Mr. Speaker, during the 2020-21 fiscal year, the members of the executive committee of the Canada Infrastructure Bank, CIB, consisted of the following individuals: chief executive officer, who is responsible for strategic business leadership and overall performance of the organization; chief investment officer, who is responsible for advisory and investment strategy and activities, capital deployment and asset management; chief financial officer and chief administrative officer, who is responsible for corporate finance, ERM, legal and compliance, human resources, information technology and administration; group head, corporate affairs, policy and communications, who is responsible for federal government relations, corporate planning, communications, media and stakeholder relations, knowledge and policy research.
Details of the CIB’s compensation to executives, including the principles and the criteria used in reaching executive compensation decisions for the 2020-21 fiscal year, are disclosed in the CIB’s 2020-21 annual report submitted to the Minister of Infrastructure and Communities and the President of the Treasury Board, pursuant to the Financial Administration Act. Compensation paid for each fiscal year to key management personnel, which includes executives and members of the board of directors, is disclosed in the notes to the annual audited financial statements in the CIB’s annual report. Page 86 of the 2020-21 annual report describes key management personnel compensation for the 2020-21 fiscal year. Salaries and short-term employee benefits were $3,075 million.
With regard to bonuses received by executives as it pertains to the members of the executive committee listed above, the information constitutes “personal information” as defined in the Privacy Act, and the CIB applies the principles set out in the Access to Information Act to withhold information that constitutes personal information.
The CIB requires individuals with commercial experience and professional skills from the investment and finance industries to develop and execute complex infrastructure projects in partnership with proponents and private sector investors to deliver the best value for public resources. Consistent with these objectives, the CIB’s compensation framework reflects best practices of Crown corporations and other comparable organizations in the financial services and insurance sectors to ensure the compensation rates are fair and appropriate. The CIB does not disclose individual compensation received by the chief executive officer and other executives, due to competitive and privacy considerations. This disclosure complies with the requirements for Crown corporations in the Financial Administration Act and is aligned with the policies, guidelines and directives established by the Treasury Board of Canada Secretariat, including guidance with respect to the preparation of corporate plans and annual reports.
On June 30, 2021, the CIB provided a response to a motion passed at the Standing Committee on Transport, Infrastructure and Communities requesting that the CIB file all documents detailing the bonus policies and payment of bonuses to executives and the board of directors since the CIB’s inception.