LÉVIS, QC, April 2, 2012 /CNW Telbec/ - The Desjardins Group Annual Report is now available on the Desjardins website at www.desjardins.com/annualreport. With a theme "Creating," and now published only in electronic format, the report presents the year's major achievements and includes a section with the 2011 financial statements.
In addition to the annual report, Desjardins publishes—on financial information site SEDAR—annual information forms for the two entities with the status of reporting issuer: Caisse centrale Desjardins and Capital Desjardins inc.
These information forms contain information regarding the compensation of those who are most highly paid at Desjardins Group, Caisse centrale Desjardins and Capital Desjardins inc.
Desjardins offers compensation that allows it to remain competitive on the market, while maintaining a certain disparity to reflect its cooperative mission.
In 2011, the Chair of the Board, President and Chief Executive Officer of Desjardins Group, Monique F. Leroux, earned a salary of $983,220 ($915,712 in 2010) in addition to an incentive pay of $1,095,982 ($1,007,568). Compensation also includes an amount of $1,001,656 ($1,016,633) resulting from commitments to her pension plan.
According to Desjardins Group's Compensation Policy, the compensation of the Chair of the Board, President and Chief Executive Officer should be around 75% of the median in the financial market. At $3.1 million ($2.9 million in 2010), the total compensation (salary + incentive pay + pension expense) for Ms. Leroux is currently 63% of the median in the Canadian financial market and around 33% of that in the Canadian banking market. However, her compensation is comparable to that of executives of financial cooperatives of a similar size.
"Ms. Leroux has achieved if not exceeded the objectives set for her by the Board of Directors. The objectives reflect both the cooperative performance of our institution and its financial performance," said Denis Paré, Vice-Chair of the Board of Directors and Chair of the Committee on the Aggregate Remuneration of the President and Chief Executive Officer of Desjardins Group. "Under her leadership, Desjardins Group has also continued its growth in different business sectors Canada-wide and was recognized as the 18th safest financial institution in the world and 4th in North America, according to the New York magazine Global Finance. Ms. Leroux has also given the cooperative business model visibility on national and international platforms, such as at the United Nations for the launch of the International Year of Cooperatives."
About Desjardins Group
Desjardins Group www.desjardins.com is the leading cooperative financial group in Canada with assets of $190 billion. Drawing on the strength of its caisse network in Québec and Ontario and its subsidiaries across Canada, it offers a full range of financial products and services to its 5.6 million members and clients. Desjardins specializes in Wealth Management and Life and Health Insurance, in Property and Casualty Insurance, in Personal Services, in business and Institutional Services. As one of the largest employers in the country and among Canada's Top 100 Employers for 2012TM, Desjardins is supported by the skills of its 44,645 employees and the commitment of nearly 5,400 elected officers. A new education and cooperation program is now available to Desjardins members and the general public. For more information, visit www.desjardins.com/co-opme.
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