Quebec is considering doubling the remuneration of Hydro's big bosses

The Legault government plans to significantly increase the pay of senior executives at Hydro-Québec, which we've learned could double their bonuses. News magazine.

• Also Read: Salaries and bonuses are rising for Hydro-Québec's big bosses

• Also Read: Hydro-Québec declined to disclose the salaries of nearly 2,259 of its executives

• Also Read: 10 executives of little-known Hydro-Québec subsidiaries earn salaries of $275,000 and more

“Salary and bonus plans are constantly reviewed by the HR team, the CEO [Michael Sabia] and Board of Directors, to recruit and retain the talent needed to deliver on our ambitious projects,” said Philip Archbault, Head of Media and Government Affairs at Hydro.

“The cycle of reviewing the overall compensation of senior management has been ongoing for several years, so before Mr. Sabia's arrival,” he said. There is no predetermined timeline for its completion.

Within a year

In Bill 69 on the governance of energy resources presented by Superminister Pierre Fitzgibbon last week, it is written that Hydro-Québec must “submit to the government” the next version of its energy policy by March 31, 2025”.

The last changes to this policy were in 2016.

According to information collected by News magazineThe new version of the policy would double the pay of Hydro's senior vice presidents.

Negotiations are underway between the government and the power giant for the renewal of collective agreements.

“not surprised”

“I think it's special, but I'm not surprised,” commented Gilles Cazade, president of the Hydro-Québec experts and professionals union.

Since taking the helm of Hydro last summer, Michael Sabia has appointed several vice presidents from outside the Crown corporation. The big finance boss, Maxime Aucoin, came from Bell, human resources boss Domenica Masciocia and public relations boss Graham Fox from Navigator from Caisse de Depot.

Michelle Charron

LinkedIn photo

Mr. Sabia also sought construction projects for Michel Charron at Rio Tinto, Joel Thibert at McKinsey (Energy Planning) and Frans Wang at BleuBlancruz (Marketing and Branding).

“Top Guns”

“I think there's a little bit of the same desire in the civil service to look for the top guns,” lamented Mr Cazad. I very much question the fact that, in Hydro's senior management, there are so few career Hydro-Québecois.

He says: “If objective [en augmentant la rémunération des grands patrons]Getting more “top guns” from the private sector who don't know how it works and who lose six months when we are in the most critical period, I don't see any added value to and for the company. My companions.”

Hydro vice-presidents are already well-paid: Last year, they earned $600,000 to $840,000, while the CEO was making more than $1 million.

Remember that in 2021, the government implemented a “long-term investment plan” at Investment Québec, which came into effect in 2019. The move increased the vice president's annual compensation from about $800,000 to $1 million.