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BCE Inc. president and CEO Mirko Bibic received compensation of $13.4 million in 2023, according to regulatory documents sent to shareholders.
The head of Bell Canada’s parent company saw his total compensation decrease by 1.17 per cent, mainly because of a change in the value of the contribution to his pension plan.
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The company notes that 89 per cent of executive remuneration is “at risk” because it is linked to the achievement of objectives.
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In total, the six highest-paid executives of the telecommunications and media giant shared $35.7 million.
The board of directors believes management has achieved its main objectives. Managers thus obtained 93 per cent of their short-term bonus target. This amount could have gone up to a theoretical maximum of 150 per cent. In 2023, BCE’s operating profit increased by 2.3 per cent.
“The plan reflects the company’s performance on financial and strategic measures in 2023 as well as progress made on longer-term measures aligned with our strategic imperatives and ESG objectives,” a Bell spokesperson, Caroline Audet, explained in a written statement.
The document’s release comes as the company is facing criticism for making significant layoffs. In February, BCE announced that it was eliminating 4,800 positions, which represented nine per cent of its workforce. In June, it announced the layoff of a further 1,300 people.
On Monday, the Standing Committee on Canadian Heritage summoned Bibic to appear to explain to elected officials the reasons behind the dismissals. In February, Prime Minister Justin Trudeau called the layoffs a “garbage decision.”
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