COPE’S COMPENSATION SLIPS AS BCE MISSES INTERNAL TARGETS.

Drops 7% to $10.8M as firm misses targets

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 7 per cent to approximately $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 previously criticized the regulator for a new Super Bowl advertising policy and lower wholesale rates for highspeed Internet access.

Still, the board praised Cope, who took the helm of Bell in July, 2008, for his leadership.

“The board and compen- sation 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.

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. It includes a lump sum payment equal to two years of base salary, bonus at target, executive allowance and outstanding vacation days.

Rogers will cover up to $100,000 in moving expenses should Laurence decide to move back to Europe within two years of his departure.

Interim CEO Alan Horn, who previously acted as chairman, received total compensation of only $538,514 in 2016, as he received no additional compensation for assuming Laurence’s role.

Laurence will ultimately be replaced by former Telus CEO Joseph Natale when his non-compete agreement with Telus expires in July.