NEWS
04/02/2017 17:28 EDT | Updated 04/03/2018 01:12 EDT

Bombardier execs to defer payment of part of their 2016 compensation

MONTREAL — Bombardier's CEO says he has asked the board of directors to defer the payment of some of the 2016 compensation for six senior executives until 2020.

Alain Bellemare issued a statement Sunday night saying he has asked the board hold off on paying out more than half of the total planned compensation for last year.

Bellemare says the outstanding compensation will only be paid if Bombardier achieves its performance objectives.

Bombardier has faced a firestorm of criticism since it emerged last week that Bellemare, company chairman Pierre Beaudoin and four senior executives were given US$32.6 million in 2016, up from US$21.9 million the year before.

Two Quebec cabinet ministers and the Parti Quebecois opposition cried foul in light of the fact Bombardier received a US$1 billion investment from the Quebec government in exchange for a 49.5 per cent stake last year.

In February, the federal government pledged $372.5 million in repayable loans to the company.

On Friday, Beaudoin asked the board of directors to bring his 2016 compensation in line with its 2015 levels.

Roughly 200 people protested outside Bombardier's Montreal headquarters earlier Sunday.