Bombardier shareholders to vote on call for more lobbying transparency

MONTREAL — Pension plan managers and other institutions holding millions of Bombardier shares would like to see the transportation giant go the extra mile for lobbying transparency.

The Canada Pension Plan Investment Board (CPPIB), the California Teachers’ Pension Fund and the Florida State Board of Administration (SBA) said they are supporting a proposal by OceanRock Investments asking Bombardier’s board to file an annual report on direct and indirect lobbying activities.

The proposal will be voted on Thursday at Bombardier’s annual meeting.

SBA governance analyst Tracy Stewart says one can never be too careful given that there are currently a lot of political risks.

At the end of fiscal 2017, the CPPIB, the California Teachers’ Pension Fund and the SAB — with assets under management totalling nearly $881 billion — held approximately 7.6 million Class A and B shares of the Quebec multinational.

The OceanRock Investments initiative has also been endorsed by the two major shareholder advisory agencies, Glass Lewis and Institutional Shareholder Services (ISS).

Bombardier has urged its shareholders to vote against the motion, arguing that is already reports monthly on its federal lobbying with the Office of the Commissioner of Lobbying of Canada and the information is found on the Quebec Lobbyists’ Registry for provincial activities.

Reports on lobbying in the United States are available to the general public through the House of Representatives, it added in its proxy circular released in March.

The proposal is unlikely to pass because the Beaudoin-Bombardier family controls 51.5 of the voting rights thanks to the multiple voting shares.

Meanwhile, with the exception of the Florida institution, the CPPIB and the California Teachers’ Pension Fund are endorsing the compensation policy for Bombardier’s key executives.

In 2017, the company’s top five executives earned total compensation of US$30.8 million, up 12.3 per cent over the prior year. Including board chairman Pierre Beaudoin raises the total payroll to US$33.4 million, up seven per cent.

The annual meeting will be the last as a board member after 43 years for Laurent Beaudoin, the architect of its growth as the manufacturer of planes and trains. The meeting is ten days before his 80th birthday.

Just Posted

WATCH: Central Albertans learn about farm life at Sunnybrook Farm Museum

Pioneer Days Festival in Red Deer Saturday-Sunday

Number of seniors who play bridge in Red Deer growing

Red Deer Bridge Club has been around for close to 60 years

PHOTOS: Buccaneers battle Wolfpack in AFL semifinal

The Central Alberta Buccaneers battled the Calgary Wolfpack in the Alberta Football… Continue reading

Raising awareness for Bikers Against Child Abuse

Second annual Raise A Ruckus Against Child Abuse was held at the Red Deer Radisson Hotel Saturday

Central Alberta Yogathon cancelled Saturday

Due to air quality concerns the fourth annual event will take place Sept. 15

VIDEO: Central Albertans learn about Icelandic poet at Stephansson House

Harvest Fair and Quilt Show hosted at Stephansson House in Spruce View Sunday

Trump says his White House counsel not a ‘RAT’ like Nixon’s

BRIDGEWATER, N.J. — President Donald Trump insisted Sunday that his White House… Continue reading

Wildfire moves closer to Glacier National Park’s scenic road

MISSOULA, Mont. — A wildfire in Montana’s Glacier National Park is forcing… Continue reading

Prime Minister Trudeau, Premier Couillard march in Montreal’s Pride parade

MONTREAL — Thousands of cheering spectators lined the streets of Montreal on… Continue reading

All eyes on Andrew Scheer as Conservative convention set for Halifax

OTTAWA — After a week of internal caucus squabbles, Conservative Leader Andrew… Continue reading

Canadians fear for relatives trapped amid flooding in Indian state of Kerala

In the wake of deadly flooding in the Indian state of Kerala,… Continue reading

Indonesia’s Lombok island jolted by multiple quakes

SEMBALUN, Indonesia — Strong earthquakes jolted the Indonesian tourist island of Lombok… Continue reading

Afghan president calls for Eid cease-fire, Taliban to reply

KABUL — Afghan President Ashraf Ghani has called for a conditional cease-fire… Continue reading

Montreal may have less influence after October provincial election

MONTREAL — When Coalition Avenir Quebec Leader Francois Legault recently dismissed the… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month