Who is the Well Paid CEO

Despite the coming to power of the CAQ, the boss of Investissement Quebec will be able to keep his Tesla and his auto premium of $ 30,000.

Before the election, “Le Journal de Quebec” revealed that Pierre Gabriel Cote had orchestrated a green shift and swapped his Porsche for an electric car, which boosted his car allowance from $ 19,000 to $ 30,000 this year.

At the time, Liberal Minister Dominique Anglade had expressed her discomfort with this increase. While in opposition, Caquiste MP François Bonnardel asked that Mr. Cote’s allowance be limited to $ 19,000. “It’s plenty for a company car. If sir wants more, he will pay the difference, “he said.

But the new Caquist Minister of the Economy, Pierre Fitzgibbon, has no intention of cracking down. “We were assured that the change of vehicle would result in the reduction of other expenses that will largely offset the increase in the premium granted by the board,” it was argued, his firm.

“The IQ Board of Directors is responsible for ensuring the utmost rigor in the management of the amounts entrusted to it.”

It was not possible, however, to have the details of the costs reimbursed to Pierre Gabriel Cote when he had a Porsche, any more than those he has claimed since he drove a Tesla.

“It is impossible for us to give you a fair comparison of the claims made by our CEO when he was driving with a gas-powered car, and the claims he will make while riding in a 100% electric vehicle, since the change is too recent,” said IQ spokeswoman Isabelle Fontaine.
The latter nevertheless anticipates “major savings related to fuel and maintenance expenses, which were reimbursed in addition to the car allowance itself”.

The most generous bonus
Car bonuses are common among state mandarins. But it is the president and CEO of the government’s financial arm who now benefits from the most generous auto bonus.

Since his appointment in 2014, Pierre Gabriel Cote has been able to count on compensation of $ 19,000 per year for his car, an amount that is added to his base salary, which has passed the $ 415,000 mark in 2018.

It was not possible to know which model of car he drives. Tesla models currently available in Canada cost between $ 104,000 and $ 209,900 on purchase.

There is a more affordable model, with a base price starting at $ 45,600, but it will only be available starting in 2019.

A well paid CEO
Pierre Gabriel Cote
CEO of Investissement Quebec

2014-2015
Base salary: $ 380,000
Car allowance: $ 19,000

2015-2016
Base salary: $ 391,400
Car allowance: $ 19,000

2016-2017
Base salary: $ 403,142
Car allowance: $ 19,000

2017-2018
Base salary: $ 415,236
Car allowance: $ 30,000

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