AbitibiBowater: the PQ and retirees require amendments to Bill 11
Updated Tuesday, May 24, 2011 to 22 h 14 EDT
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AbitibiBowater
Photo: The Canadian Press / Ryan Remiorz
Pensioners of AbitibiBowater and the Parti Quebecois asked on Tuesday, major changes to Bill 11 to ensure the solvency of pension plans for workers in the pulp and paper.
The revival of the AbitibiBowater paper is hotly debated in the National Assembly, where a parliamentary committee studying Bill 11.
Recall that the latter would allow the paper, including AbitibiBowater, to repay the deficit in their pension funds in 15 years rather than 5 years. There is one downside: if AbitibiBowater bankrupt by then, the pensions of retirees will be amputated.
The PQ member Francois Rebello requests that the bonuses paid to executives of the paper are placed as collateral.
At this moment there for 200 million shares and options that are given to leaders. They can buy their yachts and their cottage and car of the year in 15 years, but in the meantime, money will be guaranteed the pension fund.
- François Rebello, MP PQ
The idea launched by the Parti Quebecois MNA like Armand Desroches, who worked 35 years for AbitibiBowater in Donnacona. "Obviously, we demand it, they are guaranteed," he said.
The reaction is the same side of the President of the Federation of Pensioners of Quebec, Jacques Beaudoin. "This is a solution. I think the government should sit down with the retirees, "he says.
AbitibiBowater rejects the idea
The CEO of AbitibiBowater, Richard Garneau, categorically rejects the idea of ??placing the bonuses paid to executives in trust.
Mr. Garneau believes that the amount represents approximately $ 115 000 per frame. He wants Bill 11 be adopted without modification.
"It's a false debate! The other points, I do not even want to discuss it and I think we should just focus, focus on that agreement, "said Garneau.
Meanwhile, the Minister of Employment and Social Solidarity, Julie Boulet, could, at the end of the parliamentary committee, ask AbitibiBowater to do more to guarantee the pensions of retirees.
