The total remuneration of the six most senior executives of the Caisse de depot et placement du Québec (CDPQ) was established at the equivalent of 19.5 million, taking into account compensatory payments and currency conversion.
This information appears in its most recent annual report, which was tabled Thursday in the National Assembly.
The total compensation of the president and chief executive, Charles Émond, reached 4.5 million in 2021. This is an increase of 30.5% compared to the same period last year. To this amount is added a compensatory amount of 1.8 million. When he was hired in 2019, Mr. Émond, who previously worked at Scotiabank, had obtained a compensatory amount, the payment of which had already been announced and which is spread over several years.
In comparison, the compensation granted to the big boss of the Ontario Teachers’ Pension Plan reached 5.8 million in 2021. For his part, the most senior executive of the Ontario Municipal Employees Retirement System (OMERS) has obtained 5.1 million in 2021.
For the three executives in office for the entire comparison year (2020), their overall compensation increased by an average of 31.2%.
The increase in senior executive compensation reflects the Caisse’s good performance in 2021, explains its spokesperson, Maxime Chagnon. He points out that the Caisse posted a return of 13.5% in 2021, which is higher than its benchmark index of 10.7%. This represents an added value of 10.4 billion. “The program is there to remunerate the performance obtained, said the spokesperson. The years when we performed less, the remuneration decreases. »
For all Caisse employees, the bonuses granted increased by 13% on average per person. In total, the Caisse paid 187.9 million to its 1,454 employees in 2021 compared to the 158.7 million paid to its 1,391 employees in 2020. As of December 31, 2021, 1,292 of the staff would work in Quebec.
Management fees remained stable compared to the previous year at 0.23% of its assets.