All participants, we are ready to begin. Good morning, ladies
and My
name is Aria Malul Wexler, Executive Vice President, Chief Human Resources and Communications Officer. I will serve as the moderator today. I would like to turn the meeting over to Mr. Von Sorensen.
Bonjour and welcome to the twenty twenty Annual Meeting of Shareholders of Air Canada. My name is Ron Sorensen, and I'm pleased to preside over this meeting as Chairman of the Board of Directors. I now call the meeting to order. This year, due to the COVID-nineteen pandemic and aligned with our priority to protect the health and safety of our shareholders and employees, we're holding the meeting via live webcast only. Today, we welcome all our shareholders, employees and directors joining us from around the world.
While circumstances are exceptional, we've made every effort to afford shareholders the same rights they would have at a physical meeting. We'll shortly go over the procedures of the meeting and how shareholders can vote and ask questions during the meeting. The business of the meeting will be conducted in English and in French. Anyone addressing the meeting may use either language. The proceedings of this meeting are being translated simultaneously, and you may select English or French at the top right of your screen.
I will now introduce members of Air Canada exit executive team attending the meeting today. First, Kalin Robinescu, our President and Chief Executive Officer Michael Russo, our Deputy Chief Executive Officer and Chief Financial Officer Lucie Grimet, our Executive Vice President and Chief Commercial Officer and David Shapiro, our Executive Vice President and Chief Legal Officer. Carolyn Hatterbig, our Vice President and Corporate Secretary, will act as the secretary of this meeting. Before I begin, I would ask Caroline to take us through the procedures of the meeting.
Thank you, mister chairman. Voting at today's meeting will be through the online platform only. Starting now, you can register your vote on all items of business identified in the management proxy circular. The polls will close shortly after the last item submitted to a vote has been considered. As described in the proxy circular, only registered shareholders and duly appointed proxy holders who received a control number from our transfer agent, AST Trust Company Canada, may vote and submit questions during the meeting.
Please note that you do not need to vote at the meeting if you have already voted by proxy and do not wish to change your vote. To vote, click on the vote icon at the top of your screen. Shareholders who wish to address the chairman with respect to a formal item of business may submit a question or comment at the relevant time. If your question or comment is not related to an item considered at the meeting, there will be a question and answer session at the end of the meeting, and you may submit your question or comment at any time. To ask a question, click on the question icon at the top of your screen and submit your question.
For the good conduct of the meeting, only questions of general interest to all shareholders will be answered. Questions or comments containing inappropriate language that are disruptive to the orderly conduct of the meeting will not be answered as well as questions that are repetitive. If your question is related to an individual matter, an Air Canada representative will contact you after the meeting. Mr. Chairman, I now turn the meeting over to you.
Thank you, Karen. At today's meeting, our President and CEO, Kegan Ravinescu, will present management's report for 2019 and discuss our corporate priorities. These are unprecedented tumultuous times for our industry given the early and abrupt onset of the COVID-nineteen pandemic and cessation of virtually all commercialization globally. We recognize the impact that these extremely difficult times have had on our customers, employees, shareholders, and other stakeholders, and we're committed to doing our part to help the global community recover from this public health crisis. Although the pandemic's full impact on the airline industry cannot be determined at this point, It has already severely damaged our industry and many other businesses of the broader economy.
At Canada, Lowe is better prepared to withstand this crisis than most carriers in the world. We started 2020 with a strong liquidity position and have sizable pool of assets that are being used to raise additional liquidity. Furthermore, during our ten year transformation under the leadership of our president and CEO, we're now a much more efficient and entrepreneurial company led by an experienced senior management team who, the onset of the pandemic, moved quickly with schedule and workplace reductions as well as significant cost reduction and capital development programs. While we're living in a new era with the impact of COVID nineteen, we do need to celebrate the success of 02/2019. It was an excellent year for Air Canada.
