CHRIS IN QUESTION PERIOD: Grilling the Minister Flaherty on CPP Investment Board bonuses

Ms. Chris Charlton (Hamilton Mountain, NDP):

Mr. Speaker, CPP Investment Board members lost a staggering $24 billion, wiping out four years of CPP contributions. They will get millions in bonuses, while retirees will get on average a mere $500 a month. This is an unethical abuse of power.

What is the response from the government? A letter from the minister, asking them to respect a vague set of G20 rules. That simply is not good enough.

Will the minister finally find the courage to do the right thing and demand that the executives pay back these outrageous bonuses?

Hon. Jim Flaherty (Minister of Finance, CPC):

Mr. Speaker, this is not a vague set of rules. These are very specific rules that were developed by the Financial Stability Forum of the G7, which have now been adopted by the G20, by all of the leaders when they met at the London summit. They are very specific.

We have asked the CPPIB and the others who are responsible to the Crown to report back with respect to those principles, whether they are in compliance, and to confirm steps they will take, if necessary, to be in compliance.

Ms. Chris Charlton (Hamilton Mountain, NDP):

Mr. Speaker, the G20 rules deal with fund managers, not with their innocent victims who are the Canadian pensioners.

The rules the minister is referring to are not specific enough, and simply writing a letter is not courageous enough. Canadians demand better and they deserve better. These executives need to be told in no uncertain terms that what they are doing is irresponsible, shameful and wrong.

Will the minister stop protecting his friends and hiding behind the G20 rules and stand up today to publicly denounce their actions and demand the money back?

Hon. Jim Flaherty (Minister of Finance, CPC):

Mr. Speaker, during the global recession, the G20 internationally has taken the leadership role, ensuring that we are coordinating our stimulus efforts, ensuring that we address issues like appropriate executive compensation.

That is exactly what the leaders did when they met in London not that long ago. They approved these three rules with respect to executive compensation. They are to be followed by all of the G20 countries, including Canada, and we are extending that to the public institutions in Canada.