The big boss of Bell received compensation of $13.4 million in 2023, according to regulatory documents sent to shareholders.
BCE President and CEO Mirko Bibic saw his total compensation decrease by 1.17%, mainly due to the change in the value of the contribution to his pension plan.
The company specifies that 89% of the manager’s compensation is “at risk”, because it is linked to the achievement of objectives.
In total, the six highest-paid executives of the telecommunications giant shared $35.7 million.
The board of directors believes that management has achieved its main objectives. Managers thus obtained 93% of their short-term bonus target. This amount could have gone up to a theoretical maximum of 150%. In 2023, BCE’s operating profit increased by 2.3%.
“The plan reflects the company’s performance on financial and strategic measures in 2023 as well as progress on longer-term measures aligned with our strategic imperatives and ESG objectives,” explains a Bell spokesperson, Caroline Audet, in a written statement.
The document’s release comes at a time when the company is facing criticism for making significant layoffs. In February, BCE announced that it was eliminating 4,800 positions, which represented 9% of its workforce. In June, it also announced the layoff of 1,300 people.
On Monday, the Standing Committee on Canadian Heritage summoned Mr. Bibic to appear to explain to elected officials the reasons behind the dismissals. In February, Prime Minister Justin Trudeau called the layoffs a “rotten decision.”