We reported strong financial result and the corporation's overall risk profile was further lowered, including through the diversification of our network, lower financial leverage and a strong pension plan surplus. We also made significant progress in the ongoing evolution of both our customer service and corporate culture. In addition, Air Canada continued to be recognized as a leader in governance ranking in the top 10% of companies in The S And PTSX Composite Index. On behalf of the board of directors, I want to thank Kevin and his outstanding team and assure him our full support. While 2020 will be one of the most challenging years in our history, Air Canada is well positioned to manage through this global crisis and ultimately emerge stronger company.
We have a lot of ground to cover today. I'll first proceed with the formal items of business identified in the proxy circular, then our President and CEO will present management's report. After that, we will announce the preliminary results of the scrutineer tabulations of today's vote. Finally, we'll conclude the meeting with a question and answer session. I would like to point out that the discussion during today's meeting may contain forward looking information about Air Canada's outlook, objectives and our strategies to achieve them.
These statements are based on assumptions and are subject to important risks and uncertainties. The corporation's actual results could differ materially from any expectations discussed. The details of our caution regarding forward looking information can be found in Air Canada's public disclosure file available on SEDAR, including in our first quarter report to shareholders. The secretary of this meeting has provided me proof of mailing of the notice of the meeting and the 2019 annual report. I direct that a copy of the notice together with the proof of mailing be kept with the minutes of this meeting.
Francine Boucagoure and Isabelle Vajon of AST Trust Company Canada, our register and transfer agent, have been appointed to act as scrutineers for this meeting. The corporation's bylaws provide that for a valid meeting, a quorum should be not less than 25% of the outstanding shares of the corporation entitled to be voted at the meeting. The scrutineers have advised me that we have a quorum today. Notice of this meeting having been duly given and a quorum of shareholders being present online or by proxy, I declare that the meeting is probably convened and constituted for the transaction of business. I would now like to proceed with the business of the meeting in the order of the items set out in the proxy circular.
Before doing so, I would ask Carolyn to explain the loading procedures at this meeting to ensure that we comply with the regulatory requirements applicable to Air Canada.
Certain regulatory requirements that apply to Air Canada require that we be controlled, in fact, by Canadians, and our incorporating documents require that at least 51% of our voting interests be owned and controlled by Canadians. Under Air Canada's articles, three tests must be met. First, no more than 49 of the votes that attach to the corporation shares can be owned or controlled by persons that are not Canadians. Second, no more than 25% of the total votes can be owned or controlled by a single non Canadian, and no more than 25% of the total votes can be owned or controlled by non Canadian carriers in the aggregate. And third, we must at all times be able to demonstrate to the Canadian Transportation Agency that Air Canada is controlled, in fact, by Canadians.
The corporation's voting structure, which has been improved by the CTA, addresses these requirements. That is why we have class a variable voting shares and class b voting shares. At today's meeting, we must determine how many votes are cast on each motion, how many of those votes are cast by Canadians, and how many of those votes are cast by non Canadians? If the votes cast by non Canadians would otherwise account for more than 49% of the total votes cast, their votes would be prorated to equal 49% of the total votes cast. Similarly, the votes cast by a single non Canadian or by non Canadian carriers would be prorated to not exceed 25% of the total votes cast.
I now invite the Chairman to proceed with the business of the meeting.
Thank you, Carolyn. Based on the preliminary tabulation of proxies received and of the registered shareholders and proxy holders who will be voting online at today's meeting, the scrutineers have advised that we have approximately 55,400,000 Class A variable voting shares and 55,300,000 Class B voting shares represented at the meeting. The holders of Class A, variable voting shares and Class B voting shares will vote together at this meeting, and no separate meeting is being held for any such class of shares. I hereby table the minutes of the annual and special meeting of shareholders held on 05/06/2019, which will be kept at with the records of the meeting. So let's move to the first item of business, Air Canada's 2019 annual financial statements.
The audited consolidated financial statements of Air Canada for the year ended December 3139, including the audited report, have been sent to shareholders in accordance with applicable requirements. A copy of the financial statements will be filed with the records of the meeting. Attending today is Michael Trudeau, a representative of our auditors PricewaterhouseCoopers LLP. Mister Trudeau will take any questions you may have for the auditors. Ariel, are there any questions relating to this item of business?
