October 24, 2021

The Queens County Citizen

Complete Canadian News World

Commons blames Air Canada for executive bonuses

Commons blames Air Canada for executive bonuses

The House of Commons explicitly requested a resolution submitted by Javier Barsalou-Duval, a Black Cubacois transport critic What [la] Chambre condemns senior management’s decision to award Air Canada a $ 20 million bonus after the company received nearly $ 6 billion in public assistance.

Black Cubacos also asked Prime Minister Justin Trudeau Demand a refund and freeze nearly $ 6 billion in aid to Air Canada by then, We can read on the block member’s Twitter account.

Keep in mind that of the $ 20 million in bonuses approved by Air Canada’s board of directors, half have already been granted. To qualified managers of the organization.

This week’s announcement of existence Motivation And special stock options (Stock options) Raised by Air Canada managers Opposition parties in Ottawa are angry, but so are many unions.

The information, released Monday in a report intended for the airline’s shareholders, did not take long for Air Canada’s Flight Attendants Union to deny. The union then recalled More than half of the 21,700 employees will be laid off in 2020Not to mention the $ 5 billion in financial losses, without a federal wage subsidy.

Black Cubacos leader Yves-Franకోois Blanchett on Tuesday asked Air Canada executives to repay the bonuses. Vile and obscene, Conservative Party leader Erin O’Toole said he was not It is appropriate to use taxpayer money for executive salaries in the private sector.

Liberal MP Pablo Rodriguez also called on the airline to consider it Check back ons.

Carefully, the finance ministry returned the ball to the airline, it recalled The support provided to Air Canada by the CUGE loan clearly indicates the limits to executive compensation.

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Federal loan in cross shares

On Wednesday, Justin Trudeau called the situationNot acceptable And said Canadians have a right to ask Solid explanations To the largest airline in the country.

The Prime Minister said he was particularly shocked to see this Air Canada is discussing its deals with us, giving a huge bonus to Air Canada executives.

However, Finance Minister Christiaan Freeland declined to comment on the matter 24 hours after the news arrives. She expressed her frustration with the media pressure, acknowledging Air Canada’s decisionInappropriate.

I say as one of the major shareholders of the company following the government bailout, She mentioned. However, the minister did not want to demand freeland reimbursement.

In April, Ottawa has provided over $ 5 billion in repayable loans At Air Canada. This rescue plan includes restrictions on executive compensation In the future. In fact, the limit on dividends and share buybacks comes into effect at the end of the contract and lasts up to 12 months after the loan is repaid.

Air Canada received $ 6,656 million in 2020 from the federal government’s emergency wage subsidy program, any company has publicly disclosed.