The value of the total compensation of the top executives of the Solidarity Fund amounted to $4.48 million for the year ended May 31.
Posted at 4:17 p.m.
This amount is down 6% from the previous year, which seems to reflect the loss suffered by the Solidarity Fund during a difficult period on the financial markets.
However, a closer look reveals that only the President and Chief Executive Officer, Janie Béïque, suffered a reduction in compensation among the five most senior executives who are identified in the management circular sent to shareholders these days. -Savers in the Fund, in preparation for their annual meeting on October 15.
Estimated at 1.35 million in salary and bonuses, the total compensation of Mme Béïque was lowered by 13.5% compared to the amount of 1.56 million which had been allocated to him in 2021, in his first year in office after the departure of Gaétan Morin.
In comparison, his four principal assistants to the senior management of the Fund benefited from total compensation increasing by 1% to 10%.
The newcomer to this contingent, Dany Pelletier, saw his compensation pass the $1 million mark – to $1.15 million – when he was promoted to the position of Senior Vice-President, Private Equity and Impact Investments.
In its annual results disclosed last June, the Solidarity Fund posted a negative return of 1.1% and a loss in value of 60 cents per share over one year.
But during the last six months of this financial year, the results were particularly difficult for the Fund of 17.4 billion net assets.
The negative return of 5.7% translated into a loss in value of $3.16 per share to $52.61 between the end of November 2021 and the end of May 2022.
Fondaction
In comparison, at Fondaction, which is the other large investment fund with tax advantages in Quebec, the year ended May 31 proved to be even more difficult.
The fund of 3.11 billion in net assets posted a negative return of 2.8% and a loss in value of 43 cents per share over 12 months.
But during the last six months of the fiscal year, Fondaction posted a negative return of 8.7% and a loss in value of $1.43 per share to $15.02.
As a result, the value of the total compensation of Fondaction’s top executives fell significantly by 14% year-on-year.
This value reached 2.57 million compared to 3.01 million a year earlier, we read in Fondaction’s management circular for its meeting of shareholders-savers on September 17.
Moreover, in contrast to the drop in compensation of her counterpart at the Solidarity Fund, the President and Chief Executive Officer of Fondaction, Geneviève Morin, benefited from a 23% increase in her compensation to $696,588 for the year ended May 31.
Meanwhile, three of his top executive assistants took pay cuts of between 12% and 31%.
As for the newcomer among Fondaction’s senior executives named in the circular, Maha Lebbos, who is vice-president of digital transformation and information systems, she was paid $399,632 in salary and bonuses for the year ended May 31.