Glass Lewis says in a report the aircraft and train manufacturer’s practices raise “serious questions” given his poor financial performance before his dismissal in March.
The consulting firm changed its mind by initially supporting the compensation policy following Bombardier’s year-end decision to make Bellemare eligible for a special payment of $ 4.9 million after the conclusion of the sale of Bombardier Transportation to Alstom.
Bellemare is also entitled to severance pay of approximately $ 10 million, closer to $ 2.7 million in share awards.
Bombardier lost US $ 1.61 billion last year on US $ 15.8 billion in revenues in a year marked by persistent execution problems in the rail division.
Glass says it will always support the 13 candidates for the board of directors at the June 18 annual meeting.