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.
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
That could be. I have the figure for 2024, which was 95%, so it's probably in that range, yes.
Conservative
December 10th, 2024 / 11:35 a.m.
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
Yes.
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
Okay.
Records show that in 2023, CMHC's 10 executive salaries totalled approximately $3,110,000. The average salary of your executives would be approximately $311,000. Does that sound correct?
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
The average executive salary was.... Did you say $300,000?
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
For executives, that sounds in the right ballpark. Yes, I would have said around three....
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
Thank you.
Records show that in 2023 CMHC's 10 executive incentive award bonuses totalled $831,062. The average executive bonus would be approximately $83,000. Does that sound correct?
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
Well, we don't call them bonuses. They aren't actually bonuses. It's incentive pay that's held back from compensation at the beginning of the year.
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
The incentive compensation/bonuses.... Those amounts are correct.
Are you aware of the average salary in Canada in 2023?
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
I don't know it off the top of my head, but I suspect you do.
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
The average salary was $64,800.
Therefore, the average bonus paid to executives at the government's housing agency, which you oversee, was more than the average salary of Canadians.
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
Except that it's not a bonus....
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
Will the 2024 executive bonuses be higher or lower than in 2023?
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
I do want to set the record straight. We don't pay bonuses. We have incentive pay, but it's a very different pay structure.
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
Right, so it's an incentive award/bonus. It's in addition to their normal flat rate.
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
I wouldn't say it's a bonus.
Conservative
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
It's a different philosophy.
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
Can you table to this committee all records of per-employee incentive award bonuses for all the employees at CMHC, including the 10 executives, in 2023?
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
I absolutely cannot. It's against the Privacy Act. It's personal and confidential.
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
If not for all employees, can you table records of the employee incentive award bonuses for the 10 executives?
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
Again, that's confidential.
Conservative
Tracy Gray Conservative Kelowna—Lake Country, BC
Disclosing compensation of executives to financial institutions—as you, yourself, referred to in your opening statement—and many other corporate and Crown boards is normal practice.
Are you saying that this is not something you would disclose to this committee?
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
I am not allowed to disclose that under the Privacy Act. It's personal information, and that's the law that I follow.