Stock options air canada
Air Canada quadrupled the number of its shares made available for stock option plans for senior executives yesterday, but the airline's chairman said there is no immediate plans to award those shares. The number of shares earmarked for senior managers jumped from roughly 5 million to Bruce White, chairman of the executive council of the Air Canada Pilots Association ACPAtold The Gazette after the meeting that his union "is still reviewing" whether to challenge the move on legal-grounds.
During the meeting, he took issue with comments by Air Canada president Calin Rovinescu to the effect that if the carrier does "not engage with our employees, we won't be able to engage with our customers.
White said that "instead of engaging employees, the stock option increase is in fact alienating them. Now is also not the time for the company to abandon its commitments it made last year to employees. This was in return for a commitment from Air Canada to not increase the compensation programs for executives. ACPA, he added, "is not opposed to target-based incentives for management. We feel that changes in the compensation plans -in all compensation plans -should reward all those who contribute to the success of this airline.
David Richardson, chairman of Air Canada's board, conceded the airline's improved performance was "only able to be achieved" with the help of ACPA and the other unions. But he said the current number of shares available for stock options for senior management "is at an extremely low level at the present time.
We need that flexibility in order to attract and retain highly competent management. This company needs the best management it can get. We are not awarding any of these units at this time. There's no attempt to change the compensation plans. And we stand by the agreements that were made with the unions. There will be no change in the compensation plans of the senior executives. Rovinescu told reporters after the meeting "this is a reserve" of shares for executives and does not contravene agreements signed with Air Canada's five unions last summer, but would not elaborate.
The reserve now constitutes about seven per cent of a larger pool of shares after more stock was issued sinceRovinescu said. But White said "this allotment is a quadrupling of shares, and we think at this time it's an excessive amount. It sends a very poor message to employees when we're working very hard to rebuild this airline. Rovinescu told shareholders that after "the crucible year that was ," the airline's prospects this year "look decidedly brighter than it did one year ago.
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