Bombardier’s CEO Alain Bellemare has asked the company’s board of directors to postpone more than 50 per cent of the total expected salary increases of senior executives until 2020.
In a statement on the Bombardier website Bellemare defends the company’s relationship with Quebecers and addresses the public outrage that came following the news of the salary increases.
"To address these concerns, I’ve asked our Board of Directors to defer the payment of more than 50% of the total planned 2016 executive compensation for our six named executive officers to 2020," Bellemare wrote. "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."
On Sunday, hundreds of people protested outside aerospace giant Bombardier’s Montreal headquarters as public outrage over executive salary increases continued to mount. Their anger was exacerbated by the company cutting thousands of jobs worldwide after receiving large government subsidies and loans.
"It's totally ridiculous. Everybody has hard-earned money, they invest their money (in Bombardier), they get told 'You won't get many dividends this year,' then they turn around and do this," said one protester. "It's shameful, it's disgusting. It has to be stopped."
Fred Waddel, holding a sign saying that company founder Joseph Armand Bombardier would be ashamed, said it's important for the people of Quebec to show their displeasure at the executives giving themselves raises after getting over a billion in government subsidies.
"I'm pretty sure he's upset in his grave," he said. "I'm pretty proud of this sign but I'm pretty upset at them."
Quebec Solidaire’s Amir Khadir and Manon Masse were on the scene, as was Alain Therrien of the Parti Quebecois.
"They have a debt to the people of Quebec, the must respect the people of Quebec," said Therrien. "They must absolutely get rid of these salary increases."
Quebec Minister for Canadian Relations Jean-Marc Fournier also made an appearance but was chased away by a chorus of boos from the protesters. Before leaving, he briefly spoke about how Bombarider's executives must listen to the people of Quebec.
"Bombardier is a face of Quebec all over the world and we are very proud of that but now a decision was taken and it was not received very well by Quebecers," he said. "We hope they will listen to that voice and look again at that decision."
Fournier didn't rule out future subsidies for the company.
On Saturday, the PQ announced it would table a motion in the National Assembly on Tuesday which would ask all Bombardier executives to forego their salary increases. The party has asked Premier Philippe Couillard to make a formal request to that effect to the company’s management.
Members of the company’s unions have also stepped forward to express their displeasure with the company’s response to the public outrage.
- With files from The Canadian Press
