Six executives split $17 million as the fund posted its best asset total ever
La Caisse de dépôt et placement du Québec paid its six most senior executives a combined $17.15m in total remuneration and other compensation in 2025.
The fund's annual report said the same year net assets surpassed $500bn for the first time.
President and chief executive officer Charles Emond received $5.13m in total compensation, up from $4.95m in 2024, according to the annual report.
His annual base salary held steady at $550,000, while annual variable remuneration reached $4.5m.
La Caisse also made $23,799 in pension plan contributions on his behalf and paid $54,906 in other benefits.
The remuneration and other terms of employment of the president and CEO are determined in accordance with parameters set by the government, following consultation with the board of directors, the report said.
La Caisse said in a news release that under Emond's leadership, the fund returned 9.3 percent over one year at a risk level tailored to depositors' needs, maintaining the financial health of their schemes despite a turbulent environment.
The release also credited Emond with reaching his “$100bn in Québec assets” target ahead of schedule and navigating “complex situations” to advance key projects.
These included the opening of the REM's Deux-Montagnes branch, the launch of TramCité planning, and Alto's selection of the Cadence consortium for the Québec City-Toronto high-speed rail link.
The five other executives named in the report:
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Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability: $2.92m
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Vincent Delisle, executive vice-president and head of liquid markets: $2.76m
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Martin Longchamps, executive vice-president and head of private equity and private credit: $2.23m
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Rana Ghorayeb, executive vice-president and head of real estate: $2.15m
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Kim Thomassin, executive vice-president and head of Québec: $1.96m
The report also disclosed the departure of Marc Cormier, former executive vice-president and head of fixed income, who left La Caisse on January 31, 2025.
His total compensation for 2025 came to $2.22m, of which $2.11m represented the value of severance pay.
The compensation disclosures came as La Caisse reported strong overall results.
Net assets reached $517.3bn as at December 31, 2025, up $44bn from the prior year, driven by $42.7bn in investment results and $17.4bn in net contributions from depositors, according to the annual report.
The fund's annualized return over five years was 6.5 percent, above its benchmark portfolio of 6.2 percent, while its 10-year annualized return stood at 7.2 percent against a benchmark of 6.9 percent.
The fund's 48 depositors — mainly pension and insurance plans — saw the financial health of their plans remain “excellent” in 2025, the report said.
The Québec Pension Plan's base plan, the single largest depositor, held $140.7bn and paid out $19.3bn in benefits annually to 2.2 million beneficiaries.
The Government and Public Employees Retirement Plan held $97.9bn and paid $8.3bn annually to 350,000 retirees and surviving spouses.
The annual report also flagged a structural shift on the horizon: several depositor plans are maturing, meaning benefits paid out will soon exceed contributions coming in, resulting in net outflows.
From that point, the report said, asset growth will depend primarily on investment returns.
La Caisse plans to hold formal discussions with depositors in 2026 to adjust their long-term allocation targets accordingly.
