Please don't include me in your spank bank, thank youQuote:
Originally Posted by killramos
Please don't include me in your spank bank, thank youQuote:
Originally Posted by killramos
Wouldn’t want to expose you to some kind of rape culture micro aggressions my dear altruistic fool.Quote:
Originally Posted by Antonito
You spend more time thinking about woke-ness than any woke person I know. Methinks the snowflake doth protest too much?Quote:
Originally Posted by killramos
I do my best to fit in with the kool kids klub
Fuck I laughed at this. I'm out of reps for the day, maybe tomorrow.Quote:
Originally Posted by Buster
When it comes to cash and reps, theres no such thing as the thought is what countsQuote:
Originally Posted by ExtraSlow
AccurateQuote:
Originally Posted by Buster
Finally! A task suited to your IQ.Quote:
Originally Posted by Antonito
https://www.theglobeandmail.com/busi...-in-executive/
Quote:
Unprofitable Air Canada gave its executives $20-million in “COVID-19 Pandemic Mitigation Bonuses,” plus other special stock awards designed to compensate them for the salary cuts they publicly announced during 2020.
The extra compensation - revealed in the airline’s proxy circular to shareholders - came as it negotiated a multibillion-dollar bailout with the Canadian government. The $5.9-billion federal rescue plan, announced in April, included limits on executive compensation going forward. During COVID-19, Air Canada also took $656-million from the federal government’s Canada Emergency Wage Subsidy program in 2020, a larger number than any other company has publicly disclosed.
Air Canada’s board explained the compensation decisions by saying the company’s senior executives “reacted urgently, decisively and skillfully to mitigate the impact of the COVID-19 pandemic on the company,” taking measures that included reducing its staff by 20,000. “And with equal vigor, the leadership team played offense,” Air Canada said, including “industry-leading personal safety and sanitary measures” and investments in technology and aircraft.
CEO Calin Rovinescu and deputy CEO Michael Rousseau waived 100 per cent of their salaries last April, May and June, and 50 per cent of their salaries for the remainder of 2020. The three other top executives whose compensation is disclosed took a 50-per-cent pay cut for three months, then 20 per cent for the remainder of the year. The cuts effectively reduced salaries for the five by $766,723 in total, including $490,000 for Mr. Rovinescu.
However, on Dec. 31 - the last day of the 2020 pay cuts - Air Canada handed out special “stock appreciation units” to the affected executives, giving them “the opportunity to recuperate their foregone salary.”
The board also explained its circular that it realized in the early days of the pandemic that the goals in its existing annual cash bonus program - including a heavy emphasis on profitability - “were no longer applicable nor pertinent,” so it scrapped the plan “early” in 2020. It was replaced by a new program based on pandemic goals of customer service, maintaining its liquidity, and cost-cutting.
Air Canada says “management’s exceptional performance” resulted in a payout of $20-million in bonuses to management, including $1.84-million to the top five executives, compared with the potential bonus pool of $45-million from the scrapped program.
The company also said it realized the pandemic’s big losses would eliminate the payouts for performance-based share units and stock options granted from 2017 to 2020 in its long-term incentive plan, so it decided to drop 2020′s results from the formula.
“Having three years of performance-based [awards] not paying out ... could potentially create an important ‘retention’ issue thereby putting the organization at-risk at a time when we most need our key talents to ensure our survival and future recovery for the benefits of our shareholders,” the company explained.
To offset that benefit to shareholders, Air Canada said, it canceled one-third to one-quarter of the awards for each year.
All told, Air Canada reported total compensation for Mr. Rovinescu of $9.26-million last year, down from $12.87-million in 2019. The figure includes a salary of $910,005, down from $1.4-million in 2019, and a bonus of $723,000, down from just under $3.5-million in 2019. Air Canada valued Mr. Rovinescu’s share, option, and stock-appreciation awards at $6.66-million, down from $7.1-million in 2019.
Air Canada says Mr. Rovinescu, who retired from the top job in February, 2021, would have received $7.7-million in stock awards in 2020 had the pandemic not occurred. Mr. Rousseau replaced Mr. Rovinescu as CEO on Feb. 15 of this year.
The recuperative stock-appreciation units allow for a payout based on the increase in Air Canada’s share price from $22.90, the stock’s average price on the final trading days of 2020, to Dec. 31, 2022. If the stock falls below that level, there will be no payout.
Mr. Rovinescu received 21,398 stock-appreciation units, which Air Canada estimated to be worth $168,396.
Air Canada’s revenue fell by 70 per cent in 2020 and the flag carrier lost $4.6-billion as it eliminated 67 per cent of its seat capacity and laid off more than half its workforce. In a bid to reduce its daily cash expenses of $13-million a day, Air Canada shed 79 planes and cancelled orders for 22 aircraft. Air Canada also pulled out of several regional airports and suspended routes to smaller cities, blaming the pandemic and government travel restrictions.
As part of the bailout deal reached in April, Ottawa provided $5.375-billion in repayable loans to Air Canada, including a $1.4-billion credit facility the airline can use to refund customers for flights cancelled because of the pandemic. Under the rescue package, Air Canada will not be able to use the money to buy back its own shares, and executive compensation will be capped at $1-million.
Stock-ownership records filed with securities regulators show that on April 16, Air Canada took away tens of thousands of stock options and share awards it gave to executives on March 1 of this year.
But but but I thought Air Canada was a corporation bordering on Sainthood. No way they would try and dodge the terms of their free cash from taxpayer deal.
Meanwhile 20,000 people were laid off from Air Canada.Quote:
Originally Posted by S-FLY
https://www.cbc.ca/news/business/air...offs-1.5572596
My little yoga/fitness studio was able to directly employ two of them until we were continuously shut down as well.
In good time you need to give executives and top management huge bonuses. In bad time, you need to give them huger bonuses. Otherwise, they might not do their jobs.
So, what's the proposed alternative? Stop paying the exec salaries/comp in order to retain a tiny fraction of those 20k jobs, only to lose them anyways when the company can't get a CEO to step in and volunteer 70-90 hours per week of their free time to run a company that size?
Don't get me wrong, bailouts of air canada are horse shit, full stop. I just don't like how so many discussions get shifted to "BuT THe CeO sTiLl goT TheiR BoNus!?!", which is generally a pretty ill-informed commentary on exec compensation.
I’m on the side of lock the doors and let them implode
Its moreso the optics.Quote:
Originally Posted by cjblair
"OMGZ COVIDZ! WE NEED THE HELLPPPP!!!! GOVERNMENT WHERE THE TAX DOLLARS!" - Proceeds to hand out $20mil in compensation to execs.
I think I'm >90% agreeing with you, but when Exec's receive bonuses while a company is being run into the ground, I'm sure you can see how the shareholders are ready to call BS.Quote:
Originally Posted by cjblair
Executive compensation is for sure a more nuanced conversation than just the headlines and outraged poor people who are bad at math.
Don't get distracted by the scale. I would wager businesses of all sizes requested help from the government and the owners still paid themselves (or their management) salary of some type. Same shit, smaller (or bigger?) pile.Quote:
Originally Posted by vengie
I don't disagree, but how many bailouts has AC now received?Quote:
Originally Posted by cjblair
They also have $800+ of mine sitting in flight credit they refuse to refund me.
If Air Canada and Bombardier failed the Country would cease to exist. It's simple economics.
Sometimes failure needs to happen.Quote:
Originally Posted by JRSC00LUDE
It takes a lot of experience and an Ivy League MBA to figure out which government officials to kiss ass to for a bailout. They deserve that salary and a portion of the bailout as bonus/salary increases. :devil:Quote:
Originally Posted by ThePenIsMightier
They're not just some little WE real estate swindlers.
- - - Updated - - -
Don't forget SNC-Lavalin too.Quote:
Originally Posted by JRSC00LUDE
SNC-Lavalin, building Canada and Libya!
Very profitable being in the business that rebuilds a country that tears itself down every couple decades. If only SNC lavalin had a weapons division then they would be cooking.
And that Quebec pharmaceutical company making the vaccine plant for COVID-22.
Why is it ill informed commentary to point out that the tax payer is funding CEO bonuses to a private company, when that CEO can't take the company in a direction to earn a profit? It's one thing to subsidize a private company to keep them running a service that benefits a portion of the tax paying public(even though I vehemently oppose this too), but it's another to essentially be subsidizing CEO bonuses that the CEO never really earned.Quote:
Originally Posted by cjblair
LoL!Quote:
Originally Posted by JRSC00LUDE
+Rep
The right time to do the right thing is after you did the opposite.
Attachment 99893
https://www.reuters.com/business/aer...ry-2021-06-07/
The exec bonuses is just for show. As one of the 38M new shareholders from April, I shake my fist vigorously.
Quote:
https://www.cp24.com/news/air-canada...uses-1.5458892
The statement does not include middle managers, whose bonuses made up more than $8 million of the $10-million bonus program, among those who are volunteering (to return) their bonuses
WestJet has pulled out of bailout talks with the Government of Canada.
https://calgaryherald.com/news/local...ks-with-ottawa
Quote:
Following months of negotiations over pandemic relief for the carrier that’s been hit hard by the collapse in air travel, WestJet said Tuesday it’s officially broken off talks with Ottawa.
Sounds like they would rather operate at 1/3 capacity like they are now, than let Justin anywhere near their business. Good for them.
In reality, they probably didn't like the rules being offered, like no bonuses. I honestly hope they just stay small. They were better that way. As soon as they went international, they started sucking.
Agree. They get worse by the day and by the needless update to their app and website. They are so awful now, I'd estimate that they are only 350% better than Air Canada.Quote:
Originally Posted by Tik-Tok
12 years ago, they were 9750% better.
AC has government mandated routes don't they where WJ can pick and choose?Quote:
Originally Posted by ExtraSlow
Didn't think ONEX will take a handout given they don't even open their books to the market. Let alone to the government.
If government wants to give them free money it’s borderline silly not to take it
The stupid part is the government bailouts as always. I’m guessing the deal WJ was offered was nowhere near as sweet as what AC got.
Gov't gets to see their books. They have to send over their financial statements to them like any other corporation. I even have to send mine over.Quote:
Originally Posted by Xtrema
Probably fit here.
Attachment 102832
There so many scandalous things about Air Canada. Not sure the language thing makes the top five.
I would lol so hard if they moved their headquarters to Ottawa or Toronto over this.
What are Quebecers going to do in protest? Fly WestJet? lol
People need to realize that Quebec and it’s language laws are incredibly toxic for business and have been for decades.
Quebecois being racist? Say whaaat?
Fuck Quebec and its useless language.
Canada really needs to Balkanize. Also the US really needs to Balkanize.
Fingers crossed we could make a petro-giant by merging Alaska to Texas :rofl:
I figured out I don't want Alberta to separate. I want quebec to separate.. where should I donate money to help the cause?
You’ll still have to deal with the maritimes and Ontario, as @Buster has alluded to several times, our government isn’t designed to respect the needs of western provinces.Quote:
Originally Posted by dirtsniffer
I actually have more disdain for Ontario than Quebec these days.
Quebecers are selfish. Ontarians are deluded.
One you can predict and work with, at least theoretically, the other is a lost cause.
Ontario is what’s wrong with Canada. The Mari times are irrelevant.
Maritimes still have too many votes, but the rest you are bang on. I understand Quebec’s position even if I don’t agree with them, I just don’t want to share a country with them. Ontario is absolutely the biggest problem for Alberta.Quote:
Originally Posted by killramos
Fixed.Quote:
Originally Posted by killramos
Without all the Quebec vote pandering, they would have to pay more attention to the other provinces. It's not ideal, but certainly better than our current situation.Quote:
Originally Posted by finboy
They can't, there's literally a federal law that says the AC HQ must be in Montreal. Ghosts of past QC vote-buying.Quote:
Originally Posted by killramos
https://laws-lois.justice.gc.ca/eng/.../FullText.html
Quote:
Mandatory provisions in articles of continuance
6 (1) The articles of continuance of the Corporation shall contain
(e) provisions specifying that the head office of the Corporation is to be situated in the Montreal Urban Community.
If Royal Dutch Shell can move their entire company to London I think Air Canada can find a way to move to an adjacent province.
What a joke of a company as per usual.
Their stupid laws got me a job.Quote:
Originally Posted by killramos
Potential employer: "Do you have a pulse and are able to converse in french?"
Me: "Oui Oui"
Potential Employer: "Thanks to those idiots and their laws, you're hired!"
Me: "Viva la revolution!"
But on a serious note, the laws are completely ridiculous and protesting a company like AC where the CEO doesn't speak french but he has AN ENTIRE FUCKING TEAM TO PANDER TO FRENCH CANADIANS is even more ridiculous.
Many, many AC employees have been fired for not being fully fluent in French (obviously not the reason on paper though). It wouldn't surprise me in the least if this guy got let go, and with an absolute unit of agolden parachuteparachute doré
This isn't complicated. If AC is less than half the price of WJ, I will use them. If they are one dollar more than half price, I will not fly with them.
This doesn't happen often and I'm pleased to report that I don't recall my last flight with them. I'm guessing it's been at least a decade.
Be like TPiM.
They would in a heartbeat if they could.Quote:
Originally Posted by killramos
Air Canada is not a private business in any meaningful sense.
"head office in montreal"
just a mailing address - forwards to toronto pearson where the "not head office" is located.
Worst case whoever the quebec manager is - can work out of it just so their secretary is on hand.
Huge PR win for AC today.
Used the government money to pay back non-refundable tickets, which they had no responsibility to do, so they end up looking like the good guy, since WJ still won’t issue refunds. Looks good for AC, with no out of pocket expense, and they are no longer accessing the federal funding.
Taxpayers funding their own refunds! What a country we live in.
https://globalnews.ca/news/8386386/a...gram-covid-19/
Corporate welfare is a beautiful thing
Too Quebec to fail.
Especially when it helps my share prices!Quote:
Originally Posted by killramos
Yes. Wealth transfer of Canadian taxpayers to rent seeking Air Canada shareholders.Quote:
Originally Posted by Maxx Mazda
As long as everyone is fully understanding what’s going on here.
As long as I’m making money, I don’t care where it comes from.Quote:
Originally Posted by killramos
Theft from Taxpayers. That’s where it comes from.Quote:
Originally Posted by Maxx Mazda
To be clear.
I guess that’s ok with some people. Some others try the “create value” route. Not Air Canada though, that much is clear.
When I renew my mortgage and look for options with the smith maneuver, there will be so many Canadian rent seeking preferred shares to invest in. If they’re going to tax the money away from me, might as well try to leverage oligopolies to pay back something useful? :rofl:Quote:
Originally Posted by killramos
The problem with Air Canada is they are just that useless that they still manage to lose money despite all the free taxpayer dollars.Quote:
Originally Posted by finboy
So I’d advise against that strategy.
I'd like to know what the appropriate amount of subsidy per job is for each industry sector. Diary, airline and Auto workers are clearly very valuable.
What is the current $/bbl?Quote:
Originally Posted by ExtraSlow
$0Quote:
Originally Posted by ExtraSlow
Except the subsidy should be negative for those you listed.
If you have 1000 workers making 80k/yr and paying $16k/yr in income tax, then subsidizing those jobs is surely worth a few hundred millions, right?
Because a "just transition" wouldn't apply to these critical sectors. Gotta maintain the historical status quo for things east of Winnipeg.
Plus. French and stuff.
Meanwhile, westjet already did refunds with their own money(customers money).Quote:
Originally Posted by Maxx Mazda
Wait, WJ won't issue refunds and WJ did issues refunds? I'm confuzzed.
Quote:
Originally Posted by ExtraSlow
It's less confusing if you just get the info from the direct source. Westjet opened up refunds a good while back.
https://www.westjet.com/en-ca/prepare/covid/refunds
I assume based on this comment your avatar is an actual pic of you.Quote:
Originally Posted by Maxx Mazda
That's an old one. From back in my meth days. Clean and sober almost 3 weeks now!Quote:
Originally Posted by cjblair
Buy low, sell high!Quote:
Originally Posted by killramos
.
Another $100 million for Transat. Sweet.Quote:
Originally Posted by ExtraSlow
- - - Updated - - -
Attachment 107777
Airlines. Ever a fantastic use of taxpayer dollars
Alberta should fly at a discount.Quote:
Originally Posted by ExtraSlow
We know where the money came from.