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

High school students’ art work on display in downtown Red Deer

Select pieces will be at St. Joseph High School’s Cultural Street Fair May 30

Red Deer spray park opens today

Blue Grass Sod Farms Central Spray and Play Park downtown open 11 a.m. to 7 p.m.

Excitement building in Central Alberta about 2019 Canada Games torch relay

Lacombe is one of 48 national and seven Red Deer-area stops

Red Deer neighbourhood hit by rash of garage break-ins

2016 Dodge Charger stolen along with numerous other items early on Wednesday morning in Lancaster

Central Alberta athletes shine on the track at CASAA Zone Track and Field Championships

Lindsay Thurber Raiders athlete Hayley Lalor took the win in the senior girls individual aggregate

Trudeau defends $600-million price tag for G7 summit in Quebec town of La Malbaie

LA MALBAIE, Que. — Prime Minister Justin Trudeau is defending the hefty… Continue reading

Weather now co-operating with evacuation of fire-threatened communities

WINNIPEG — The weather is now co-operating with efforts to evacuate some… Continue reading

Canadian auto sector observers doubt U.S. will carry through on tariff threat

Canadian auto industry observers are reacting with shock and disbelief to news… Continue reading

Bus bursts into flames on parkway; driver, passengers safe

HOLMDEL, N.J. — Authorities say a bus driver and about two dozen… Continue reading

Facebook won’t pay compensation for Cambridge Analytica case

BRUSSELS — Facebook said Thursday it will not compensate users in the… Continue reading

Five standout tracks from Shawn Mendes’ vulnerable new self-titled album

TORONTO — Shawn Mendes is slowly letting the world capture a glimpse… Continue reading

Canadians confused about GM foods, support mandatory labelling: study

HALIFAX — The vast majority of Canadians believe genetically modified foods should… Continue reading

Bucks’ Brown decries ‘police intimidation’ during arrest

MILWAUKEE — The Milwaukee police chief has apologized to Sterling Brown and… 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