C-2, r. 4 - Internal by-law of Caisse de dépôt et placement du Québec

Schedule Disposition versions

2012-09-01

SCHEDULE A

(s. 23)

METHOD OF ESTABLISHING STANDARDS AND SCALES OF REMUNERATION AND OTHER WORKING CONDITIONS

(1) The remuneration and other working conditions of the officers and other employees of the Fund shall be adjusted annually or on a spot basis according to the provisions of this Schedule.

(2) The remuneration and other working conditions of the officers and other employees of the Fund shall fall between the base level corresponding to the conditions in force at the time of adoption of this Regulation, as approved by C.T. 184152 dated 16 November 1993, and the maximum level, which must fall within the upper decile of the reference market. However, for non investment duties, the total remuneration must be within the third quartile of the reference market.

The remuneration and other working conditions of the President an Chief Executive Officer of the Caisse must be between the median and third quartile (75th percentile) of the reference market, depending on whether the performance of the Caisse is average or superior.

(3) For the purposes of this Schedule, the reference market for non investment duties shall be Québec and includes namely duties in the public sector.

For investment duties, the reference market shall be the Canadian institutional investment market; reference may however be made to the North American institutional investment market for those duties related to foreign or international markets such as managers or analysts of foreign stocks or bonds, as well as any products or securities traded on foreign and international markets and their derivatives, such as foreign currencies and commodities and for the assignments such as the responsibility of portfolios including such securities or products or the responsibility of deciding asset mix between foreign markets.

The reference market shall include a representative sample of entities such as institutions, insurance companies, trust companies, pension funds, investment advisers, brokerage firms and funds or other similar industries managers.

For the purposes of this Schedule, the reference market for the position of President and Chief Executive Officer of the Caisse is that of the major Canadian pension funds.

(4) The data reflecting the reference market profile shall be computed by means of an annual or spot survey, conducted by a recognized firm, administered and analyzed according to a methodology and rules generally recognized in this field.

(5) Adjustments to the remuneration of the officers and other employees of the Fund shall not exceed, for each officer or employee, except in the case of a promotion in accordance with the rules in force, the amount equivalent to the total remuneration observed for a matching job in the reference market.

(6) The total payroll generated shall not exceed 100% of the midpoint of the salary scales developed in accordance with section 2 above.

R.R.Q. 1981, c. C-2, r. 2, Sch. A; O.C. 980-85, s. 1; O.C. 663-88, s. 1; O.C. 578-89, s. 1; O.C. 359-90, s. 1; O.C. 437-92, s. 1; O.C. 330-94, s. 1; O.C. 1340-96, s. 15; D. 458-2006; BD. 2011-12-12, Sch. A.