MONTREAL—SNC-Lavalin’s chief executive received a big pay raise in his first full year at the helm of the engineering firm as his total compensation surpassed $8 million, according to a regulatory filing.
Ian Edwards’s total compensation rose to $8.02 million from $3.74 million in 2019 largely due to a big boost in share-based awards and a doubling of his annual bonus, which he converted to stock.
Edwards’s salary increased 8.3 per cent to $1.03 million and rose again in 2021 to $1.4 million. Share-based awards last year were valued at $5.6 million, up from nearly $2 million a year earlier.
SNC said $1.8 million of the stock awards came from a one-time grant in March that was deferred from 2019 because of restrictions in its insider-trading policy. It will vest over three years.
He also received a $1.07-million bonus, $216,462 pension value and $90,179 in other compensation, according to the proxy circular filed ahead of its annual meeting on May 14.
Edwards became CEO on Oct. 31, 2019, several months after he was appointed interim head upon the departure of Neil Bruce. He joined the company in 2014 as vice-president of infrastructure construction.
Chief financial officer Jeff Bell’s total compensation was $3.17 million while his predecessor, Sylvain Girard, saw his total compensation nearly double to $4.86 million.
Most of the increase for Girard, who left the company on Aug. 31, was the result of $2.4 million in other compensation.
© 2021 The Canadian Press