The five highest-paid Desjardins Group leaders collected $12.26 million last year, including $4.37 million that ended up in the pockets of the cooperative’s number one, Guy Cormier. This is a 37% jump in compensation for the President and CEO.
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On Wednesday afternoon, Desjardins unveiled its annual information form for its fiscal year ended December 31. In 2020, these five leaders shared a prize pool of $9.25 million.
In addition to his base compensation of $1.28 million, Mr. Cormier was paid a bonus of $1.53 million for achieving his objectives and the value of his pension plan amounted to $1.56 million. This is the first time that a president of the cooperative has crossed the $4 million mark.
By way of comparison, in his first full year as big boss of the Movement in 2017, Mr. Cormier had received $ 2.76 million. In the space of five years, his compensation will therefore have increased by 58.7%.
“Despite this increase [en 2021]the sum of the total compensation of the five senior executives is at the level of the average salary of a single president of a Canadian bank,” argues spokesperson Chantal Corbeil.
“The overall compensation of the President and Chief Executive Officer and senior management reflects the scope of the organization’s activities as well as its performance in terms of the experience offered to its members and clients as well as its growth and results. finance,” she adds.
For its last fiscal year, Desjardins achieved earnings before member dividends of a record $2.94 billion. This is an increase of $523 million compared to a year earlier. Management expects to return $387 million in member dividends thanks to its good results.
less than most
The overall income of the president of the cooperative is in fact lower than that of other bank executives, with the exception of the Laurentian Bank.
Last week, the National Bank revealed that its former president and chief executive Louis Vachon, who left his post on October 31, had received a total compensation of $10.66 million, an increase of 27.8%.
Among the other institutions, Bharat Masrani at the TD Bank pocketed $13.49 million (+28%), Dave McKay at the Royal Bank of Canada, $16.67 million (+23.7%), Victor Dodig at the CIBC, $12.75 million (+31.8%) and Brian Porter at Scotiabank, $12.18 million (-0.35%).
At the Bank of Montreal and the Laurentian Bank, Darryl White received $14.87 million (+34%) and Rania Llewellyn $3.88 million (+29.18%).
More than $2.5 million for No. 2
Among the other executives at Desjardins with the highest salaries, we learn in the circular that Réal Bellemare, Senior Executive Vice-President and Chief Operating Officer, and Denis Dubois, Senior Vice-President, Wealth Management and Life and Health Insurance and President and Chief Operating Officer, Desjardins Financial Security, collected $2.58 million and $1.89 million respectively for the past year.
“It should be noted that the overall compensation of the president and senior management is well aligned with that of other equivalents in the cooperative world and not with that of our banking competitors,” said Ms. Corbeil.
If we look at the side of all the main executives, i.e. the management committee (11) and the members of the board of directors (29), they shared $24 million, compared to $18 million the previous year. .
The five highest paid executives at Desjardins
- Guy CormierPresident and CEO : $4.37M (+37.3%)
- Real BellemareSenior Executive Vice President and Chief Operating Officer: $2.58M (+ 19%)
- Denis DuboisSenior Vice-President, Wealth Management and Life and Health Insurance and President and Chief Operating Officer, Desjardins Financial Security: $1.89M (+37%)
- Eric LachaineSenior Vice-President, Caisse Network and Services to Members and Clients: $1.83M (+ 44%)
- Alain LeprohonSenior Vice-President, Finance and Chief Financial Officer: $1.58M (+19%)
Source: Desjardins Group Notice