Mr. Chairman, there are no questions relating to this item.
Thank you, Ariel. I would like to remind shareholders that the polls are open. You may vote at any time by clicking the vote icon at the top of the screen. The next item of business is the election of directors. The term of office of the directors elected will be from today until the next annual meeting of shareholders.
Our proxy circular sets out the names of 12 nominees for election as directors. The nominees are, in addition to myself, Amy Shant, Chris Clark, Gary Doer, Rob Fife, Michael Green, Sharma Giot, Madeline Pacha, Caitlin Robinescu, Kathleen Taylor, and Michael Wilson. Could I please ask Lucy Grimet to move the motion?
I move that the 12 persons named be elected to Air Canada administrators until the next shareholder meeting.
Thank you, Lucy. Pursuant to the resolution adopted on 05/04/2020, the board of directors has determined that the number of their directors be set at 12, effective upon the election of directors at this meeting today and 12 eligible candidates have been nominated. Each of the persons nominated has confirmed that he or she is prepared to serve as a director. Each of the persons qualifies as a director under the provisions of the Canada Business Act, Corporations Act and the bylaws of the corporation. Ariel, are there any questions or comments relating to this item of business?
Mr. Chairman, there are no questions or comments relating to this item.
Thank you, Ariel. The next item of business is the appointment of the auditors. The proxy circular contains the recommendation of our board of directors that shareholders reappoint PricewaterhouseCoopers LLP as the corporation's auditors. As previously indicated, a representative of this firm is attending today's meeting. Caroline, could you please move the motion?
Mister chairman, I move that PricewaterhouseCoopers LLP be appointed auditors of the corporation until the next annual meeting of shareholders.
Thank you, Caroline. I second the motion. Ariel, are there any questions or comments relating to this item of business?
Mr. Chairman, there are no questions or comments relating to this item.
Thank you, Marielle. The next item of business pertains to the consideration in an advisory and nonbinding capacity of Air Canada's approach to executive compensation. The report of the Human Resources and Compensation Committee and the compensation discussion and analysis section in the proxy circular disclose in detail such approach. The results of the vote would not be binding on the Board of Directors. However, the Board will take into account the results of the vote together with all the comments from shareholders and all the pertinent information when considering Air Canada's approach to executive compensation in the future.
Lucy, could you please move the motion? I
propose the approval of the consultative resolution non abiding concerning Air Canada for the compensation of high level and for through the circular.
I second the motion. Ariel, are there any questions or comments relating to this item of business?
Mr. Chairman, there are no questions or comments relating to this item.
Thank you, Ariel. The last item of business pertains to the adoption of an ordinary resolution ratifying a Canada shareholder rights plan adopted by the board of directors on 05/04/2020 in order to renew the existing shareholder rights plan, which was originally adopted by the Board on March 3031 and subsequently amended in June 2012, March 2014 and March 2017. Existing plan is set to expire at the close of business tomorrow. On 05/04/2020, the Board approved the shareholder rights plan, renewing the existing plan for a three year period. The proposed shareholder rights plan will come into force at the close of business tomorrow, provided that the rights plan ratification resolution is approved by majority of the votes cast by shareholders at this meeting.
The shareholder rights plan is designed to foster fair treatment of all shareholders by providing them with an equal opportunity to participate in a takeover bid. It's not being adopted in response to any proposal to acquire control of Air Canada nor is the board of directors currently aware of any pending or threatened takeover bid for the corporation. Caroline, could you please move the motion?
I move that the ordinary resolution ratifying Air Canada's shareholder rights plan reproduced at schedule b of the management proxy circular be approved.
Thank you, Karin. I second the motion. Ariel, are there any questions or comments relating to this item of business?
Mr. Chairman, there are no questions or comments relating to this item.
