Bishop's University rector Michael Goldbloom has decided to give up part of the $620,000 leave pay he was set to receive in 2018.
Goldbloom said in a statement Wednesday that he would forego one of the two years of administrative leave pay he is entitled to at the end of his second five-year mandate as rector of the Sherbrooke-based university.
The institution did not immediately indicate how much Goldbloom would give up.
The generous package troubled Education Minister François Blais, who stated last week that the golden handshake is unfathomable.
The statement said Goldbloom made the decision to defer the salary because he didn’t want it “to be an impediment to the government’s willingness to help Bishop’s address the serious financial challenges it is facing.”
The premium would be equivalent to two years’ salary, including benefits and allowances.
Blais said the compensation given to university executives has been under review since 2013 and is subject to review by the education department.
Goldbloom has served as principal of Bishop’s since 2008 and began his second term in the summer of 2013.
With just over 2,800 students, Bishop's University is the smallest university in the Quebec network.
According to information provided by Quebec’s education department, Goldbloom's salary is $278,683 per year, with additional benefits and allowances of $32,425.
With files from La Presse Canadienne
