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Remuneration soars for Bombardier execs

April 18, 2011, Montreal -  The total compensation of Bombardier's five highest paid executives soared 64 per cent to US$19 million during the fiscal year ended Jan. 31.


April 18, 2011
By The Canadian Press

Earnings were up from US$11.5 million a year earlier, but lower than the $21 million paid during the 2009 fiscal year, according to a proxy circular filed ahead of its June 1 annual meeting.

President and CEO Pierre Beaudoin's total compensation was US$6.8 million. That's up from US$3.9 million in fiscal 2010, but lower than US$7.8 million received in the prior year.

His base salary increased 13 per cent to US$1.3 million and he received a performance bonus of US$3 million.

Stock-based awards added US$2.3 million, while options were worth US$1.1 million, $284,000 for pension plan and US$154,000 for dividends and personal use of a corporate jet.

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Bombardier board chairman Laurent Beaudoin received a total of US$1.8 million. That included a salary of US$585,000, retirement benefits totalling US$1.1 million and US$69,000 in other compensation.

The Montreal-based airplane and railway manufacturer earned US$755 million in profits last year, up 8.2 per cent from US$698 million a year earlier.

It is seeking shareholders' approval to change its fiscal year-end to Dec. 31.