The total award value of the Solidarity Fund’s senior executives for the fiscal year ended May 31 was $4.48 million.
Posted at 4:17pm
This amount is down 6% from the previous year, which appears to reflect the loss suffered by the Solidarity Fund during a difficult period in financial markets.
A closer look, however, reveals that only President and Chief Executive Officer, Janie Béïque, has suffered a pay cut among the top five executives named in the management circular sent to shareholders these days.-savers in the fund, in preparation for their October 15 annual meeting.
Estimated at 1.35 million salary and bonuses, M’s total compensation isme Béïque was reduced by 13.5% in his first year in office after Gaétan Morin’s departure from the sum of 1.56 million allocated to him in 2021.
In comparison, his four key executive assistants at the fund benefited from a 1% to 10% increase in total compensation.
Newcomer to that contingent, Dany Pelletier, saw his compensation surpass the $1 million mark – to $1.15 million – when he stepped into the position of Senior Vice-President, Private Equity and Impact Investments was promoted.
In its annual results released last June, the Solidarity Fund showed a negative return of 1.1% and a loss of 60 cents per share over the year.
But in the last six months of this fiscal year, results have been particularly difficult for the fund, which has net assets of $17.4 billion.
The negative return of 5.7% resulted in a $3.16 per share decline to $52.61 between late November 2021 and late May 2022.
In comparison, the year ended May 31 proved even more difficult for Fondaction, the other large Quebec tax-advantaged mutual fund.
The fund, which has net assets of $3.11 billion, posted a negative return of 2.8% and lost 43 cents per share over 12 months.
But over the last six months of the fiscal year, Fondaction posted a negative return of 8.7% and fell $1.43 per share to $15.02.
As a result, the value of total compensation for Fondaction’s top executives fell significantly by 14% year over year.
That figure reached 2.57 million compared to 3.01 million a year earlier, we read in Fondaction’s management circular for the September 17 shareholder-saver meeting.
In addition, Fondaction President and CEO Geneviève Morin benefited from a 23% increase in her remuneration to US$696,588 for the year ended 31 May, in contrast to the decrease in her Solidarity Fund counterpart’s remuneration.
Meanwhile, three of his top assistants have seen pay cuts ranging from 12% to 31%.
Newcomer to Fondaction executives named in the circular, Maha Lebbos, Vice President of Digital Transformation and Information Systems, received the