cppib joins chorus of voices objecting to bombardier\'s executive chair
Facing opposition from new pension funds
The Québec government says aircraft and train manufacturers should listen to the growing focus of institutional shareholders on governance issues.
Canadian pension scheme Investment Committee (CPPIB)
The country\'s largest pension fund manager has rejected their vote on a restructuring of the pension fund.
On Thursday, Pierre Boden was elected at Bombardier\'s annual meeting.
Ontario Teacher pension scheme (OTPP)
He also refused to vote for his re-election.
Tuesday\'s election echoes similar moves by the Quebec and BC funds.
\"Our assessment of recent events confirms the need for independent board leaders,\" OTTP said on its website . \"
The teacher is a descendant of the Bombardier founder\'s family, which controls the company through its dual control
Before shareholders made the decision, Bombardier recently strongly protested the controversial executive pay increase. Bombardier later agreed to give up the pay increase and other executives agreed to postpone it.
Two company sources said Beaudoin expects to continue operating this week despite opposition.
Control of the family means that the pension fund\'s move is largely symbolic.
The £ 2016 salary increase was as high as 1 billion after Bombardier received federal and provincial funding for the dollar, sparking protests outside Bombardier\'s Montreal headquarters.
The economy minister of Quebec, Dominique Anglade, said the company \"should obviously listen to shareholders \".
\"While as a major investor in the Bombardier c-Series narrow-body jet project, the Quebec government will not take a position on the future of beodoun as executive chairman, Aung Rad said she understands shareholders
In a telephone interview, she said that Caisse refused to vote for the executive chairman of Bombardier \"I am not entirely surprised because a decision has been made, resulting in an unacceptable salary increase . \".
A Bombardier spokesman reiterated on Monday that shareholders will \"have the opportunity to discuss these important issues\" at the May 11 meeting \".
On Monday, one of Bombardier\'s largest shareholders, Caisse de depot et placement, Quebec\'s largest pension fund, said it refused to vote on Boden, it also called for a fully independent director to serve as chairman of the board of directors.
An analyst reporting Bombardier said of Caisse: \"The fact that they promote this is to call shareholders to express their objections . \".
The main public sector pension fund in BC went further, saying it plans to reject the support of all five members of Bombardier.
Members of the Beaudoin family of the company\'s board of directors, as well as members of the compensation committee seeking restructuringelection.