Loto-Québec’s top five executives shared more than $2.4 million in salaries, bonuses and various other benefits last year, marked by the strong return to performance-related pay, which has been suspended because of the pandemic.
Its President and Chief Executive Officer, Jean-François Bergeron, received total compensation of $586,421 for fiscal 2022-2023, a 46% increase over the prior year ($407,718). However, it should be noted that he took office on May 31, 2021, two months after the start of the 2021-2022 financial year. In addition, the CEO will receive $70,992 in incentive pay this year.
Compensation for Loto-Québec’s number two, Executive Vice President and Chief Operating Officer of Casinos and Arcades Kevin G. Taylor, increased 34% from $375,461 to $504,498. The latter will benefit from an incentive award of US$106,994 this year.
Corporate vice president and head of digital transformation and technology, Denis Daly, received $463,129 in total compensation — including his $97,794 bonus — a 37% increase.
Eventually, Lotteries Executive Vice-President and Chief Operating Officer Isabelle Jean and Corporate Vice-President of Finance and Administration Marie-Claude Tremblay won $461,520 and $423,889, respectively. Together, they received $186,932 in incentive compensation to which they were unentitled as of fiscal 2020-2021.
Dividend of $1.6 billion
For the most recent fiscal year ended March 31, Loto-Québec had revenues of US$2.99 billion (B$) and consolidated net income of US$1.6 billion. The latter is paid entirely in the form of dividends to the government, a 40% increase. compared to the previous year.
Remember that the year 2021-2022 was marked by periods of closure. The increases compared to the same period of the fiscal year before the pandemic, i.e. 2019-2020, are 9.4% in sales and 18.2% in profit.
According to Loto-Québec, this is Loto-Québec’s best performance since the enactment of the Anti-Tobacco Act in 2006, which had a significant impact on traffic at gaming establishments.
More details to come.