus of 0 290,000 per year. Like all bonus employees of the Crown Corporation, this bonus will not be paid in 2020.

Why keep a second job?

“His participation on BMO’s board of directors gives him a connection to the financial sector.

He adds the greater part of M^{To me} The brochure on BMOs, ie the preparation of board of directors and committee meetings, takes place on weekends and “We are talking about nine days a week with activities throughout the year. Two days. Where the evening takes place ”.

Exception

Review of Journal It was revealed last year that Sophie Brooch was the only executive paid by another company out of 56 Quebec State Corporations.

Following her appointment to Hydro, she resigned from the Board of Bell and the CGI, but remained at BMO, which was the subject of negotiations with Quebec. “Government [Legault] Put water in his wine because he wants M^{To me} Brooch ”, announced Journal Michelle Magnon, a governance expert at the time.

Before reaching Hydro-Quebec, mr.^{To me} Brooch hosted Énergir, where she earned $ 9.1.9 million in 2018. She has 30 years of experience in the energy sector.

Reconstruction of Sophie Brooch in 2021

• 580 000 $ – Annual salary, CEO of Hydro-Quebec
• 290 000 $ – Possible as a bonus CEO
• 225 000 $ – Salary Administrator at BMO

Total possible: 1 095 000 $

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