Big bonuses for Aéroports de Montréal leaders despite the pandemic
Philippe Rainville, CEO of Aéroports de Montréal
The Chairman and Chief Executive Officer of Aéroports de Montréal (ADM), Philippe Rainville, and the seven vice-presidents of the organization shared $1.2 million in bonuses for the year 2021 despite the pandemic context which was heavily affecting flights and air traffic. These figures were revealed in its 2022 annual report, which also reported a financial loss of $230,819 in 2021 and revenues reaching only 39% of the pre-pandemic level of 2019.
Bosses' salaries also increased significantly between 2021 and 2022. As for Mr. Rainville, his salary rose from $461,295 per year to $536,000, while the lowest salary among vice-presidents rose from $180,000 to $215,000 annually.
According to the report, the payment of bonuses to executives is “based on individual performance as well as the achievement of corporate objectives”. These objectives include, among others, adaptation and resilience to climate change, management of residual materials, intermodality and customer experience. It should be noted that no executive received performance bonuses in 2020 due to the pandemic.
The ADM stated at the beginning of the month that it had regained its pre-pandemic ridership, pointing out that 4.3 million passengers had flown in the last quarter of 2022. This number of travelers was an increase of 87.3% compared to the figures for 2021.
