A recently issued report revealed that the corporation is overpaying senior positions in its structure and boosting their performance with even larger bonuses. Now the Crown corporation revealed the exact amount it is going to pay out at the end of the fiscal year for the performance of its employees.
Some CA$17.9 million will be bagged by individuals within the staff of the lottery corporation. Quebec’s lottery force has been working towards guaranteeing better days for the local gaming and its efforts show results.
The individuals employed at the corporation responsible for the brighter days for Quebec’s gambling field also receive generous remuneration and bonuses for the performance they showcase over the past 12 months of operation. This week was a special one, as the Crown corporation issued information about the exact amount of cash those employees are going to bag in the foreseeable future.
Loto-Quebec Bags Larger Portion of Bonuses
Loto-Quebec and the Société des alcools du Quebec are expected to receive some CA$27 million in bonuses for the achieved goals over the past fiscal year. The gaming corporation is going to bag a total of CA$17.9 million making its slice the larger one of the two.
When it comes to the executive positions within the structure of the corporation, their share of the overall amount is projected to reach CA$5.1 million in bonuses for performance. The remaining CA$12.8 million will be distributed between the rest of the workforce. When compared to the bonuses distributed over the previous fiscal year, 2017-2018 saw bonuses amounting to CA$17.3 million.
Information about the base salary and bonuses of some of Loto-Quebec’s executives was also publicly issued. Lynne Roiter, Chief Executive Officer receives base annual remuneration of CA$411,749 in addition to bonuses of CA$61,979.
The annual report also revealed that Kevin G. Taylor bags some CA$304,620 a year, plus bonuses reaching up to CA$78,017. In the meantime, Société des alcools du Quebec is going to receive some CA$8.9 million in bonuses. This amount marks a decrease, as last year witnessed bonuses reaching CA$10.1 million.
Annual Financial Report Reveals More
This was the main subject of Guylaine Leclerc’s annual report highlighting that Crown corporations are trying to compete with private companies within Quebec when it comes to the annual remuneration of their senior executives. She pointed out that there is no supervision which allows Crown corporations such as Loto-Quebec the freedom to establish its own idea of wages and bonuses.
The reasoning behind this is that they want to be competitive enough to private companies, but it should be taken into account, that there is the element of monopoly. This essentially eliminates the competition factor, as executives have no incentive to relocate to the private field of Quebec. Mrs. Leclerc pointed out that up until this point, bonuses distributed across executives were rarely publicly announced.
Loto-Quebec recently issued information about its financial performance over the 2018-2019 fiscal year. The total revenue of the Crown corporation reached CA$2.827 billion and marked a 3.1-percent increase in comparison to the financial performance during the previous year. Lottery ticket sales also a significant 30.6-percent jump year-on-year to CA$52.3 million. Lotto MAX was the lottery game that propelled it. In addition to that, online gaming also gained more traction, as players poured some CA$105.4 million into espacejeux.com.