(Quebec) Members of the boards of directors of all Crown corporations will now be remunerated, under new rules adopted by the Minister of Finance, Eric Girard.
A board president will receive between $10,600 and $42,400 per year, depending on the size of the organization in particular. The other board members will be entitled to compensation ranging from $5,300 to $21,200.
Participation in a committee reporting to the Board will also be remunerated, between $1,400 and $8,400 per year.
There are exclusions: employees of the public sector or of a subsidiary of the crown corporation as well as judges of a court of law who are directors of a crown corporation will not be paid.
The new compensation, which will take effect on April 1, follows the passage last year of a law on the governance of crown corporations. It would cost less than $10 million a year, Minister Girard said at the time.
According to him, this measure “will make it possible to attract the best candidates available at a reasonable cost” and to recognize the importance of their responsibilities.
Currently, the directors of nine Crown corporations, such as Hydro-Québec and the Caisse de depot et placement, are already paid. They will keep their remuneration according to the parameters in force.
Among the 37 Crown corporations whose members will now be paid are the Autorité des marchés financiers, INSPQ, Retraite Québec, Société d’habitation du Québec, SODEC, SEPAQ, BAnQ, Télé-Québec, the Société des traversiers du Québec and the Montreal Museum of Contemporary Art.