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Apr 4, 2017

‘Gong show’: Encana founder rips Bombardier over compensation controversy

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Encana’s founder and former CEO is taking aim at Bombardier’s board and management for their handling of the compensation controversy swirling around the Montreal-based company, saying the series of events that elicited a public outcry and political condemnation is a “gong show.”

“I thought it was completely unconscionable,” Gwyn Morgan told BNN about the compensation packages first revealed last week in regulatory filings.  “To me, if you’re a company that’s totally independent and doing your own thing, you can pay whatever you want. But when you’re taking government money and have been for years, that’s a totally insensitive, apolitical way of doing things. It just astounded me.”

Morgan added he was also confused by the decision late Sunday to defer most of the 2016 compensation owed to six executives, including Chairman Pierre Beaudoin and CEO Alain Bellemare. Beaudoin had asked the board of directors for a pay cut back to 2015 levels late Friday.

“Does it mean that they’re going to get their money later or they’re actually not going to make as much money as [they] were before...?”, he said. “This is the sort of thing that, in the public eye, continues to decrease the trust in the whole corporate sector and the leadership of corporations.”

Morgan has sat on a number of corporate boards, most notably SNC-Lavalin. 

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