Loto-Québec’s five main executives have shared more than $2.4 million in salary, bonuses and various benefits over the past year, marked by the strong return of incentive compensation, suspended during the pandemic.
Its President and Chief Executive Officer, Jean-François Bergeron, received total compensation of $586,421 during the 2022-2023 fiscal year, up 46% compared to the previous year ($400,718).
It should be noted, however, that the latter took office on May 31, 2021, two months after the start of the 2021-2022 fiscal year. In addition, the CEO benefits this year from an incentive compensation of $ 70,992, which was suspended since the start of the pandemic, in 2020.
Excluding bonuses and other benefits, his base salary increased by 5.15% compared to the salary ($450,109 per year) granted to him when he was hired during the previous fiscal year.
The remuneration of Loto-Québec’s number two, Kevin G Taylor, executive vice-president and chief operating officer of casinos and gaming halls, increased for his part by 34%, from $375,461 to $504,498 . The latter benefits this year from an incentive compensation of $106,994. Excluding this compensation bonus, his compensation increased by 5.9%.
Finally, the corporate vice-president and head of digital transformation and technologies, Denis Daly, received for his part a total compensation of $463,129, constituting an increase of 37%. Excluding his $97,794 bonus this year, his compensation increase is 8.1%.
Dividend of $1.6 billion
During its last fiscal year, ended March 31, Loto-Québec earned revenues of $2.99 billion and consolidated net earnings of $1.6 billion. The latter is paid entirely to the government in the form of dividends, an increase of 40% compared to the previous year.
Remember that the year 2021-2022 had been affected by periods of closure. The increases compared to the same period of the pre-pandemic fiscal year, i.e. in 2019-2020, amount to 9.4% for revenues and 18.2% for profit.
This is, according to Loto-Québec, its best performance since the anti-tobacco law came into force in 2006, which had a major impact on traffic in gaming establishments.
Anger among union members
The unveiling of these results and the compensation of senior executives have boosted the some 1,500 union members of Quebec casinos, without a contract since March 2022.
“It is completely indecent to see the salary increases from which these people benefit, protests Stéphanie Gratton, vice-president of the Federation of Public Service Employees (FEESP). It is all the more so since the management party keeps telling us that there is no room for manoeuvre.
The union members are particularly against the remuneration granted to Kevin G. Taylor, the big boss of the operation of casinos and gaming halls. His total compensation exceeded half a million dollars last fiscal year.
Negotiations on the wage aspects of the collective agreement are “at a standstill” according to the union. Loto-Québec would offer an average of 2.5% increase per year for five years. And would like, according to the union, to add a level to reduce by 10% the starting salary of the staff.
For their part, the casino union members are demanding, among other things, increases based on the consumer price index, plus $1 an hour. The union members of the casinos of Montreal, Gatineau and Charlevoix recently gave their support to a five-day strike to be carried out at a later date. The union members of the Mont-Tremblant casino must soon decide on the same proposal.