BUSINESS

Bombardier To Announce Changes To Executive Pay As Protests Roll On

04/10/2017 08:59 EDT | Updated 04/10/2017 09:46 EDT

MONTREAL — Bombardier is expected to formally inform shareholders Monday about changes to the compensation for several of its top executives when it files a new proxy circular with the securities regulator.

Chief executive Alain Bellemare has asked the board to delay payment of more than half of last year's total planned compensation for six executive officers, including himself, by one year to 2020, provided the company meets certain objectives.


Executive chairman Pierre Beaudoin also asked the board to cut his 2016 compensation by US$1.4 million to bring it in line with what he received the previous year.

That hasn't satisfied protesters and opposition politicians who say the company's reversal doesn't go far enough.

bombardier protest

People throw paper airplanes during a demonstration outside Quebec Premier Philippe Couillard's office in Montreal, Sunday, April 9, 2017, to protest recent pay hikes and bonuses to Bombardier's top executives. (Photo: The Canadian Press/Graham Hughes)

On Sunday, protesters threw paper airplanes in front of Premier Philippe Couillard's Montreal office as they called on the company to reverse the raises altogether.

They also criticized the Quebec government for not having insisted Bombardier protect jobs and limit raises as the company received US$1 billion in taxpayer dollars.

The 2016 compensation figure was roughly 50 per cent more than the amount paid to the same executives in 2015, but Bombardier argued it was not appropriate to compare the two years because some of the executives started their jobs at various times in 2015 and didn't work the whole year.

Read more: Bombardier Layoffs To Hit 7,000 In Canada, Europe

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