Newspaper article The Canadian Press

Ontario Teachers' Join List of Bombardier Investors Voting against Chairman

Newspaper article The Canadian Press

Ontario Teachers' Join List of Bombardier Investors Voting against Chairman

Article excerpt

Teachers' oppose Bombardier chairman

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MONTREAL - The Ontario Teachers' Pension Plan has joined several large institutional investors in voting against the re-election of Bombardier's executive chairman and the company's executive compensation plan.

"Our assessment of recent events confirms the need for independent board leadership," the Toronto-based pension plan said in a report on its website.

Teachers' added it doesn't typically support the role of executive chairman, but did back the election last year of Pierre Beaudoin, whose family controls the company through multiple-voting shares.

The pension plan also said it has concerns about the board's approach to executive compensation despite Bombardier's (TSX:BBD.B) improving performance.

"We found important information missing to support the compensation decisions of the board and as a result find that the resulting linkage between pay and performance is not sufficiently justified," it stated.

Teachers' also voted against the executive compensation plan in last year's non-binding vote.

The pension plan does not disclose its holdings in Bombardier since it is below its $150-million threshold. …

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