WATCH: Bombardier shareholders stand by embattled chairman, pay packages
Bombardier shareholders overwhelmingly showed support for the company's embattled board chairman as well as its revised executive pay packages while protestors outside today's annual meeting expressed discontent with both.
Nearly 700 shareholders voted just over 92% in favour of re-electing Pierre Beaudoin as chairman of the board though he will take on a diminished role as non-executive chairman. That new position also comes with a new salary that will be revealed in the coming weeks.
Just as many shareholders voted to support the revamped executive salary and performance bonus policy - just over 93%. The company had announced they would delay the increases.
Bombardier had come under fire for hiking executives' salaries by almost 50% in the wake of government financial assistance and job cuts at the company.
About 100 protestors showed up an hour before the shareholders meeting in one of the recent continuing demonstrations against the pay increases.
Demonstrators said Beaudoin's switch in positions was nothing but smoke and mirrors. They reiterated their call for an overhaul of the company's policy on compensation and of the way governments hand out financial aid to major companies.
Protestors peacefully carried placards and sported symbols showing piles of poop - a reference to the salary issue.
Security and police presence was heavy in and outside the company's aircraft finishing plant in Dorval where the meeting was held. People entering the building had to go through a metal detector search.
Shares in Bombardier traded up almost 7% after the meeting.