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So we have an active strategy of investment going forward once we emerge. I would like to start with this question: the situation facing your company today is not that much different from what happened with Nortel: the workers are the ones who ultimately pay the price. What is the rationale for these bonuses? As I said, this is really detrimental to the workers and their families. It is like a slap in the face. I wonder if you could elaborate on the fact that you are providing large bonuses to senior managers, while your employees are being laid off.
First, I'm not really familiar with Nortel, but I will make the difference based on what I know.
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One of our objectives here, from day one, is to protect the pension interests of our retirees and active employees. You'll see, once we announce our pension resolution, that it is quite ificantly different from many other restructurings in Canada, and in fact protects workers rights to a degree that I don't think is common in the CCAA process.
Second, specifically to the management team of the company, we are participating in the cost reduction initiative, first through ificant reduction in total management of the company in terms of head count. The management team has received no wage increase for the last four years. The management team volunteered not to take any incentive payments during the restructuring process. To compare that with what Nortel's management actually did, they paid themselves incentives while in restructuring, and we have not done that. Inunder the terms of the agreement the management team had earned a synergy bonus, and the management team refused to accept the adult dating in chambord bonus and did not take that payment.
I would point out that the incentive you mentioned has not been paid. It is quebec ca incentive that will be paid at the discretion of the new board of directors, subject to successful emergence from CCAA and chapter 11 in the U. It seemed to be a reasonable business proposition to get the process over with and get out, and our creditors have supported that. Carol Hughes :.
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To me it would be key, and it would really raise my interest level, if it were about a vision of the future and where we want to take investment, where we want to take the industry. If it were about--and this may sound harsh--how we protect jobs and industries that are dying, that would be a very difficult discussion.
I just want to remind members adult dating in chambord the committee that while we've invited these officials to appear in front of us today, notwithstanding that there's a court proceeding ongoing, and while we, in my view as chair, did not need to seek the approval of the court to ask them to appear--they were obliged to appear, which they've kindly done on very short notice--there is the sub judice convention of Parliament, which means that members are to refrain from commenting directly on the court proceedings, on the wisdom of the court, and on its decision.
I don't think anybody has crossed that line quebec ca, but I'd just remind you that I'll rule out of order, based on that convention, anything that gets too particular about the court proceedings and about the decisions of the court, so just keep that in mind as we question the witnesses for the remaining time.
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I am trying to follow the logic of your earlier answer to Ms. First of all, you say that there is no reason to worry, since the money has not yet been paid. In other words, it will be paid later on. The fact remains that, for the managers, this is money in the bank.
They can plan their expenses based on the money they expect to receive. There is another adult dating in chambord that I don't understand. I am having a lot of trouble understanding the connection between the two. So, with respect to those comments, there is a question I would like you to answer.
How many company managers will be receiving a bonus?
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Francis Scarpaleggia :. The inconsistent aspect of all of this is that workers are told they have no choice, because they happen to live in a single-industry town. However, managers do have choices elsewhere, even though the industry is on its knees and North Quebec ca as a whole is undergoing a recession. I don't understand why a bonus should be paid to senior managers at your company. On your matter of a question concerning talent or people, yes, management tends to have more mobility than the hourly employees, historically, but we have to be able to retain people who are not industry-specific.
When we look at management for our company, we want to ensure that we have the very best. It is a very difficult industry and it is difficult to attract people to this industry. We currently have over positions open that we can't fill in management because of the industry we're in and the condition of being in the CCAA.
When we look for talent, we don't quebec ca within the industry. One of the things we've said we need to do is to bring successful people in from other industries to help us revitalize and re-energize this industry that we've all grown up in.
We need to be able to do that, and compensation, in all its quebec ca, is a critical part of having a successful management team. I also wish to convey my greetings to the workers and family members who are with us today to follow the Committee's work as it relates to the future of the forest industry, and particularly AbitibiBowater.
I would like to come back to Mr. Proulx's comments. It is important to remember that Marcel Proulx :. I ask members, if they disagree with what another member is saying, to wait for their time, wait for their intervention, when the chair will recognize and give them the floor. That way we can have an orderly proceeding here. As a matchmaker and love coach, I recognize your uniqueness and trust you have the answers within you. I hold a safe, non-judgemental space to support and challenge you to get real about your love life.