Saturday, April 20, 2013
this Globe and Mail story today, citing issues of "pay for performance", while ignoring the $21 million paid to Michael Sabia as the head of BCE, under these highly dubious circumstances (i.e his failure to sell BCE to Teachers')
Michael Sabia received a $21-million golden handshake from BCE Inc. when he departed the telecom company last summer, before accepting his controversial appointment as head of Quebec's pension fund manager.
MONTREAL – Michael Sabia received a $21-million golden handshake from BCE Inc. when he departed the telecom company last summer, before accepting his controversial appointment as head of Quebec's pension fund manager.
Sabia's package from BCE (TSX: BCE) included severance equal to three years' salary and short-term incentives exceeding $9 million, according to a regulatory filing of BCE's proxy circular.
He also received $1.25 million related to BCE's abandoned privatization attempt, $3.1 million incentive pay, $2.9 million in accelerated vesting of stock options and $729,000 in salary until his departure July 11.
Since turning 55 in September, Sabia began to receive an annual pension of nearly $969,000.
Sabia has attempted to quell concern about his recent appointment as president and chief executive of the Caisse de depot et placement du Quebec by offering not to accept a bonus for two years, a $235,000 annual pension and another departure payment.
BCE chief executive George Cope earned $4.6 million last year. He replaced Sabia as the Ontario Teachers' Pension Plan and its partners attempted to close the $52-billion transaction, which ultimately fell apart later in the year.
Included in Cope's payment was a $2 million retention payment related to the privatization effort and a $1.2 million incentive payment. His base salary was $959,000. That amount increased to $1.25 million as of Dec. 31.
Meanwhile, board member Jim Pattison plans not to seek re-appointment to the board at BCE's May annual meeting. New nominees for the board include CAE Inc. (TSX: CAE) president Robert Brown, along with Barry Allen and Paul Weiss.
Posted by Brent Fullard at 9:19 AM