The Ontario Teachers' Pension Plan has joined several large institutional investors in voting against the re-election of Bombardier's executive chairman and the company's executive compensation plan.
The Toronto-based pension plan says it has concerns about the board's approach to compensation despite Bombardier's improving performance. The so-called say-on-pay vote is non-binding.
Teachers' is also withholding its vote for executive chairman Pierre Beaudoin, whose family controls the company through multiple-voting shares.
The pension plan does not disclose its holdings in Bombardier since it is below its $150-million threshold.
The Caisse de depot pension fund manager and the Quebec Federation of Labour's Solidarity Fund said they have cast similar votes ahead of Bombardier's annual meeting Thursday.
The British Columbia Investment Management Corp. said it also plans to vote its nearly seven million shares against Bombardier's compensation policy and will oppose non-independent directors.
Bombardier said Beaudoin will continue to stand for re-election, but would not comment until the matter is discussed at the annual meeting.
