Connect with us

Business

Bank of Canada showers executives with $3.5 million in bonuses in 2022

Published

3 minute read

From the Canadian Taxpayers Federation

Author: Franco Terrazzano

The Bank of Canada lavished millions of dollars in bonuses on its executives last year amid seven interest rate hikes and the worst inflation crisis in four decades, according to access-to-information records obtained by the Canadian Taxpayers Federation.

All but two of the central bank’s 82 executives (97.5 per cent) received an “at-risk pay” bonus. Twenty-five received a “performance pay” bonus.

The average bonus among Bank of Canada executives last year was $43,700, for a total cost of more than $3.5 million.

“Executives at the Bank of Canada shouldn’t be showering themselves with big bonuses when Canadians can’t afford gas, groceries or mortgages,” said Franco Terrazzano, CTF Federal Director. “Most organizations don’t give 98 per cent of their executives bonuses when they have their worst year in four decades.”

Executive bonuses at the Bank of Canada total nearly $21 million since 2015. Since then, the size of the executive class at the Bank of Canada spiked by 18 per cent.

Table: Executive bonuses at Bank of Canada, 2015-2022

Year

Number of executives

Bonuses

2015

69

$683,794

2016

70

$550,064

2017

71

$2,572,915

2018

73

$2,923,613

2019

78

$3,261,123

2020

79

$3,594,681

2021

79

$3,785,902

2022

82

$3,588,324

Total

$20,960,416

The records provided by the Bank of Canada indicate its executives did not receive “at-risk” bonus pay in 2015 or 2016.

It was a bumpy year for the Bank of Canada in 2022.

The Bank of Canada’s mandate is to keep “an inflation target of two per cent inside a control range of one to three per cent.”

But inflation was 6.8 per cent in 2022, representing “a 40-year high, the largest increase since 1982,” according to Statistics Canada. The Bank of Canada also failed to meet its inflation target in 2021.

After Bank of Canada Governor Tiff Macklem told Canadians in 2020 that interest rates would remain low for a “long time,” the central bank turned around and hiked interest rates seven times in 2022.

In 2022, Macklem admitted “we got some things wrong” and the deputy governor acknowledged “we haven’t managed to keep inflation at our target,” adding that Canada’s central bankers “should be held accountable.”

“Handing out big bonus cheques is an odd way to hold your organization accountable,” Terrazzano said. “Canadians have every right to be furious when they find out executives at their central bank were taking bonuses as inflation and interest rates soared.”

Speaking at an event organized by the Canadian Federation of Independent Business in July 2022, Macklem told companies not to adjust wages for inflation, sparking outrage among labour leaders.

All told, bonuses at the Bank of Canada total about $55 million since 2020, according to separate access-to-information records obtained by the CTF.

Todayville is a digital media and technology company. We profile unique stories and events in our community. Register and promote your community event for free.

Follow Author

Brownstone Institute

The Most Devastating Report So Far

Published on

From the Brownstone Institute

By Jay BhattacharyaJayanta Bhattacharya 

The House report on HHS Covid propaganda is devastating. The Biden administration spent almost $1 billion to push falsehoods about Covid vaccines, boosters, and masks on the American people. If a pharma company had run the campaign, it would have been fined out of existence.

HHS engaged a PR firm, the Fors Marsh Group (FMG), for the propaganda campaign. The main goal was to increase Covid vax uptake. The strategy: 1. Exaggerate Covid mortality risk 2. Downplay the fact that there was no good evidence that the Covid vax stops transmission.

The propaganda campaign extended beyond vax uptake and included exaggerating mask efficacy and pushing for social distancing and school closures.

Ultimately, since the messaging did not match reality, the campaign collapsed public trust in public health.

The PR firm (FMG) drew most of its faulty science from the CDC’s “guidance,” which ignored the FDA’s findings on the vaccine’s limitations, as well as scientific findings from other countries that contradicted CDC groupthink.

The report details the CDC’s mask flip-flopping through the years. It’s especially infuriating to recall the CDC’s weird, anti-scientific, anti-human focus on masking toddlers with cloth masks into 2022.

President Biden’s Covid advisor Ashish K. Jha waited until Dec. 2022 (right after leaving government service) to tell the country that “[t]here is no study in the world that shows that masks work that well.” What took him so long?

In 2021, former CDC director, Rochelle Walensky rewrote CDC guidance on social distancing at the behest of the national teachers’ union, guaranteeing that schools would remain closed to in-person learning for many months.

During this period, the PR firm FMG put out ads telling parents that schools would close unless kids masked up, stayed away from friends, and got Covid-vaccinated.

In March 2021, even as the CDC told the American people that the vaxxed did not need to mask, the PR firm ran ads saying that masks were still needed, even for the vaxxed. “It’s not time to ease up” we were told, in the absence of evidence any of that did any good.

In 2021, to support the Biden/Harris administration’s push for vax mandates, the PR firm pushed the false idea that the vax stopped Covid transmission. When people started getting “breakthrough” infections, public trust in public health collapsed.

Later, when the FDA approved the vax for 12 to 15-year-old kids, the PR firm told parents that schools could open in fall 2021 only if they got their kids vaccinated. These ads never mentioned side effects like myocarditis due to the vax.

HHS has scrubbed the propaganda ads from this era from its web pages. It’s easy to see why. They are embarrassing. They tell kids, in effect, that they should treat other kids like biohazards unless they are vaccinated.

