Bombardier chairman wants his pay brought back to 2015 levels

The statement came hours after a number of Quebec cabinet ministers called for Bombardier to review its compensation policy in light of the fact it is getting hundreds of millions of dollars in taxpayer subsidies.

Total compensation for the Montreal-based manufacturer’s top five executives and Beaudoin was US$32.6 million in 2016, up from US$21.9 million the year before.

The Quebec government gave Bombardier (TSX:BBD.B) roughly US$1 billion in 2016 while the federal government recently announced a $372.5-million loan package for the firm’s CSeries and Global 7000 aircraft programs.

Provincial Economy Minister Dominique Anglade said earlier Friday that the decision to award hefty executive pay increases outraged Quebecers.

“The decision that (Bombardier) took shocked the population — and with reason,” she said in calling for Bombardier to reconsider the pay increases.

The province’s finance minister Carlos Leitao added his voice to the call for Bombardier to change course on its executive pay policy.

Beaudoin’s statement acknowledged the public outcry.

“The trust and confidence of our people and our governments are extremely important to the company, and to me,” the statement said.

In its regulatory filing, Bombardier attributed the higher compensation to a number of factors, including achieving profit and cash flow targets, securing CSeries orders and completing the first flight of the Global 7000 business jet.

However, Claude Beland, former head of the Desjardins Group as well as a shareholder rights association, told The Canadian Press in an interview that Bombardier’s executive compensation is “excessive” and “indecent.”

He called on Bombardier shareholders to show up to the company’s annual meeting on May 11 and oppose the executive pay decision in person.

The Canadian Press

by Canadian Press

Bombardier chairman wants his pay brought back to 2015 levels

Our Community