Canada Mortgage and Housing Corporation (CMHC) CEO Coleen Volk, who earns $551,000 annually, defended the secrecy surrounding executive bonuses during testimony at the Commons human resources committee. Blacklock's Reporter says Volk stated that both the amounts and the criteria for awarding bonuses are confidential and protected under the Privacy Act, even from MPs.“We design our salaries competitively to attract the best and the brightest,” Volk said, confirming that 95% of CMHC employees received bonuses this year, typically five-figure sums according to Access to Information records. Volk described this as "incentive pay" rather than bonuses, explaining, “It’s a very different pay structure.”Conservative MP Tracy Gray (Kelowna-Lake Country, B.C.) challenged the justification for these payments. “The average executive bonus would be approximately $83,000. Does that sound correct?” Gray asked. Volk replied that the figure was “in the right ballpark” but reiterated, “We don’t call them bonuses.”Gray pointed out that the average Canadian salary in 2023 was $64,800, highlighting the disparity: “The average bonus paid to executives at the government’s housing agency you oversee was more than the average salary of Canadians.”Gray also sought clarity on the metrics used to determine bonuses, but Volk declined to provide details, stating, “I absolutely cannot. It’s against the Privacy Act. It is personal and confidential.”Conservative MP Kyle Seeback (Dufferin-Caledon, Ont.) questioned the relevance of CMHC’s performance metrics, especially given Canada’s worsening housing affordability crisis. “Shouldn’t the bonuses reflect that more houses are getting built or the process is easier or faster or more streamlined?” Seeback asked. Volk responded, “I don’t think that is safe to conclude.”According to Canadian Taxpayers Federation records, CMHC paid $48.4 million in bonuses since the pandemic began, with 94% of employees receiving average payments of $11,746 annually. Individual amounts and criteria for bonuses remain undisclosed, sparking criticism about transparency and performance accountability.“You’re a housing organization,” Seeback said. “Shouldn’t the bonuses be linked to actual outcomes in housing? That’s how it works in the real world.”
Canada Mortgage and Housing Corporation (CMHC) CEO Coleen Volk, who earns $551,000 annually, defended the secrecy surrounding executive bonuses during testimony at the Commons human resources committee. Blacklock's Reporter says Volk stated that both the amounts and the criteria for awarding bonuses are confidential and protected under the Privacy Act, even from MPs.“We design our salaries competitively to attract the best and the brightest,” Volk said, confirming that 95% of CMHC employees received bonuses this year, typically five-figure sums according to Access to Information records. Volk described this as "incentive pay" rather than bonuses, explaining, “It’s a very different pay structure.”Conservative MP Tracy Gray (Kelowna-Lake Country, B.C.) challenged the justification for these payments. “The average executive bonus would be approximately $83,000. Does that sound correct?” Gray asked. Volk replied that the figure was “in the right ballpark” but reiterated, “We don’t call them bonuses.”Gray pointed out that the average Canadian salary in 2023 was $64,800, highlighting the disparity: “The average bonus paid to executives at the government’s housing agency you oversee was more than the average salary of Canadians.”Gray also sought clarity on the metrics used to determine bonuses, but Volk declined to provide details, stating, “I absolutely cannot. It’s against the Privacy Act. It is personal and confidential.”Conservative MP Kyle Seeback (Dufferin-Caledon, Ont.) questioned the relevance of CMHC’s performance metrics, especially given Canada’s worsening housing affordability crisis. “Shouldn’t the bonuses reflect that more houses are getting built or the process is easier or faster or more streamlined?” Seeback asked. Volk responded, “I don’t think that is safe to conclude.”According to Canadian Taxpayers Federation records, CMHC paid $48.4 million in bonuses since the pandemic began, with 94% of employees receiving average payments of $11,746 annually. Individual amounts and criteria for bonuses remain undisclosed, sparking criticism about transparency and performance accountability.“You’re a housing organization,” Seeback said. “Shouldn’t the bonuses be linked to actual outcomes in housing? That’s how it works in the real world.”
