Source: Air Canada
Air Canada filed its Notice of 2022 Annual Meeting of Shareholders and Management Proxy Circular on 25 February 2022. The document is publicly available on Air Canada’s website at aircanada.com and filed on sedar.com.
The Proxy Circular contains information for shareholders related to how they may vote their shares, the election of directors, the appointment of auditors, executive compensation and Air Canada’s environmental, social and governance (ESG) and other sustainability practices, in advance of the airline’s Annual General Meeting on March 28, 2022.
The circular confirms Air Canada’s compliance with the Large Employer Emergency Financing Facility (LEEFF) program, under which Air Canada obtained access to Government of Canada support in April 2021, limiting the pay of each Named Executive Officer to $1 million. No bonuses were paid to the Named Executives.
The circular also has executive pension information. In February 2021, Michael Rousseau became President and Chief Executive Officer and Amos Kazzaz became Executive Vice President and Chief Financial Officer. With these promotions their future pension plan values increased under the company’s established pension plan rules, but none of these amounts were paid in 2021 and will only be paid over time, after they retire. The LEEFF program did not affect such pension calculations, which are required for accounting purposes.
In November 2021, Air Canada announced that, due to its improved liquidity position and ongoing recovery from the pandemic, it was withdrawing from LEEFF and terminated the unused credit facilities available under the Government of Canada financial package.