Caisse de depot et Placement du Quebec | Board compensation at nearly 20 million

The good year of the Caisse de dépôt et Placement du Québec (CDPQ) drives up the compensation of its six key executives, which amounts to almost 20 million, taking into account the compensation payments received. That’s an increase of 30%. In addition, one of the main heads of the institution now works in New York.

Updated yesterday at 4:56pm.

Julian Arsenal

Julian Arsenal
The press

Charles Emond, the president and CEO, was entitled to a salary of $4.5 million last year, a 30% increase. The former Scotiabank executive was also entitled to an extra £1.8million – the latest scheduled payment for his hiring bonus, which dates back to 2019. This brings his compensation to 6.3 million. Compensation takes into account base salary, performance-related pay and other benefits.

That information appears in the pension plan manager’s report presented Thursday in the National Assembly. The document takes stock of the past year, when the institution delivered a weighted average return of 13.5%, ahead of its benchmark index of 10.7%.

” It’s about [en 2021] the best results for the Caisse in 10 years, stressed its spokesman Maxime Chagnon on the sums paid to the top six executives. The program is there to compensate for the work done. »

In 2020, CDPQ senior management was entitled to around 15 million, but the composition of the team has changed over time. The other two executives who served all year, Emmanuel Jaclot, senior vice-president and head of infrastructure, and Kim Thomassin, senior vice-president and head, Quebec, were eligible for a 41% and 41% salary increase last year, respectively .24%.

More extras

The Caisse paid 3 million in compensation to four of its key executives in 2021. Because the payments are spread over several years, they make it possible to retain managers, the Caisse argues.

“It is risk management to spread it over time,” says François Dauphin, director of the Institute for the Governance of Private and Public Organizations (IGOPP). If the person leaves, we are not surprised. »

Unless there are other changes in Mr. Emond’s team, most of these payments will cease after 2022.


PHOTO DAVID BOILY, LA PRESSE ARCHIVE

Factoring in his hiring bonus, CDPQ President and Chief Executive Officer Charles Emond was entitled to $6.3 million in 2021.

In addition, the CDPQ now has a full-time New York-based officer, Martin Laguerre, as head of private equity. He is the only one of the six members of the Executive Board who works externally. The United States accounts for 44% of the Caisse’s total portfolio. This is the main market for institutional investors.

“It’s not worrying because the CDPQ has a strong identity in Quebec,” argues Professor Yan Cimon, from the University of Laval’s management department, of Mr. Laguerre’s workplace. When you look at the dominance of the United States in the institution’s portfolio, it makes sense. »

Not the best paid

Despite the large increase in his overall compensation, Mr. Emond’s pay remains lower than some of his peers, barring the extra payment due to his annual bonus.

The Ontario Teachers’ Pension Plan (teacher) had earnings of $5.8 million for the most senior executive. On the Ontario Municipal Employees Retirement System (OMERS) side, the president’s total salary in 2021 was $5.1 million.


The 2021 performance also benefited the 1,454 CDPQ employees working both in Quebec and abroad. They shared bonuses totaling 188 million, an annual increase of 18%.

“This amount reflects an average increase of almost 13% per person due to fluctuations in yields,” explains the Caisse in its annual report.

It’s not just the premiums that are increasing. The CDPQ staff follows the same trend. As of December 31, the organization’s headcount had increased by 4.5% year-on-year.

Learn more

  • 420
    As of December 31, 2021, CDPQ’s net worth was approximately $420 billion.

    CAISSE DE DEPÔT ET PLACEMENT DU QUÉBEC

    9.6%
    This is the CDPQ’s 10-year annualized return. On average, depositors demand an annual return of about 6%.

    CAISSE DE DEPÔT ET PLACEMENT DU QUÉBEC

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