But don’t feel too sorry for Neil Bruce: SNC raised his share-based award by 17 per cent, while his salary went up 2.7 per cent
SNC-Lavalin Group Inc.’s business and political turmoil is taking a toll on its chief executive officer’s paycheque.
Neil Bruce gave up his 2018 bonus “given the company’s financial results” after taking home a $1.45 million reward the previous year, the Montreal-based engineering company said Tuesday. His overall compensation was down 13 per cent to $5.45 million, according to documents released ahead of the annual meeting of shareholders.
The financial metrics that make for the bulk of the bonus calculation “were well below threshold level and expectations,” because of challenges in its mining and oil and gas units, the company said. Bruce, who joined in 2015, was credited among other things for completing the integration of WS Atkins of the U.K., which SNC bought in 2017.
SNC stock has lost 29 per cent of its value since late January after the company posted two profit warnings on troubles in Chile and Saudi Arabia, while becoming the centre of a political scandal that’s engulfed the government of Justin Trudeau. His former attorney-general said the Canadian prime minister and some of his aides pressured her to intervene to help the construction firm avoid a trial over charges of fraud and bribery in Libya more than a decade ago.
Still, SNC softened the blow for Bruce by raising his share-based award by 17 per cent, while his salary went up 2.7 per cent. Shareholders on May 2 will be asked to adopt a non-binding “say on pay” resolution to “accept the approach to executive compensation.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Evening Update: BoC’s Stephen Poloz quiets rumours of an interest rate cut; Ontario university adds coding to its teacher-training programAlso: The latest on Wilson-Raybould, the PM and SNC-Lavalin
Read more »
Liberal-dominated ethics committee shuts down opposition attempt for new SNC-Lavalin inquiry‘Canadians deserve to know the whole truth,’ said Conservative MP Peter Kent who moved the motion for a new inquiry
Read more »
Liberal MPs Reject Ethics Committee Probe Into SNC-Lavalin ControversyThe move comes a week after Grits ended a justice committee investigation.
Read more »
Liberals defeat opposition request for ethics committee study of SNC-Lavalin scandalOpposition parties have failed to convince the Liberals to let the House of Commons ethics committee probe further into allegations of political interference in the criminal prosecution of Quebec engineering and construction firm SNC-Lavalin.
Read more »
Terence Corcoran: Free SNC-Lavalin, victim of inadequate laws and political incompetenceSet SNC free to negotiate a deferred prosecution agreement so it can get on with its business, making money for shareholders and creating jobs
Read more »
SNC-Lavalin reshuffles leadership ranks, restructures amid poor performanceAmid the political furor dominating news headlines, SNC has been suffering through its own, separate business drama
Read more »