Hydro-Québec will be able to increase the remuneration of its leaders thanks to a new decree approved by the Council of Ministers.
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The decree, published Wednesday in the Gazette officialconfirms the new “incentive remuneration” policy of the High Managers of Hydro adopted by the Crown Company at the beginning of July.
However, the details of the changes have not yet been made public.
Even without this new policy, the hydro patterns were already touching generous bonis. Last year, they then reached up to 27% of the basic remuneration of senior management.
To give an idea, ex-CEO Michael Sabia received nearly $ 840,000, with a basic salary of around $ 664,000 and a bonus of more than $ 132,000.
The new CEO, Claudine Bouchard, had affected a total remuneration of more than $ 933,000, while she was the chief of the farm. In his new functions, his remuneration could reach $ 988,500.
Never mind, Hydro argues that the remuneration of its leaders is “below the median of comparable companies”.
“To fulfill its mission and deliver its ambitious plan, Hydro-Québec must be able to count on a team of great talent. The job market is very competitive and organizations are fighting to attract the best talents, “said a spokesperson for the organization, Maxime Huard-Lefebvre, by email.
“The Board of Directors has analyzed Hydro-Québec’s remuneration practices, in particular with markings, and the conclusion is that our practices are not adequate or adapted to meet the challenges we face,” he added.
The Crown Company also ensures that the increase in the remuneration of its senior managers “will allow to accelerate the delivery of the action plan by monitoring clear and carriers, which will be approved and followed by the Board of Directors”.
Recall that last year, Hydro’s expenses increased faster than its income. The charges jumped more than 5.7% to come close to $ 11 billion while turnover increased by less than 0.2% to amount to just over 16.1 billion $.
The long -term debt also inflated by 12% in one year to quantify more than $ 60.2 billion, which has helped increase financial costs.