Ontario Teachers won’t vote for Bombardier chairman

The Ontario Teachers Pension Plan (OTPP) pointedly withheld its vote on the re-election of Bombardier-family nominee Pierre Beaudoin at Bombardier’s annual meeting last week, echoing similar moves by Quebec and British Columbia funds. The founding family is facing increasing pressure to permit an independent chair to take over the troubled airline and train maker. It’s problems are legion  Some would say scandalous. More than that, the heirs of the founder, Joseph-Armand Bombardier, inventor of the snowmobile, control Bombardier with barely 13 per cent of the equity through a dual-class share structure that confers control and a third of the current board being Mr. Beaudoin, his father, two of his uncles and a cousin. Reuters

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