The Quebec government, in Cabinet last Wednesday, adopted a new variable compensation policy for investment in Quebec (IQ), according to information Mario Dumont reported to QUB radio on Tuesday.
Under the new policy, IQ executives will now receive variable compensation, the long-term incentive plan, which will be boosted based on their performance.
In so doing, incumbent Guy LeBlanc, the man of confidence to Economy Minister Pierre Fitzgibbon, would receive a reward that could reach $ 1.1 million, or twice his predecessor.
By adding base salary and performance bonuses, the vice presidents ’total compensation will fluctuate between $ 775,000 and $ 1 million, the Economy Ministry said with confirmation of the news in the evening.
- Listen to Paul Larocque and Mario Dumont on QUB Radio:
LTIP will allow, at the end of each three-year performance cycle, an additional targeted compensation of 45% for CEOs, up to 90% of their base salaries. This additional targeted bonus is 35% for other first vice presidents, up to 70% of their salaries, “the ministry details.
Thus, the company aims to be able to compete in this field in order to be able to attract the best talents to it.
The Caquista government, looking for a way to improve the salaries of Investissements Québec managers, relied on the FTQ Solidarity Fund model.
Salary performance bonuses will be based on three criteria: economic development (jobs created and value of investments), organizational performance and return on the Investissement Québec portfolio.
Under Minister Fitzgibbon’s leadership, Crown’s mission was expanded, to the point where it became the spearhead of the Legault government in attracting investment to Quebec.
Minister Fitzgibbon commented in a press release, “I am convinced that the changes announced today will help achieve these goals by setting compensation more focused on results.”
Remember, more than a hundred workers were transferred from the Economy Ministry to IQ last spring. They benefited, in passing, from a large increase in their salaries.