Air Canada boss's pay tripled in 2022 to $12.4 million
Freed from government assistance restrictions during the pandemic, Air Canada President and CEO Michael Rousseau's compensation more than tripled in 2022.
Rousseau received total compensation of $12.4 million in 2022, compared with $3.7 million in 2021, according to regulatory documents released by the airline.
The increase is largely due to Air Canada's withdrawal from the Large Employer Emergency Credit (LEEC) program. This federal assistance was accompanied by a cap on executive compensation.
"In November 2021, the company cancelled some of its CUGE credit facilities. The compensation for 2022 reflects Air Canada's return to its usual market-based compensation practices," the company explains.
In 2021, the salary of Air Canada's top executive was thus limited to $500,000, compared to his official salary of $1.2 million. His long-term incentive plan was capped at $500,000 rather than $5.6 million.
In addition to his salary of $1.3 million, Rousseau was entitled to $10.1 million in incentive plan, share-based awards and stock options. The value of his pension liability is $1 million.
Total compensation for Air Canada's five most senior executives is $23.1 million, compared to $8.3 million in 2021.
The Human Resources Committee of the Board of Directors believes that Air Canada is on track to recover from the shock of COVID-19 and health restrictions. In 2022, the company recorded an operating loss of $187 million, compared to a $3.1 billion shortfall in the same period last year.
Air Canada says that 15 per cent of its directors are fluent in French. It points out that five of the six members of its executive committee are bilingual and that Mr. Rousseau "has continued to respect his personal commitment to learn French."
The airline will hold its annual meeting on May 12.
This report by The Canadian Press was first published in French on April 10, 2023.
CTVNews.ca Top Stories
PWHL Minnesota defeats Boston to win inaugural Walter Cup
Minnesota won the inaugural championship of the Professional Women’s Hockey League on Wednesday night, getting 17 saves from Nicole Hensley to beat Boston 3-0 in a winner-take-all Game 5 and claim the Walter Cup.
Canadians are eyeing moves to these cities for more affordable housing
Faced with elevated housing prices, half of Canadians in the country's largest cities are considering moving to places with more affordable housing.
B.C. mortgage broker ran $270-million Ponzi scheme, then fled Canada, bankruptcy trustee says
The trustee appointed to manage the bankruptcies of a Victoria mortgage company and its owner has concluded that they committed "numerous offences" and operated as a "massive Ponzi scheme."
Oilers rally to beat Stars, tie Western Conference Final
With the Edmonton Oilers down two goals late in the first period of Game 4, Rogers Place was quiet, fans seemingly bewildered at the early, quick scoring of the Dallas Stars and the slow start by the home team. Ryan McLeod's marker with six-and-a-half minutes in the opening frame left changed all that.
McDonald's says $18 Big Mac meal was an 'exception' and their prices haven't risen that much
McDonald’s is fighting back against viral tweets and media reports that it says have exaggerated its price increases.
'Targeted again': Montreal police investigate after gunshot fired at Jewish school
Police are investigating another building in Montreal's community was struck by gunfire.
Tessa Virtue reveals she's expecting her first child. Here's what Canadians had to say
Canadian figure-skating icon Tessa Virtue is expecting her first child, she revealed via social media Tuesday.
Poilievre says Canadians 'fleeing' to Nicaragua, Liberals say it shows he 'doesn't have a clue'
Liberal parliamentarians are criticizing Conservative Leader Pierre Poilievre over a new video in which he promotes the idea that some Canadians are 'fleeing' Canada to live in Nicaragua because they can't afford a house in this country.
'Do not drive': Nissan warns Canadian drivers of explosion risk impacting 48,000 vehicles
Car manufacturer Nissan has issued a do-not-drive warning for some older vehicles equipped with Takata airbag inflators, due to the risk of explosion during a crash.