CANADA - Newly appointed Caisse de depot et placement du Quebec chief executive Michael Sabia received almost CAN$21m (US$16.8m) in remuneration last year as outgoing chief executive of Bell Canada Enterprises (BCE).
This included almost C$730,000 of base salary, C$3.12m of non-equity based bonuses, a C$1.25m pension contribution, a C$1.25m one-off BCE privatisation bonus and almost C$15m in 'other compensation', linked largely to his parting company with the organisation.
The privatization bonuses were in relation to the failed buyout attempt of BCE by the Ontario Teachers' Pension Plan (OTPP) which collapsed in late 2008 due to concerns over the solvency of the company post-acquisition (Globalpensions.com; 11 December 2008).
Sabia - whose appointment as head of the C$120bn Caisse pension fund in early March (Globalpensions.com; 16 March 2009) has been seen by many as controversial - recently offered to forego both his annual bonuses for the next two years and his Caisse pension, should he reach retirement age while working at the fund.
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