Bombardier execs to defer payment of part of their 2016 compensation
MONTREAL — Bombardier further retreated Sunday on a hefty pay increase to six senior executives, announcing they would defer receiving payment on a sizeable chunk until a later time.
A statement from company President and CEO Alain Bellemare late Sunday said he has asked the transportation giant’s board of directors to defer more than half of the US$32.6 million the executives received in compensation in 2016 until 2020.
“This compensation will only be payable if we achieve our performance objectives; delivering value to all our shareholders, including the people of Québec and Canada,” Bellemare said in a brief statement.
Public anger about the roughly 50 per cent increase in compensation from the US$21.9 million paid to the executives in 2015 has mounted steadily in the past few days in light of the fact Bombardier has received hundreds of millions of tax dollars.