Thank you, Mr. Chair.
Thank you to the witnesses.
At the last meeting, I asked the CEO of the CIB why it is that 18% of its operating expenses were spent on bonuses. It is actually worse than that. In fiscal year 2022-23, $30.2 million was paid out in employee compensation, and of that, $8.1 million was bonuses, which is 27%. In my experience in the private sector, that is an absolutely astronomical amount. We're looking here at a flagrant waste of taxpayer funds on a bank that has accomplished zero to few projects over seven years.
Mr. Pawlowski, do you think that level of bonus compensation is justifiable? It works out to $65,000 for non-executive employees, on average.