OTTAWA–Four top executives of the Canada Pension Plan Investment Board pocketed nearly $7 million in bonuses this year despite losing $24 billion of taxpayers' money in bad investments, according to the board's annual report released yesterday.

The report set off a highly charged debate inside and outside the Commons, with critics urging the Conservatives to roll back the bonuses.

"I don't know how they can look themselves in the mirror and (then accept) cheques of Canadians' money for millions of dollars for such a pathetic performance," NDP Leader Jack Layton told reporters.

The bonuses were paid for the 2008-09 fiscal year, ended March 31, even though their investments lost 18.6 per cent of their value during that period.

The executives' total compensation was down about 30 per cent compared with the previous fiscal year.

"Remember, their salaries are already higher ... higher than the Supreme Court justices, higher than the Prime Minister," Layton said.

"I mean they're well paid and to turn over millions of dollars of bonuses to these individuals after they've clearly lost billions is just not something that passes the test of common sense for Canadians."

David Denison, president and CEO of the federal Crown corporation, receives an annual salary of $490,000 plus almost $2.4 million in bonuses, compared with Prime Minister Stephen Harper, who is paid about $315,400 a year.

The average CPP monthly retirement benefit for Canadians is $501.82, and the maximum is $908.75.

The Conservative government ignored opposition calls to urge the CPP Investment Board to roll back the bonuses.

Harper told MPs the Canada Pension Plan, worth about $100 billion at the end of the fiscal year, is "actuarially sound," will benefit Canadians for many decades to come and doesn't need politicians sticking their noses into the operation.

"Obviously the board is responsible independently for remuneration for the management of the plan. I actually noticed, by the way, that the board, in fact, did drop a total compensation for its executives by 31 per cent last year but that is a board decision, not a government decision," Harper said.

Joining Denison in collecting million-dollar bonuses are:

Graeme Eadie, senior vice-president real estate investments. He receives bonuses totalling $1,077,239 this year plus a salary of $310,000.

Mark Wiseman, senior vice-president private investments. He receives bonuses of $2,112,115 and a salary of $335,000 this year.

Donald M. Raymond, senior vice-president public market investment. He receives $1,296,573 in bonuses this year and a salary of $335,000.

CPP Investment Board chair Robert Astley told a media briefing yesterday compensation is based on a pay-for-performance system that is tied directly to portfolio performance measured over a four-year time period.

"We have a four-year compensation model that enables us to compete for talent within the private sector world of capital markets," Astley said.

Layton said it is ironic the Conservative government won't reduce the threshold for receiving employment insurance benefits, for example, for fear unemployed workers will find it too lucrative.

"I'll tell you where the lucrative life is. It's amongst the senior managers of CPP giving themselves millions while they lose our billions," he told reporters.

Liberal finance critic MP John McCallum called the bonuses "shockingly excessive" given the investment board lost so much money.

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Kevin Gaudet, a spokesperson for the Canadian Taxpayers Federation, said it is "absurd to think that someone could lose $24 billion and end up getting a bonus for a positive performance."

"It's just ridiculous," he told the Star.