The senior management of the Caisse de dépôt et placement du Québec (CDPQ) will be entitled to bonuses of 10.6 million at the end of a year in which the return was negative (-5.6%) but nevertheless higher than the benchmark.
This information appears in the 2022 annual report of Quebecers’ woolen stockings, which was tabled in the National Assembly on Tuesday.
Of the 10.6 million in bonuses, the six main leaders of the CDPQ chose to defer a sum of approximately 6 million. This means that it will be set aside and paid out later, with a potential return. In 2021, when the performance was 13.5%, the bonuses were 12 million.
The Caisse emphasizes that the sums granted to its bosses do not only take into account the annual return, but also the performance over several years, underlines its spokesperson, Maxime Chagnon. Over five years, the Quebec institution has posted a performance of 5.8%, higher than the benchmark index of 4.9%, he notes.
“The performance of 2022 will also be reflected in the following five years,” added Mr. Chagnon. In both bull and bear markets, we beat our benchmarks. It also has value. »
Overall, the CDPQ’s six most senior executives were entitled to total compensation — which takes into account base salary, bonuses and other perks — which stood at around $18 million last year. This takes into account currency conversions and other one-time payments.
President and CEO Charles Émond’s salary was 4.2 million, down some 5% from 2021.