Sophie Brochu leaves BMO's board of directors

Sophie Brochu (CNW Group/CGI inc.)

A member of the Board of Directors of the Bank of Montreal since 2013, Sophie Brochu will not seek a new term at the next meeting of shareholders of the financial institution.

“We would like to thank Ms. Brochu for her many contributions, particularly within the Audit and Review Committee, the Human Resources Committee, and the Governance and Nominations Committee. We will miss his insights as he brings “At the right time and his deep leadership experience.”

Recently appointed director, Hazel Claxton, previously head of human resources at Morneau Shepell, will be nominated to replace Sophie Brochu. A shareholder meeting is scheduled for April 16 in Toronto.

In BMO's solicitation circular, we also learned that Ms. Brochu, as a director, received $265,000 in 2023, including $87,500 in cash, $162,500 in deferred stock value rights and $15,000 to attend board and committee meetings.

Since her departure in April 2023 from her position as president and CEO of Hydro-Québec, Sophie Brochu has become a director of two major Quebec Inc. businesses. In the spring of 2023, she was elected to the CGI Board of Directors, before joining the CAE Board of Directors last fall.

Recall that the departure of Madame Brochu from Hydro-Québec, who was appointed by the Legault government in April 2020 to a five-year term, sent a shockwave through the province. Major differences in opinion and vision between her and the Minister of Economy and Energy, Pierre Fitzgibbon, were often cited as a reason for her resignation, which the main concerned party always denies.