CEO Romy Bowers yesterday defended five-figure bonuses awarded annually to almost every employee at the Canada Mortgage and Housing Corporation..“We have a very important role in providing services to Canadians,” said Bowers, who did not disclose her own bonus paid in addition to her $459,000 annual salary..“I am quite comfortable the level of compensation we provide is reasonable taking into consideration the need to make sure we conserve taxpayer resources,” Bowers testified at the House of Commons public accounts committee..“There is a difference between compensation of employees and performance bonusing,” replied Conservative MP Eric Duncan (Stormont-Dundas, Ont.)..The Canadian Taxpayers Federation last March 9 disclosed Access To Information records indicating CMHC from the outbreak of the pandemic paid bonuses totaling $48,377,484. An average of 94% of employees were paid bonuses equivalent to $11,746 a year. Actual individual payments were not revealed..“Could you advise me in your management role and working with the minister if you have made any single change in how performance bonuses are issued within your organization?” asked MP Duncan..“On the subject of CMHC’s compensation philosophy, CMHC runs a government appropriations operation, but also we have a commercial business where we compete with the private sector competitors,” replied Bowers. “We are very conscious that we need to manage our expenses.”.“In line with government guidelines and on an annual basis we conduct bench-marking to ensure our compensation is aligned with peer institutions in the private sector as well as the public sector,” said Bowers..The CEO did not explain why all but a fraction of the agency’s 2,100 employees received an annual bonus based on “performance.” Under a 2020 Treasury Board Directive On Performance Pay Administration bonuses are awarded to employees deemed “fully qualified,” “solid” and “dependable” who “demonstrate behaviour” that may exceeded expectations..The CMHC bonuses were paid as Bowers publicly lamented the tragedy of homelessness in Canada. “On any given night as many as 35,000 people across our country may be experiencing homelessness,” Bowers testified in 2021 hearings of the House of Commons finance committee. “Why is this happening?”.“Housing affordability is our top concern,” said Bowers. “We’ve mobilized all our resources to address it.”.“Fundamentally we need to attack the source of homelessness,” said Bowers. “We need to look long term at how we address the homeless situation in a permanent way.”
CEO Romy Bowers yesterday defended five-figure bonuses awarded annually to almost every employee at the Canada Mortgage and Housing Corporation..“We have a very important role in providing services to Canadians,” said Bowers, who did not disclose her own bonus paid in addition to her $459,000 annual salary..“I am quite comfortable the level of compensation we provide is reasonable taking into consideration the need to make sure we conserve taxpayer resources,” Bowers testified at the House of Commons public accounts committee..“There is a difference between compensation of employees and performance bonusing,” replied Conservative MP Eric Duncan (Stormont-Dundas, Ont.)..The Canadian Taxpayers Federation last March 9 disclosed Access To Information records indicating CMHC from the outbreak of the pandemic paid bonuses totaling $48,377,484. An average of 94% of employees were paid bonuses equivalent to $11,746 a year. Actual individual payments were not revealed..“Could you advise me in your management role and working with the minister if you have made any single change in how performance bonuses are issued within your organization?” asked MP Duncan..“On the subject of CMHC’s compensation philosophy, CMHC runs a government appropriations operation, but also we have a commercial business where we compete with the private sector competitors,” replied Bowers. “We are very conscious that we need to manage our expenses.”.“In line with government guidelines and on an annual basis we conduct bench-marking to ensure our compensation is aligned with peer institutions in the private sector as well as the public sector,” said Bowers..The CEO did not explain why all but a fraction of the agency’s 2,100 employees received an annual bonus based on “performance.” Under a 2020 Treasury Board Directive On Performance Pay Administration bonuses are awarded to employees deemed “fully qualified,” “solid” and “dependable” who “demonstrate behaviour” that may exceeded expectations..The CMHC bonuses were paid as Bowers publicly lamented the tragedy of homelessness in Canada. “On any given night as many as 35,000 people across our country may be experiencing homelessness,” Bowers testified in 2021 hearings of the House of Commons finance committee. “Why is this happening?”.“Housing affordability is our top concern,” said Bowers. “We’ve mobilized all our resources to address it.”.“Fundamentally we need to attack the source of homelessness,” said Bowers. “We need to look long term at how we address the homeless situation in a permanent way.”