When the Delta variant arrived, the PR firm doubled down on fear-mongering, masking, and social distancing.

In September 2021, CDC director Walensky overruled the agency’s external experts to recommend the booster to all adults rather than just the elderly. The director’s action was “highly unusual” and went beyond the FDA’s approval of the booster for only the elderly.

The PR campaign and the CDC persistently overestimated the mortality risk of Covid infection in kids to scare parents into vaccinating their children with the Covid vax.

In Aug. 2021, the military imposed its Covid vax mandate, leading to 8,300 servicemen being discharged. Since 2023, the DOD has been trying to get the discharged servicemen to reenlist. What harm has been done to American national security by the vax mandate?

The Biden/Harris administration imposed the OSHA, CMS, and military vax mandates, even though the CDC knew that the Delta variant evaded vaccine immunity. The PR campaign studiously avoided informing Americans about waning vaccine efficacy in the face of variants.

The propaganda campaign hired celebrities and influencers to “persuade” children to get the Covid vax.

I think if a celebrity is paid to advertise a faulty product, that celebrity should be partially liable if the product harms some people.

In the absence of evidence, the propaganda campaign ran ads telling parents that the vaccine would prevent their kids from getting Long Covid.

With the collapse in public trust in the CDC, parents have begun to question all CDC advice. Predictably, the HHS propaganda campaign has led to a decline in the uptake of routine childhood vaccines.

The report makes several recommendations, including formally defining the CDC’s core mission to focus on disease prevention, forcing HHS propaganda to abide by the FDA’s product labeling rules, and revamping the process of evaluating vaccine safety.

Probably the most important recommendation: HHS should never again adopt a policy of silencing dissenting scientists in an attempt to create an illusion of consensus in favor of CDC groupthink.

You can find a copy of the full House report here. The HHS must take its findings seriously if there is any hope for public health to regain public.

Author

Jay Bhattacharya

Dr. Jay Bhattacharya is a physician, epidemiologist and health economist. He is Professor at Stanford Medical School, a Research Associate at the National Bureau of Economics Research, a Senior Fellow at the Stanford Institute for Economic Policy Research, a Faculty Member at the Stanford Freeman Spogli Institute, and a Fellow at the Academy of Science and Freedom. His research focuses on the economics of health care around the world with a particular emphasis on the health and well-being of vulnerable populations. Co-Author of the Great Barrington Declaration.

Continue Reading

Business

Taxpayer watchdog calls Trudeau ‘out of touch’ for prioritizing ‘climate change’ while families struggle

Published on

From LifeSiteNews

By Anthony Murdoch

The prime minister told a G20 panel this week that fighting so-called ‘climate change’ should be more important to families than putting food on the table or paying rent.

Canada’s leading taxpayer watchdog blasted Prime Minister Justin Trudeau for being completely “out of touch” with everyday Canadians after the PM earlier this week suggested his climate “change” policies, including a punitive carbon tax, are more important for families than trying to stay financially afloat.

In speaking to LifeSiteNews, Canadian Taxpayers Federation (CTF) federal director Franco Terrazzano said Trudeau’s recent comments show his government “continues to prove it’s out of touch with its carbon tax.”

“Canadians don’t support the carbon tax because we know it makes life more expensive and it doesn’t help the environment,” Terrazzano told LifeSiteNews.

Terrazzano’s comments come after Trudeau told a G20 panel earlier this week that fighting so-called “climate change” should be more important to families than putting food on the table or paying rent.

Speaking to the panel, Trudeau commented that it is “really, really easy” to “put climate change as a slightly lower priority” when one has “to be able to pay the rent this month” or “buy groceries” for their “kids,” but insisted that “we can’t do that around climate change.”

Terrazzano said that the Trudeau government’s carbon tax in reality “impacts nearly all aspects of life in Canada by making it more expensive to fuel up our cars, heat our homes and buy food.”

“The carbon tax also puts a huge hole in our economy that we can’t afford,” he said to LifeSiteNews, adding that if Trudeau really wanted to help Canadians and “prove it understands the struggles facing Canadians,” then it should “scrap the carbon tax to make life more affordable.”

On Thursday, Trudeau, who is facing abysmal polling numbers, announced he would introduce a temporary pause on the federal Goods and Services Tax (GST) for some goods.

Conservative Party of Canada leader Pierre Poilievre this afternoon said about Trudeau’s temporary tax holiday that if he is serious about helping Canadians, he would cut the carbon tax completely.

“What a ridiculous gimmick. Bribing Canadians temporarily with borrowed money,” Bernier wrote.

“When the real solution is to stop growing the bureaucracy, cut wasteful spending, stop sending billions to Ukraine, eliminate subsidies to businesses and activist groups, stop creating new unsustainable and unconstitutional social programs, eliminate the deficit, and THEN, cut taxes for real. None of which he will do of course.”

As reported by LifeSiteNews, a survey found that nearly half of Canadians are just $200 away from financial ruin as the costs of housing, food and other necessities has gone up massively since Trudeau took power in 2015.

In addition to the increasing domestic carbon tax, LifeSiteNews reported last week that Minister of Environment Steven Guilbeault wants to create a new “global’ carbon tax applied to all goods shipped internationally that could further drive-up prices for families already struggling with inflated costs.

Not only is the carbon tax costing Canadian families hundreds of dollars annually, but Liberals also have admitted that the tax has only reduced greenhouse gas emissions by 1 percent.

Continue Reading

Trending

X