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Air Canada: Top executives give up bonuses

Air Canada: Top executives give up bonuses

Senior Air Canada executives announced Sunday they are giving up their bonuses after a controversy erupted in Ottawa, with Prime Minister Justin Trudeau calling the bonuses “unacceptable”.

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“Air Canada’s vice presidents general and current president and CEO have chosen to voluntarily reinstate their bonus and equity appreciation rights for 2020,” the airline explained in a press release this evening.

Nearly $20 million was given in bonuses to the carrier’s top executives, of which $9.26 million was given to former president and CEO Calin Ruvenescu, who left Air Canada last February.

The latter has also agreed to waive this amount and will donate its value to Air Canada.

“Given the sheer extent of confusion, misinformation, and general disappointment with these bounty programs and in support of my former colleagues, I am giving away all of my rewards and rights to the 2020 capital gains at the Air Canada Foundation. I know these funds will be put to good use in these times,” said Mr. Rovinescu. difficult”.

The airline also argued that “neither a single dollar for taxpayers nor money from the Government of Canada’s sectoral financial support is used to fund bonuses intended for Air Canada employees or directors”.

Top executives and nearly 3,200 managers have also agreed to a total cut of $11.5 million in their base salaries. The decrease could be offset by the right to raise the value of inventory, according to Air Canada.

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Remember, a motion was adopted by Bloc Québécois on Thursday in the House of Commons to denounce these bonuses awarded when the company had great difficulties stopping air traffic during the COVID-19 pandemic.