Photo: Jacques Nadeau Le Devoir
The former boss of SNC-Lavalin group, Neil Bruce
Even if he has surrendered his place at the head of SNC-Lavalin in June of last year, when the engineering firm and construction was plagued with setbacks, legal and operational, and Neil Bruce has even had a treatment of about 7 million in 2019.
He has also had more than a half-million dollars in reimbursement costs to cover his move from Montreal to the United Kingdom to join his family. On the other side of the Atlantic, he has continued to advise the board of directors until 31 December, before leaving office permanently.
This information is contained in the information circular sent to shareholders of the multinational corporation in québec in view of its annual meeting of may 7, which will be entirely virtual because of the risks associated with the pandemic COVID-19.
The departure of Mr. Bruce had been presented as a retirement. It had been replaced by Ian Edwards, previously chief operating officer. “Mr. Bruce has not received a severance payment following his retirement,” stressed SNC-Lavalin in the document, stating that its contract had been amended on 11 June in the wake of the announcement of his retirement.
In the event of a ” termination without cause “, the ex-president would have been entitled to a severance payment of $ 14 million.
Mr. Bruce — for which the payroll total was 5.44 million in 2018 — was paid a base salary of about 1.3 million, after conversion of amounts paid in pounds sterling. His equity-based awards totaled $ 4.1 million. He also received a bonus of about $ 670,000 and a “all other compensation” 890 701 $ — which takes account of its moving expenses.
“We can go live where we want, but is this the company was obliged to pay for his move to [Mr. Bruce] ?” was requested, inter alia, the expert in corporate governance and professor at Concordia University Michel Magnan, during a phone interview. “Unless this is contained in his employment contract, this gives the indication that there has been an agreement on the otc. “