Air Canada says senior executives to voluntarily return 2020 bonuses
Air Canada says its senior executives have chosen to return their 2020 bonuses in response to "public disappointment."
The airline company says in a news release the president and CEO, as well as executive vice-presidents of Air Canada, have volunteered to return their bonuses and share appreciation units.
Former president and CEO Calin Rovinescu, who retired in February 2021, says he will also donate his share to the Air Canada Foundation.
The statement does not include middle managers, whose bonuses made up more than $8 million of the $10-million bonus program, among those who are volunteering their bonuses.
Finance Minister Chrystia Freeland signalled her displeasure Wednesday over the multi-million dollar packages handed out to the airline's executives as the company negotiated a federal bailout, calling the bonuses "inappropriate."
In April, the airline and government agreed to a $5.9 billion loan package that includes money to help refund passenger tickets, but also capped executive compensation at $1 million until 12 months after the loan is fully repaid.
The government also paid $500 million for a six per cent stake in the country's biggest airline, which Freeland said was done to ensure taxpayers could benefit once Air Canada's revenue rises when regular travel resumes.
--with files from CTV News--