For his five-year term beginning on 1er August, the new CEO of Hydro-Québec will be paid $639,000 per year, in addition to bonuses linked to his performance. That’s nearly double what he earned as Deputy Minister of Finance in Ottawa.
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This is a significant increase for Mr. Sabia. As Deputy Minister of Finance in Ottawa, his salary ranged from $291,700 to $343,100, according to a federal government decree.
At the end of each fiscal year, the Board of Directors will determine, based on pre-established evaluation criteria and the achievement of performance objectives defined by the Board of Directors, the performance bonus to which Michael Sabia will be entitled. This cannot exceed 50% of his annual salary, according to a government decree published today in the Quebec Official Gazette.
At the end of this term, Michael Sabia’s severance pay may not exceed twelve months of his annual salary. He may also be entitled to payment of the bonus for the current year in proportion to the number of months worked in the year, explains the decree.
Recall that the outgoing CEO of the state corporation, Sophie Brochu, had earned close to $884,000 last year, an amount that included a salary of $615,320 and performance bonuses of $269,000.
This bonus paid in 2022 was intended to reward Mme Brochure for Hydro’s performance in 2021.
More details will follow.