(Montreal) The acquisition of Freedom Mobile could be profitable for the five main executives of Quebecor who see their remuneration more than double thanks to an improvement in their stock options program.
The five highest executives shared 13.8 million in 2023, according to regulatory documents sent to shareholders of the Montreal company. This represents an increase of 115% compared to last year.
The increase is mainly explained by an increase in long-term incentive compensation granted in the form of purchase options, which increases from 1.9 million in 2022 to 8.8 million in 2023.
“The board approved a special grant in connection with the acquisition of Freedom and in connection with its integration to certain key individuals,” the company explains in the document.
However, this is an estimate. Managers do not immediately receive this portion of 8.8 million of their remuneration. The value could potentially be different, from zero to greater, depending on the value of the options and the achievement of certain objectives.
With the exception of the President and CEO, Pierre Karl Péladeau, the other four executives each received “other compensation” of $50,000 to take into account “additional work” related to the acquisition of Freedom.
Mr. Péladeau, for his part, received total compensation of 4.9 million, an increase of 57% compared to last year. Once again, this increase is mainly attributable to call options. The remuneration includes the $423,000 he obtained for acting as head of the TVA Group.