Evidence of meeting #141 for Human Resources, Skills and Social Development and the Status of Persons with Disabilities in the 44th Parliament, 1st session. (The original version is on Parliament’s site, as are the minutes.) The winning word was cmhc.
A recording is available from Parliament.
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
Does the housing minister give the final sign-off on CMHC staff bonuses, including executive bonuses?
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
Our compensation is approved by the board.
Conservative
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
I am the only board member who is an executive.
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
As the only executive sitting on the board, do you remove yourself from board of director deliberations and votes on executive bonuses?
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
Again, we don't refer to them as bonuses. They're part of the—
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
Could I just take a second to explain the incentive pay structure?
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
No, I'm asking the questions here. Please answer the questions.
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
Sorry, was your question about whether I step out of the room?
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
I have not been through that exercise yet, so I don't know what my process will be or what the governance should be.
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
Who decides the metrics, targets or performance indicators for bonuses?
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
For incentive pay, the employee and their manager will determine the expectations of the position at the—
Conservative
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
The individual expectations are not signed off on by the board.
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
Can you please table with this committee the metrics, targets or performance indicators that would be utilized for staff incentives or bonuses, whether it's for staff or—
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
Again, I cannot. That would be confidential information. The Privacy Act prevents the disclosure of—
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
Disclosing the metrics for somebody to be able to receive some type of an incentive or bonus, that's confidential...?
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
I believe that is confidential, yes.
Conservative
Senior Vice-President, Corporate Affairs and Policy and Interim Chief Risk Officer, Canada Mortgage and Housing Corporation
Maybe I can add something, Mr. Chair.
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
That's not something you will disclose and table with this committee. Is that correct?
Senior Vice-President, Corporate Affairs and Policy and Interim Chief Risk Officer, Canada Mortgage and Housing Corporation
We do meet the disclosure requirements for transparency of compensation. It is in our financial statement.
When it comes to the individual level—
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
I'm looking for the actual metrics, though, not just the line item saying, “This is how much was paid.”
What were the actual metrics or performance indicators? Can you please table those with this committee?