$ 14 million in management salary for Desjardins in 2016

Quebec For almost a year now, Guy Cormier, President and Chief Executive Officer of Desjardins Group, has received a salary of $ 2.07 million in 2016 with the value of his pension plan. , The great boss was eclipsed by his predecessor Monique F. Leroux. The latter, which sold its headquarters in April, received $ 2.83 million in wages, bonuses and benefits.
On Wednesday, the cooperative, headquartered in Lévis, filed certain financial documents with the regulatory authorities. In all, the seven senior executives shared $ 14.06 million in 2016. By comparison, during the same period, the five highest ranking officers of the National Bank were split by $ 26.7 million.
Since 2016 was a presidential election year, M me Leroux was paid for its services “until June,” says the Sun André Chapleau, spokesman for the Mouvement Desjardins. She received a basic salary of $ 722,027 and an allowance of $ 571,612. This is compensation “for past profits that she had lost at the time of her election in 2008,” he said. To these figures must be added the value of his pension plan, $ 787,039, and his annual bonus of $ 750,250.
By 2015, Mr. Leroux had received $ 3.9 million for his last full year of work.
Normally, only the five senior executives of the financial institution are included on this list of employees. M me Leroux will not return in 2017 and Normand Desautels who held the position of assistant to the management of Desjardins Group. He won $ 3.22 million this year as he retired. Her base salary was $ 764,273.
“The amount is high because he received $ 1557,545 for his long-term incentive plan. This is the 40% he has accumulated over three years that has been paid to him, “says Chapleau.
The first vice-president and chief operating officer, Denis Berthiaume, is the one who was the highest-paid after the president. He received $ 1.8 million, a 24% increase in his salary compared to 2015.
As for Mr. Cormier, his base pay was $ 774,768 between January and December, approximately $ 495,000 less than M me Leroux in 2015. Before being elected, he was Senior Vice -President, Caisse Network and Personal Services.
“It is at the beginning of function. Like when M me Leroux arrived she had a lower salary than his predecessor, “says Chapleau. “Like all employees, a worker who is in the early stages of his career will experience a salary increase. The Chair is the same thing, “he said. By 2015, Mr. Cormier had received $ 1.8 million.
Slimming Cure
Over the past year, the President and CEO has undertaken a slimming program to optimize the financial institution’s costs. In the course of the last few months, Mr. Cormier has, among other things, carried out a number of staff changes. More than 200 managers, mainly executives, were thanked. In severance packages, this group shared nearly $ 40 million.
This measure was reflected in the recent financial statements of Desjardins. While the co-op’s revenues climbed to $ 14.1 billion, surplus earnings before patronage dividends fell 9.5% to $ 1.77 billion.
Recently, the cooperative sold its subsidiary Western Financial Group for $ 775 million to Wawanesa Insurance.
Desjardins Group will hold its annual general meeting in the Capitale-Nationale on March 25th.

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Salaries of Desjardins executives
President and Chief Executive Officer of Desjardins Group: $ 2,073,377
President and Chief Executive Officer of Desjardins Group from January 1 to April 8, 2016: $ 2,830,928
Senior Vice-President, Finance, Treasury, Administration and Chief Financial Officer: $ 1,263,066
Senior Vice-President, Finance and Chief Financial Officer January 1 to August 12, 2016: $ 1,181,147
Desjardins Group Executive Assistant: $ 3,222,730
Senior Executive Vice-President and Chief Operating Officer: $ 1,820,033
Senior Vice-President, Wealth Management and Life and Health Insurance: $ 1,670,732

Total : $ 14,062,013