(Ottawa) Finance Minister Christiana Freeland says the federal government is unhappy with Air Canada for paying a million-dollar bonus to its executives as the company negotiates emergency financial assistance with Ottawa.
OmTo me Freeland said it is frustrating to see companies that do not act as responsible corporate citizens with taxpayer money given to get out of the pandemic.
The airline and the government reached an agreement in April to grant Ottawa a $ 5.9 billion loan to repay customers whose flights were canceled due to the epidemic. The agreement also has a maximum limit of 1 million million on bonuses payable to executives up to 12 months after full loan repayment.
The government has invested $ 500 million to acquire a 6% stake in the company, which could benefit taxpayers from the Air Canada revival when air travel returns to normal.
In an annual circular sent to shareholders, Air Canada revealed last year that it had paid a 10 million bonus to executives who were found to be essential to the company’s survival.
Christiana Freeland has backed the recall of employees fired from eligible companies during a media conference call regarding a new federal program on Air Canada.