Skip to main content
The Globe and Mail
Support Quality Journalism.
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Cancel Anytime
Enjoy Unlimited Digital Access
Canada’s most-awarded
newsroom for a reason
Stay informed for a
lot less, cancel anytime
“Exemplary reporting on
COVID-19” – Herman L
$1.99
per week
for 24 weeks
Get full access to globeandmail.com
Just $1.99per week for the first 24weeks
Just $1.99per week for the first 24weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); } //

Air Canada CEO Calin Rovinescu.

SHAUN BEST/Reuters

Air Canada chief executive officer Calin Rovinescu's total compensation more than doubled to $9.5-million in 2012 thanks to a $5-million retention bonus.

The airline said Friday in a regulatory filing ahead of its annual meeting that Mr. Rovinescu's pay increased from $4-million in 2011.

Mr. Rovinescu, 57, was eligible for the one-time bonus on the third anniversary of his appointment. One-third of the payment was contributed to an employee benefit plan.

Story continues below advertisement

The payment was a sore point during last year's difficult contract negotiations.

Excluding the bonus, his compensation increased 13 per cent from 2011.

His base salary remained unchanged at $1.4-million, but his cash bonus increased to $1.9-million from $325,000. Share and option-based awards were $925,000, down from $1.95-million. His pension value was $299,600 compared with $320,500.

Mr. Rovinescu was credited among other things for exceeding the pre-tax operating profit target, boosting liquidity levels, completing bargaining and arbitration with employees and announcing the launch of low-cost carrier Rouge.

Air Canada turned a $131-million profit last year, ending a string of losses.

Chief financial officer Michael Rousseau's compensation decreased 12 per cent to $1.48-million, while chief commercial officer Ben Smith's remuneration fell by the same amount to $1.2-million.

Duncan Dee, who resigned as chief operating officer in October, received $976,826 last year.

Story continues below advertisement

Air Canada also said that Arthur Porter, currently being held in custody in Panama on fraud charges, received $67,088 as a director before resigning June 4, 2012. The compensation was split between cash and deferred share units. Mr. Porter attended just one-third of all board and committee meetings until he left the board.

Air Canada will hold its annual meeting June 27 in Vancouver.

The airline's largest shareholders are Letko, Brosseau & Associaties, which holds 19 per cent of all class B shares, and PAR Capital Management, holder of 26.4 per cent of all class A variable voting shares.

Report an error
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies