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Major executives of Canada’s five largest banks received approximately $53.6 million in compensation during the last fiscal year, up more than 7% from the previous year.

The year was particularly good for TD Bank CEO Bharat Masrani, who saw his total direct compensation jump 20% to $10.85 million in the 12 months ended March 31. October.

Even so, Royal Bank CEO Dave McKay has earned the highest compensation among his peers.

Total compensation totaled $ 12.43 million, up 7.9% from last year, according to the most recent solicitation circulars sent to shareholders of financial institutions.

Brian Porter of Scotiabank earned $ 10.86 million in pay, up 7.4% from fiscal 2016.

Bill Downe of Bank of Montreal – who retired on October 31 – was paid $10.5 million, down about 1% from the previous year.

The CEO of Canada’s fifth largest bank, Victor Dodig of CIBC, received $8.94 million in total direct compensation, up 1.71% from the previous year.

The publication last week of the National Bank solicitation circular had revealed that the grand boss of the country’s sixth largest bank, Louis Vachon, had seen his total remuneration reach $9.34 million – up 15% over the previous year.

Workers at the Molson plant in Montreal, affiliated with the Teamsters Union, accepted 55% of their employer’s bids on Sunday at a union meeting, ruling out the risk of a strike that hovered over the union. business.

No less than 438 of the approximately 550 employees participated in the vote.

Molson employees granted a strike warrant to their union in a proportion of 87% on February 25, after refusing the first two employer offers.

The main issues in dispute were the pension plan, group insurance, outsourcing and wages.

Under the terms of the new collective agreement, part of the subcontracting has been eliminated and wages will be increased by 5% for the duration of the four-year contract. In addition, a bonus of $ 1,000 at the signature has been added.

According to the union, which says wage compromises have had to be made, these increases are in line with the market and other brewers’ collective agreements in North America.

With respect to the pension plan, employees participate in a defined contribution plan in which the employer contributes 16.5%, which would be the highest rate of Molson plants.

Concerns still present

Although the ratification of the agreement is good news, the union pointed out that 45% of the workers who voted opposed it.

“I think that translates a perfectly legitimate uncertainty about the new plant that will be launched in three to five years. Molson must commit itself as quickly as possible to announce its colors, to know how this factory will be set up and what will be the assembly lines that will be put in place, “commented the Director of Communications and Business. Teamsters Canada, Stéphane Lacroix.

Recall that Molson intends to move its plant from Notre-Dame Street in Montreal to settle on the South Shore, near the Saint-Hubert airport.

In a statement, the union also said it feared that Molson would end the production of brown bottles, which “helps maintain hundreds of quality jobs,” to produce only cans.

According to the union, the “shifting cane” the company has taken in recent years has contributed to the loss of dozens of jobs.

He points out that 55% of Quebec’s beer production is sold in cans.

Dairy farmers are refusing to see supply management as a bargaining chip in the NAFTA renewal negotiations. The question was at the heart of discussions today in Alma at the annual general meeting of the Saguenay-Lac-Saint-Jean milk producers’ union.

Dairy farmers are refusing to see supply management as a bargaining chip in the NAFTA renewal negotiations. The question was at the heart of discussions today in Alma at the annual general meeting of the Saguenay-Lac-Saint-Jean milk producers’ union.

In announcing the suspension of the imposition of duty on Canadian aluminum and steel imported into the United States, President Trump made it clear that this special treatment was tied to the gains that would be made at the bargaining table. NAFTA, and more specifically on agricultural issues.

For farmers, this is once again an attack on supply management that sets the production and price of milk in Canada.

Despite the guarantees given by the federal government, this attack is worrying, admits Mario Théberge, regional president of Union des producteurs agricoles (UPA)

We are afraid he [asks] a bargaining chip. You know a negotiation, often you have to leave something, it’s really worrying.

Mario Théberge, Regional President of the UPA

In fact, during the negotiations of the Free Trade Agreement with Europe, the federal government opened the door to European cheeses, a breach that widened with the conclusion of the Trans-Pacific Partnership.

“Mr. Trudeau told me in October that he would not give new concessions. Let’s say we are going to watch him very closely and the messages from Quebec’s elected officials to the Liberal Party are very worrying right now, “says Daniel Gobeil, president of the Saguenay-Lac-Saint-Jean milk attorneys union.

Union leaders in the region believe that Donald Trump’s game should not be played by contrasting aluminum and milk. Both industries play a crucial role in the regional economy, it is recalled. It will be necessary, according to them, to find the means of safeguarding one and the other.