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Canaccord Genuity Group Inc
Symbol CF
Shares Issued 103,820,406
Close 2016-05-19 C$ 4.13
Market Cap C$ 428,778,277
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Globe says Canaccord Genuity bonus plan sparks discord

2016-05-20 07:08 ET - In the News

The Globe and Mail reports in its Friday, May 20, edition that a change to the way Canaccord Genuity Group distributes bonuses has sparked opposition from some key members of the firm. The Globe's Niall McGee writes that Canada's largest independent brokerage is asking some of its senior employees to commit to staying with the company for the next year in order to receive their fiscal year-end bonuses, which are due in the next few weeks. Employees who leave within 12 months would be required to pay back the bonus, say unnamed sources. A group of core bankers oppose the changes, sources say. Chief executive officer Dan Daviau declined to comment, citing a blackout period ahead of the company's quarterly financial results, which will be released June 1. Sources say the bonus policy affects between 30 and 40 senior investment bankers, traders, and analysts at the director and managing director level whose compensation exceeds $500,000 a year. The bonus stipulation would be a rarity on Bay Street. Cormark Securities director Chris Shaw says: "I've never heard of that. We pay out our bonuses quarterly, and there's no restriction on that bonus. If you want to leave, you can leave."

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