BCE cuts CEO Cope’s compensation to $10.8M
BCE Inc. paid CEO George Cope slightly less last year than it has in the past after the telecom giant’s financial performance fell below internal targets, according to newly released company documents.
Cope’s total compensation fell nearly seven per cent to about $10.8 million in 2016 from about $11.5 million the prior two years, according to Bell’s annual management proxy circular filed with regulators Tuesday.
His target compensation remained static, but his annual short-term incentive dropped since Bell didn’t meet its internal revenue and EBITDA — earnings before interest, taxation, depreciation and amortization — targets, even though its results were in line with its financial guidance.
Bell blamed a decline in its wireline segment for the missed revenue target and “certain CRTC decisions” for negative impacts on its media and wireline earnings. It didn’t specify which decisions, but executives have criticized the regulator for a Super Bowl advertising policy and lower wholesale rates for high-speed Internet access.
Still, the board praised Cope, who took the helm of Bell in July 2008, for his leadership.
“The board and compensation committee firmly believe that Mr. Cope’s leadership guided the company to growth across all financial metrics, while leading the Bell team in its solid performance executing ” the company’s strategy, chairman Gordon Nixon wrote in a letter to shareholders.
Bell’s compensation programs were largely unchanged in 2016 and are expected to remain the same in 2017.
Bell’s report on executive compensation comes days after its top rival Rogers Communications Inc. revealed its numbers in its information circular after a year of leadership upheaval at the cable company.
Total compensation for former Rogers CEO Guy Laurence, who was fired in October after clashing with the Rogers family, was $24.6 million. That includes nearly $13.5 million in separation payments, according to documents filed on Friday.