Oppositions were outraged by the increase in the remuneration of the boss of Investissement Québec (IQ), Guy LeBlanc, who crossed the million dollar mark last year.
PQ MP Pascal Bérubé said Thursday that bonuses have multiplied for the leaders of state corporations since the Coalition avenir Québec has been in power.
“There are bonus increases at the Caisse de depot, at Investissement Québec, at Hydro-Québec, in several state companies, he said in a press briefing. Everyone inflates their salary. I think we should reconsider that. »
Mr. LeBlanc’s compensation has increased by 19% in 2022-23, to $1.056 million, although he expects to report losses that will range between 3.5% and 9% in investments. IQ, we learned on Wednesday during the study of the budgetary appropriations of the state-owned company.
Thursday, Mr. Bérubé denounced the granting of bonuses in a context of negative performance. He recalled that Mr. LeBlanc is a personal friend of the Minister of Economy and Energy, Pierre Fitzgibbon.
“Quebecers’ hard-earned money is used for this sort of thing,” he said indignantly. I don’t find that correct, especially since it seems to us that, in the case of Mr. LeBlanc, it was a partisan appointment, in the sense that he was not the one who finished first in the competition, but he is the one they have chosen. »
Québec solidaire MNA Ruba Ghazal said that it is unacceptable to see the salaries of senior executives of state-owned companies increase year after year.
“The gap keeps growing year after year between the top leaders and the people at the bottom and it’s really unacceptable,” she said. Yes, there is a lack of transparency. »
Public service
Mme Ghazal argued that pay should not be the only argument for attracting high-quality candidates for public sector positions.
“There are plenty of extremely competent people in Quebec who only want one thing, to serve the public state, IQ or state corporations and who would not do it only for fabulous salaries,” she said. supported.
She deplored that the government rejected a proposal by Québec solidaire to cap these increases in the remuneration of the directors of state-owned companies.
“It’s possible that the government will put an end to this, especially for crown corporations,” she said. It was proposed to QS that there be limits for senior leaders, but unfortunately the government never wanted to. »
Mr. LeBlanc’s total compensation was $887,000 in 2021-22. On Wednesday, during the study of IQ’s budget appropriations, the manager indicated that the 19% increase in his remuneration, in 2022-2023, was explained by the establishment of a long-term incentive plan. term (RILT).
In total, IQ’s five highest-paid executives, including Mr. LeBlanc, received an average 22% increase in compensation last year, which includes contribution to their retirement fund.
Despite anticipated losses this year of at least 3.5%, Mr. LeBlanc was satisfied that IQ’s three-year return was 9.3%.
Wednesday, at the end of the study of the credits, the Liberal Party of Quebec had underlined the lack of transparency of IQ concerning the tags which lead to these increases in remuneration.