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Top Quebec Pension Fund Urges Bombardier to Dump Chairman of Family-Run Company

  • Canadian pension-fund manager assails ‘lapse of governance’
  • Caisse, Solidarity Fund also vote against company’s pay plan
Pierre Beaudoin, chairman of Bombardier Inc.

Pierre Beaudoin, chairman of Bombardier Inc.

Photographer: Patrick T. Fallon/Bloomberg
Updated on

Bombardier Inc.’s biggest outside shareholder and a second major investor withdrew support for Chairman Pierre Beaudoin, the last executive link to the planemaker’s founding family, after he backed a compensation plan that sparked a public furor.

The manufacturer’s board should be led “by a fully independent director,” Caisse de Depot et Placement du Quebec said in a letter to Bombardier on Monday. Solidarity Fund QFL, which is backed by a labor union, also declined to back Beaudoin, a member of the family that controls Bombardier.