Air Canada’s top executives and eligible management received $10 million worth of COVID-19-specific bonuses, as well as special share purchase options to offset base salary cuts over the last year, CTV News has confirmed.
The “COVID-19 Pandemic Mitigation Bonus” was awarded based on management’s “exceptional performance during this unprecedentedperiod,” reads the company’s management proxy circular provided to shareholders.
The “liquidity program” unveiled in April is worth $5.9 billion, which includes $4 billion in loans, a $500 million investment in Air Canada stock and a separate $1.4 billion loan to help facilitate customer refunds. It also put a cap on executive compensation at $100 million per year. “The net benefit for employee wages under this program in 2020 was $554 million, which has supported the airline in retaining a workforce well in excess of currentcapacity levels. In September 2020, the Government of Canada announced an extension of the program to June 2021. Air Canada intends to continue its participation in the CEWS program, subject to meeting the eligibility requirements,” reads the document.
“Despite this historically difficult year for Air Canada’s finances, our leaders helped the company and its shareholders weather the storm and keep the business in strong financial position while maintaining respect for our brand and what it represents for Canadians and global travelers. We believe we must retain and motivate our senior leaders to help Air Canada recover as quickly as possible, and you will see some compensation decisions to support those goals,” the document reads.
NDP Leader Jagmeet Singh said the news is “absolutely, unequivocally wrong” and that the CEWS should have come with strings attached.
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