A Bit More Detail

Assorted Personal Notations, Essays, and Other Jottings

‘Revolted’ Quebecers turn on Bombardier, once the jewel of province’s economy

The National Post‘s Graeme Hamilton suggests that backlash to loans made to Bombardier by the Canadian and Québec governments has badly hurt a company that was once a prize.

In recognition of the lingering stench left by generous raises recently awarded Bombardier executives, protesters outside the company’s annual general meeting Thursday chose a theme: feces.

There were turd balloon sculptures, turd placards, a turd costume and novelty eyeglasses that made their wearer appear to have a turd on his head. Inside the jet hangar where the meeting was held, the atmosphere was less vulgar, but executives were clearly on the defensive.

The nearly 50-per-cent raises for top Bombardier executives, first made public in March and later deferred in part after a public outcry, were in line with executive compensation at comparable large companies, Jean Monty, chairman of Bombardier’s compensation committee told the meeting. On the large screen behind him, it was spelled out that big paydays are required to “attract the best talent” and “retain talent.”

But try as Bombardier’s management might, they could not polish what has long been considered a jewel of the Quebec economy but is now increasingly an object of scorn.

Karl Moore, an associate professor at McGill University’s business school who attended the shareholder meeting as an observer, said the provincial and federal government investments and loans that pulled the company back from the brink last year have changed public attitudes in the province toward the company.

Advertisements

Written by Randy McDonald

May 16, 2017 at 11:01 pm

Posted in Canada, Economics

Tagged with , , , ,

%d bloggers like this: