Please don't include me in your spank bank, thank youThis quote is hidden because you are ignoring this member. Show Quote
Please don't include me in your spank bank, thank youThis quote is hidden because you are ignoring this member. Show Quote
Wouldn’t want to expose you to some kind of rape culture micro aggressions my dear altruistic fool.This quote is hidden because you are ignoring this member. Show Quote
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
fact.This quote is hidden because you are ignoring this member. Show Quote
You spend more time thinking about woke-ness than any woke person I know. Methinks the snowflake doth protest too much?This quote is hidden because you are ignoring this member. Show Quote
I do my best to fit in with the kool kids klub
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
fact.This quote is hidden because you are ignoring this member. Show Quote
Fuck I laughed at this. I'm out of reps for the day, maybe tomorrow.This quote is hidden because you are ignoring this member. Show Quote
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When it comes to cash and reps, theres no such thing as the thought is what countsThis quote is hidden because you are ignoring this member. Show Quote
AccurateThis quote is hidden because you are ignoring this member. Show Quote
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Finally! A task suited to your IQ.This quote is hidden because you are ignoring this member. Show Quote
https://www.theglobeandmail.com/busi...-in-executive/
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.
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
fact.This quote is hidden because you are ignoring this member. Show Quote
Meanwhile 20,000 people were laid off from Air Canada.This quote is hidden because you are ignoring this member. Show Quote
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.
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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
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
fact.This quote is hidden because you are ignoring this member. Show Quote
Its moreso the optics.This quote is hidden because you are ignoring this member. Show Quote
"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.This quote is hidden because you are ignoring this member. Show Quote
Executive compensation is for sure a more nuanced conversation than just the headlines and outraged poor people who are bad at math.
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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.This quote is hidden because you are ignoring this member. Show Quote
I don't disagree, but how many bailouts has AC now received?This quote is hidden because you are ignoring this member. Show Quote
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.
Originally posted by SJW
Once again another useless post by JRSCOOLDUDE.
Originally posted by snowcat
Don't let the e-thugs and faggots get to you when they quote your posts and write stupid shit.^^ Fact CheckedOriginally posted by JRSC00LUDE
I say stupid shit all the time.