Records show that last year, the Canada Infrastructure Bank gave bonuses to all six executives and every manager, amounting to over $85,000 each. .According to Blacklock’s Reporter, these bonuses were paid despite a recommendation from a Commons committee to shut down the Bank due to its high cost and lack of success..Last year, the Bank disclosed in a report presented to the government that it gave out $7,753,191 in bonuses to 100% of its management, which included senior executives and other officials. .This amount was divided among a half-dozen senior executives and 85 other officials, with each person receiving an average of $85,200..The figures were tabled at the request of Conservative MP Eric Duncan (Stormont-Dundas, ON), who asked “What was the total amount paid out in bonuses, and how many and what percentage of officials above and below the executive level received bonuses?”.In a report on May 3, the Commons Transport committee suggested that the Bank should be dissolved. The Bank’s 100% bonus rate was not explained..“Much of the discussion throughout this study turned on the question of the Bank’s efficiency with several witnesses expressing concern that projects were not flowing as quickly as expected,” said the report The Canada Infrastructure Bank..According to the report, the Canadian Construction Association described the Bank's performance as "pretty dismal." .The Bank was established by Parliament in 2017 with $35 billion, with the goal of attracting private investment for constructing new public projects..In 2021, the Bank chose to ignore an order from the Transport committee. The 11-member committee had voted unanimously to require the Bank to provide specific information about the amount of money paid to each executive..“There are millions of dollars that have been paid to executives and to those who are no longer with the organization,” New Democrat MP Taylor Bachrach (Skeena-Bulkley Valley, BC) earlier told the committee..In an Inquiry of Ministry presented to the government in 2020, the Cabinet stated that the Bank's board agreed to give out large bonuses. .The previous CEO Pierre Lavallée was paid a salary of $600,000 and had the chance to earn bonuses worth up to 185%, which adds up to a total of $1.1 million. .Lavallée suddenly resigned on April 3, 2020. In the next 15 months, the Bank had three different CEOs..On September 16, Infrastructure Minister Dominic LeBlanc wrote a letter rejecting a request to close the Bank..“The government strongly disagrees with the recommendation,” LeBlanc wrote in a letter to the committee. .“In fact, no witnesses cited in the report called for the Canada Infrastructure Bank to be abolished.”.The recommendation “does not reflect the current state of the Canada Infrastructure Bank nor its progress,” wrote LeBlanc. .The Toronto-based Bank “continues to make progress in advancing government priorities.”
