Thursday, April 25, 2024

Paid exemption for CEO of Hydro

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Maria Gill
Maria Gill
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The only CEO of the underpaid crown company has been reappointed. Hydro-Quebec President Sophie Brochow saw her renewal as director of Bank of Montreal (BMO) yesterday at the financial institution’s annual shareholder meeting.

MI Brochu has served on the BMO Board of Directors since 2011. In 2021, she will receive $ 225,000 USD for her role in the bank, payable in cash and deferred equity value (DDVA). As of February 21, she was in possession of $ 3 million in DDVA, according to a bank compensation circular.

Sophie Brochett took control of Hydro-Québec in the midst of a pandemic on April 2, 2020, following the departure of Eric Martel from Bombardier. His annual salary is $ 580,000, plus a performance bonus of $ 290,000 per year. This bonus will not be paid out in 2020, as are the bonuses for all Crown employees.

Why keep a second job?

“His participation on the BMO Board of Directors gives him a connection with the financial sector. Hydro-Québec spokesperson, Marc Antoine Beaulieu, replied that this fuels his reflections and analyzes, generating positive results for our entire company.

He adds that the bulk of M.I The brochure on BMO, ie preparing for board and committee meetings, takes place on weekends and that “for an entire year, we are talking about nine days where there are activities during the week, including two days. It happens in the evening.”

For review magazine It was revealed last year that Sophie Brushaw is the first executive of 56 Quebec companies to be paid so far another.

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Upon her appointment at Hydro, she resigned from the Boards of Bell and CGI, but remained in BMO, which was clearly the subject of negotiations with Quebec. ” the government [Legault] He put water in his wine because he wanted M.I Brochu, ”declared L. magazine Governance expert Michel Magnin at the time.

Before arriving at Hydro-Québec, Mr.I Brochu runs Énergir, raising $ 1.9 million in 2018. She has more than 30 years of experience in the energy sector.

Pay Sophie Brochu in 2021

$ 580,000 – annual salary, CEO of Hydro-Quebec

$ 290,000 – a possible bonus like Executive Director

225,000 dollars – Salary The official at BMO

Total possible: $ 1,095,000

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