Despite the eliminated positions, the remuneration of Bell’s top bosses increases by 4%

While Bell Canada announced the layoff of 6,100 workers in recent months, we learned that the remuneration of the five highest paid executives of the telecommunications giant jumped 4.4% last year.

• Read also: Bell Canada Enterprises: hundreds of members laid off

• Read also: “Shame on Bell”: Unifor demonstrates in Ottawa against the cut of 4,800 jobs

In 2023, Bell’s five highest-paid bosses earned more than $33.5 million, up from $32.1 million in 2022.

The company’s CEO, Mirko Bibic, alone earned $12.36 million, or 3% more than in 2022. Including the value of his pension plan and other benefits, his compensation increased totaled $13.43 million in 2023, compared to $13.59 million the previous year.

“Mr. Bibic’s long-term incentive award increased by $500,000 [passant de 7,5 à 8 millions $] in order to continue the progression of his remuneration and to take into account the competitiveness of the market with direct competitors and comparable companies”, specified Bell in the document published for the shareholders’ meeting of May 2.

“Not linked” to layoffs

In an email, a company spokesperson assured that there should be no link between the increase in the remuneration of top bosses and the layoffs announced in June 2023 (1,300 positions) and in February (4,800 positions) .

“Compensation [de la haute direction] and the recent restructuring of Bell are not linked, Caroline Audet said in an email sent to Newspaper. The majority of our CEO and executive compensation is in the form of short-term and long-term at-risk incentives to ensure that their compensation [soit] consistent with our results as well as our strategy.”

Last week, Bell employees learned of the end of their employment during virtual meetings during which they were unable to activate their microphone to ask questions, the Unifor union denounced.

A committee of the House of Commons summoned Mirko Bibic on April 11 to explain to federal elected officials the company’s decision to cut thousands of jobs.