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OTTAWA — Canada’s small business investment bank handed out over $250 million in employee performance bonuses over the past five years.
In a statement to the National Post, BDC spokesperson Phil Taylor said performance awards — like those handed out by other large organizations — are based on a formula that includes factors such as the corporation’s annual results, individual performance and variable pay targets. Of that amount, $11,276,700 was handed out as bonuses to BDC’s top 10 executives over the same time period, ranging between $1.92 million and $2.9 million annually.
The bank’s mandate shifted toward entrepreneurship and small businesses in the 1970s, becoming the Federal Business Development Bank before rebranding as the Business Development Bank of Canada in 1995.last year after CBC News reported that Hudon entered into a number of high-priced contracts with the controversial consulting firm.
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