1. Ontario Teachers' Pension Plan Joins List Opposed to Bombardier Board Chair

    Ontario Teachers' Pension Plan Joins List Opposed to Bombardier Board Chair

    The Ontario Teachers' Pension Plan is joining a growing list of shareholders who say they won't support the re-election of Pierre Beaudoin as chair of the board of directors of Bombardier Inc. In statement posted on its website, Teachers also said it won't support a Bombardier board non-binding resolution on "say on pay" for company executives. The move by Teachers follows a similar announcement made by a major shareholder, the massive the Caisse de dépôt et placement du Québec...

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    1. Our assessment of recent events confirms the need for independent board leadership.
    2. While we acknowledge company performance is improving, the onus is on the board, through the [compensation discussion and analysis in the company's annual proxy statement], to communicate clearly to shareholders a compelling rationale to support compensation decisions.
    3. The program is structured in a way that does not sufficiently align pay with performance, as it lacks disclosure and contains features that are not in line with best practice.
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