TORONTO: The Canadian Taxpayers Federation (CTF) is concerned by the Harper government’s appointments to the boards of GM and Chrysler and their boards’ compensation. Chrysler refuses to disclose its board compensation and GM is paying a minimum of $200,000 per year plus a free car.  CTF Federal Director Kevin Gaudet said, “This is taxpayer money. It is deplorable that Chrysler would hide how it is spent and ridiculous for GM to compensate a federal appointee so generously for a very part-time job.”

The government bailout agreements failed to impose any limits on executive compensation and bonuses or to require financial disclosure. The CTF is calling for:

The Canadian government recently made its appointments to the boards of each firm. Carol Stephenson, Dean of the Richard Ivey School of Business, was appointed to the board of GM while George Gosbee was appointed to the board of Chrysler. Gosbee is CEO and President of Tristone Capital and also sits on the Federal Finance Minister’s advisory panel.

“Stephenson served on GM’s Canadian Advisory Board during its period of substantial failure,” Gaudet commented. “Why should taxpayers be assured by her increased involvement now? As for Gosbee, taxpayers deserve to know how much he will be paid.”

“GM and Chrysler have received the single largest corporate bailout in the history of Canada--not just by a little, but by a U.S. mile. Taxpayers expect the firms to jealously guard their money, to spend it carefully, to invest it wisely and to report on it more fully. Only with full transparency will this be guaranteed,” Gaudet said.