Solidarity Fund: 4.48 million for senior executives

Martin Valeris
Journalism

This amount represents a decrease of 6% from the previous year, which appears to reflect the loss incurred by the Solidarity Fund during a difficult period in the financial markets.

However, a closer look reveals that only the President and CEO, Janie Becky, had a compensation cut among the five CEOs identified in the management circular sent to shareholders these days. Fund savers, in preparation for their annual meeting on October 15.

Estimated 1.35 million salaries and bonuses, total compensation m^I Béïque was reduced by 13.5% compared to the 1.56 million that was allocated to him in 2021, in his first year in office after Gaétan Morin’s departure.

In turn, his four key assistants to the fund’s top management benefited from an increase in total compensation by 1% to 10%.

Newcomer to this unit, Danny Pelletier, saw his compensation exceed $1 million — to $1.15 million — when he was promoted to Senior Vice President, Private Equity and Impact Investments.

In its annual results disclosed last June, the Solidarity Fund reported a negative return of 1.1% and a loss in value of 60 cents a share over the course of one year.

But during the last six months of this fiscal year, the results have been particularly tough for the fund, which has net assets of 17.4 billion.

The negative return of 5.7% translated into a loss of $3.16 per share to $52.61 between the end of November 2021 and the end of May 2022.

fondness

By comparison, at Fondaction, another large investment fund with tax advantages in Quebec, the year ending May 31 proved more difficult.

The fund of 3.11 billion net assets reported a negative return of 2.8% and a loss of 43 cents per share over 12 months.

But over the last six months of the fiscal year, Fondaction reported a negative 8.7% return and a loss of $1.43 per share, to $15.02.

As a result, the total compensation value of Fondaction’s senior executives declined significantly by 14% year-over-year.

That value came to 2.57 million compared to 3.01 million a year earlier, we read in the Fondaction management’s circular to the meeting of shareholders and savers on September 17.

Moreover, in contrast to a decrease in compensation from its Solidarity Fund counterpart, Genevieve Morin, president and CEO of Fondaction, benefited from a 23% increase in her compensation, to $696,588, for the year ended May 31.

Meanwhile, three of his top executive assistants have taken pay cuts ranging from 12% to 31%.

The newcomer among Fondaction’s senior executives mentioned in the circular, Maha Labous, who is the vice president of digital transformation and information systems, received $399,632 in salary and bonuses for the year ending May 31.