OTTAWA, May 29 (UPI) -- Four senior investment managers for the Canada Pension Plan will receive $7 million in bonuses despite losing $23.7 billion last year, the government said.
The 2008-09 CPP annual report published Thursday said the executives received combined base salaries of $1.47 million but the bonuses push that number to $9.3 million, Sun Media reported.
CPP Chairman Bob Astley told reporters the bonus system is based on long-term overall investment performance.
In Parliament Thursday, opposition parties expressed anger to Conservative Prime Minister Stephen Harper. He said he couldn't order the bonuses canceled at the Crown corporation, which is similar in administration to Canada Post, the report said.
"The federal government does not make these decisions," Harper said. "This is a joint body of the provincial and federal governments that is administered at arm's length."