April 12, 2011
Mr. Calin Rovinescu
President and Chief Executive Officer
Air Canada Centre
7373 Côte-Vertu Blvd. West
Saint-Laurent, Quebec H4S 1Z3
By fax: 514-422-4945
Dear Mr. Rovinescu:
After reviewing this morning’s news, I felt compelled to write to you to regarding the reported increase in your “total compensation” of nearly 77%, which equates to $4.6 million.
As the President of Transportation District 140 of the IAMAW, I consider this exorbitant increase a personal insult and a slap in the face to all our members who have made huge sacrifices over the last decade to ensure Air Canada continued to operate.
During the last “catastrophe” in 2009, our members reluctantly voted to save Air Canada once again. They did so by ratifying the Pension Memorandum of Understanding with the understanding that there would be a freeze on executive compensation in both pay and/or bonuses.
The employees of this company have fallen behind their friends and neighbours who work for similar companies. They are basically surviving on less income than they made over 20 years ago. In the meantime, the cost of everything that would be considered the necessities of life have increased substantially.
It is apparent that Air Canada’s Board of Directors and senior executives care little about the plight of Air Canada’s employees. Considering that all the company’s unions are now entering into collective bargaining, this morning’s news could not have come at a more opportune time. It would seem only fair that your employees receive a similar increase in their “total compensation”, retroactive to 2009 as well.
It is my opinion that Air Canada has violated the June 2009 Pension MOU and I will seek a legal opinion regarding how we proceed from here.
President and Directing General Chairperson
Transportation District 140, IAMAW