Hydro-Québec's CEO, Michael Sabia, traveled to Nigeria last week to attend a meeting of the MasterCard Foundation's board of directors — a trip that sparked internal reactions.
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“He went as far as Africa and returned home in 72 hours” Newspaper A Hydro representative, Marc-Antoine Pouliot.
Mr Sabia has retained his position as director of the MasterCard Foundation from 2020, having been appointed to head the electricity giant last year.
Other directors of the MasterCard Foundation, including Michael Sabia and Quebecer Louis Arbor, devoted an average of three hours to the organization, according to information disclosed to American tax authorities. None of the board members are paid.
Mr. Pouliot assured that Mr. Sabia's commitment to the MasterCard Foundation would in no way jeopardize his work at Hydro-Québec.
“High speed of work”
“His extremely high work rate is public knowledge,” he said. With all due respect, it is not credible to imagine his ability to engage in social good while fulfilling his responsibilities as CEO of Hydro-Québec.
A spokesman said the state-owned company did not pay for Michael Sabia's trip to Nigeria. He could not say on Thursday if Mr. Sabia had made other such trips after assuming office in August.
In September, 37 young African social entrepreneurs won a competition organized by the MasterCard Foundation and the American Organization Resolution Project.
Photo taken from the MasterCard Foundation LinkedIn page
Michel Seguin, a professor at UQAM and an expert in ethics, sees no particular problem with the fact that Michael Sabia was absent from his position at Hydro for an outside career.
“What we need to see is what are the goals set for Mr. Sabia by the Hydro-Québec board of directors and at the end of the year, has he met these goals? If he doesn't meet them, the board should be surprised [pourquoi]», estimates Mr. Seguin.
In 2024, an expatriate manager will find it easier to keep in touch with his colleagues and even “fix files,” the expert asserts.
“Earlier, we had a performance management approach where presenteeism was the primary concern, but today, teleworking brings a new way of approaching performance,” he added.
Michael Sabia is not the first Hydro boss to serve as director of an external firm. Her predecessor, Sophie Brochu, earned more than $200,000 a year as a Bank of Montreal board member.
Sophie Brochu in 2022
Archive photo, Pierre-Paul Poulin
Concerns in 2021
Michael Sabia's presence on the MasterCard Foundation board when he was Federal Deputy Minister of Finance in 2021 was a problem.
Because of his position as administrator of Canada's largest foundation, Mr. Sabia is forced to recuse himself from any decisions affecting charities. However, the Trudeau government is preparing a reform in this sector that will result in a significant increase in the minimum amounts that organizations must spend each year on charitable purposes in 2022.
Created in 2006, the Mastercard Foundation's mission is to help young people living in Africa and Canadian Indigenous communities “access dignified and fulfilling work.”
The company's CEO, Rita Roy, is paid more than US$1.1 million annually.
The MasterCard Foundation in a Nutshell
Creation: 2006
Headquarters: Toronto
Assets: $40 billion (2022)
Funding for charitable activities: $1.76 billion (2022)
Administrative costs: $66.7 million (2022)
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