The new president and general manager of Investissement Québec, Bicha Ngo, received compensation of 1.1 million during the 2024 financial year, according to documents tabled in the parliamentary committee.
The financial arm of the Quebec government paid a little more than 1.7 million in bonuses to 10 senior executives in 2024. The game of musical chairs within senior management, however, makes the comparison with last year more difficult.
Investissement Québec clarified that the figures provided to elected officials are an “estimate” and that the exact amount will be known when the annual report is filed. The Crown corporation was unable to provide further details on the performance of managers in relation to their objectives.
“The steps leading to the evaluation of the achievement of the targets on which the remuneration of senior executives is based have not yet been completed: we are currently in this process,” comments its spokesperson, Isabelle Fontaine.
The information will be made public when the annual report is filed in “early June”. The annual performance will also be revealed at the same time for the 2023-2024 financial year.
The bonuses of executives who remained in the same position, however, decreased while Investissement Québec posted a negative return of 4.8% in 2023, which is taken into account for the bonus paid the following year.
The decrease is mainly explained by a reduction in the annual bonus, which was partly offset by an increase in the long-term incentive plan.
For example, Marie Zakaib, senior vice president of human resources and internal communications, received a $249,471 bonus in 2024, compared to $271,294 last year. That of Hubert Bolduc, president of Investissement Québec International, fell from $245,607 to $224,607.
The decline was more significant for Investissement Québec employees. Some 1,200 IQ employees and managers had received the equivalent of $7.1 million in bonuses in 2024 for the 2022-2023 fiscal year, according to data obtained by The Canadian Press under the Access to Information Act. information last June.
The previous year the company had paid a record sum of 12.3 million in the form of variable incentive remuneration.
In addition to financial performance, variable remuneration is based on an economic and organizational development factor as well as an individual factor, Investissement Québec clarified.
The general director of the Institute on the Governance of Private and Public Organizations (IGOPP), François Dauphin, welcomed the fact that several aspects of Investissement Québec’s mission were taken into account in establishing compensation. .
“That’s good,” he commented in an interview last June. It is the financial arm of the government. Investissement Québec must take risks to promote economic development. »