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Family won't give up control

Bombardier's founding family has no intention of changing the voting structure that allows it to maintain control of the aerospace giant.

Pierre Beaudoin, the executive chairman of the board, commented on the matter today when questioned at the company's annual meeting.

Beaudoin is a member of the Beaudoin-Bombardier family that effectively controls the company through its multiple voting shares — an issue that is an apparent sticking point with the federal government over possible financial assistance for Bombardier (TSX:BBD.B).

Questioned by a shareholder rights organization, Beaudoin said family control allows for long-term investment and prevents the dismantling of the company.

During that same response, Beaudoin added the company does not intend to change anything about the voting structure, a remark that drew applause from the assembled shareholders.

The shareholder rights group was also critical of remuneration of senior management at the company, noting that Beaudoin and CEO Alain Bellemare shared more than US$10 million in its last fiscal year.



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