The President and CEO of Investissement Québec (IQ), Guy LeBlanc, received total compensation last year of $1.056 million, up 19%, at the end of a period marked by anticipated losses in the Crown corporation investments.
Last year, Mr. LeBlanc’s total compensation was $887,000. Mr. LeBlanc explained that the increase observed on Wednesday, during the study of IQ’s budget appropriations, is explained by the establishment of a long-term incentive plan (LTIP).
In reviewing the activities of the Crown corporation, Mr. LeBlanc also explained that he expects to file an annual report showing a negative return that will fluctuate between 3.5% and 9%. He expressed confidence that the losses will be at the lower end of this range.
Mr. LeBlanc explained that the LTIP takes into account the returns of the last three years.
At the end of the parliamentary committee where the deputies were studying his credits, Mr. LeBlanc refused to answer the questions of the Duty on his pay.
Liberal MP Frédéric Beauchemin said that the calculation by which this increase is established lacks transparency, in a context where IQ’s performance is down.
Performance fell 25% in 2021, the year of the rebound following the start of the pandemic, followed by a year at 7.6%, and the year that will be closer to -3.5% , underlined the deputy.
“We see that it is linearly downwards. And then, there is an increase in the compensation of the CEO which is linearly upwards. »
Mr. Beauchemin believes that IQ would benefit from more clearly establishing benchmarks that allow the performance of the government corporation to be compared. According to him, there are other comparable organizations internationally.
More details will follow.