Caisse withholds opinion for re-election of Bombardier executive chair
The Caisse de dépôt et chain du Québec says it is self-denial a support for a re-election of a executive authority of a house of Bombardier Inc. and is not subsidy a association offer on executive compensation.
The large Quebec investment comment pronounced in a minute to Bombardier executive vice-president Kim Thomassin dated Monday and posted on its website that it abstained from voting in foster of Pierre Beaudoin, who has been executive authority during Bombardier given February 2015.
The Caisse also pronounced it opposite a non-binding advisory vote on Bombardier’s proceed to a approach it pays a executives.Â
Bombardier’s house had urged shareholders to behind a supposed “say on pay” resolution. While a opinion is non-binding, a association pronounced a tellurian resources would take a formula of a opinion into comment on destiny executive compensation.
The position of a Caisse, that owns millions of Bombardier’s category A and category B shares, and a 30 per cent share in Bombardier’s rail operations, stems from a charge of new critique destined during a association over a preference to extend large raises to some of a executives even as it was removing financial subsidy from a governments of Canada and Quebec.
The remuneration of a company’s tip 5 executives and a house chairman was $32.6 million US in 2016, adult from $21.9 million US in 2015, a association suggested in a substitute round in late March.
However, amid a cheer that quickly followed that news, Beaudoin said he asked for his remuneration to be reset behind to 2015 levels.Â
- After open outcry, Bombardier chair Pierre Beaudoin says he’ll cut his compensate behind to 2015 level
- Bombardier CEO says executive bonuses deferred until 2020
On Apr 10, Bombardier’s house authorized a ask from CEO Alain Bellemare to check remuneration of some-more than half of final year’s sum designed remuneration for 6 executive officers, including himself, by one year to 2020, supposing a association meets certain targets.
In a letter, a Caisse pronounced a new decisions of Bombardier’s house “fall brief of a required customary of stewardship,” adding that a check in payments to a Bombardier executives was necessary.
“Our regard is that a initial decisions were done in a initial place and what that reflects about a governance of a company,” a comment said. This is generally loyal for a remuneration that a house skeleton to compensate a executive chair.”
“Given this relapse of governance, we have voted opposite a advisory fortitude on compensation,” pronounced a Caisse.
Despite a critique it destined opposite Bombardier’s board, a Caisse pronounced CEOÂ Bellemare and his government group have a “full support and confidence.”
“They are executing a severe business skeleton with fortify and determination,” a comment said.
Bombardier’s annual assembly is to take place Thursday in Dorval, Que.
Article source: http://www.cbc.ca/news/business/caisse-depot-bombardier-1.4104951?cmp=rss