Thank you, Ariel. Please note that the polls will close in approximately two minutes, and the preliminary results will be announced before the question and answer session at the end of the meeting. I would now like to ask Air Canada's President and CEO to present the management's report to shareholders. Over to you, Kevin.
Thank you very much, Vaughn. Thank you, Mr. Chairman.
Ladies and gentlemen, good morning, and thank you to join us for this first annual meeting, which is taking in a virtual space. Only four months have gone since February, but it feels like an eternity. We had record results in 2019, and this was crowning an incredible decade of growth, of job creation, prosperity, and of the development of an entrepreneurial culture as well as good stock market results. Starting 2020, we had all the reasons to be very optimistic.
Financial results and record passengers carried. Our shares gained 87%. Transformative projects such as our new reservation system and our new industry leading loyalty program were advancing steadily. Skytrax had named us the best airline in North America for the third consecutive year and the eighth time in ten years. The Globe and Mail reported that Air Canada was the best performing stock on the TSX in all industrial categories over the ten years ended December 3139, with a total shareholder return exceeding 3600%.
We had also recently celebrated the arrival into our fleet of the first game changing Airbus A220, the former Bombardier C Series, which Air Canada helped save with our critical order at a time of uncertainty for the aircraft program. It has entered service to incredibly positive customer reviews. However, COVID nineteen has appended everything. Literally within weeks, even days, our business was decimated as a global pandemic was declared and travel restrictions and quarantines were imposed overnight without advanced warning, consultation, or coordination between countries or with airlines. Canada imposed amongst the most stringent restrictions, including travel bans prohibiting all foreign nationals from entering Canada via air under the Aeronautics Act, 14 travelers entering Canada, including Canadians.
Comprehensive restrictions around land, sea, and air travel across the Canada U. S. Border interprovincial restrictions on travel and or quarantines in Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland, Manitoba, and in the three territories for all persons, including Canadians traveling in their own country. And the government and its representatives formally and informally advising Canadians to avoid all travel even within Canada. These constraints, while needed in March, still remain in place, and their combined effect has been to devastate the airline business, reducing us as of the April to 3% to 5% of the passengers we carried last year.
Yet today, there's growing unease that as we have flattened the curve in Canada and in other countries, increasingly, these broad brush blanket prohibitions and restrictions are less effectively combating COVID and more inhibiting an economic recovery. This is especially the case with respect to aviation and more broadly the travel industry, which has been the hardest hit by the pandemic.
World air transporters such as Canada have very heavy fixed cost and also huge capital cost. It it's an important proportion also of unionized staff. It is impossible to reduce expenses from one day to the other the way the restriction of traveling have been imposed, which has led to a running out of our cash flow, which has never been seen before. In March, we have consumed about $688,000,000 which represent a net cash flow loss of $22,000,000 per day, which is much worse than September 11, SARS, or the global financial crisis. However, the corporation, which is quite an agile company, has been able to react than most of other carriers.
To avoid the propagation of the virus, we have been one of the first air carrier in the world to stop our services to China as soon as 01/29/2020, much earlier than any governmental restriction. And we have also encouraged the, regulating authorities to really take the initial Chinese risk very seriously even before a pandemic was declared.
Reduce costs, raise liquidity, and conserve cash to reduce the burn rate. Among the steps we took was to initiate a company wide cost reduction and capital reduction and deferral program, which is now around $1,100,000,000 up from an initial target of $500,000,000 We painfully unwound a decade of profitable growth and network expansion, reducing our capacity by between 85% to 95%. This
summer,
we are flying to less than half the destinations we served last year with much lower passenger numbers. We have and will continue to act decisively to shed parts of our network as necessary. And in enacting this reduction, we made the decision to streamline our fleet and remove our Embraer E190s, Boeing 767s and most of our Airbus 319s, 79 aircraft permanently removed from the Mainline and Rouge fleets. Thanks to years of prudent capital allocation, we entered the crisis with access to significant liquidity and lines of credit, more on a relative basis than almost any airline in the world. Nonetheless, since no one knows the duration or extent of the damage COVID-nineteen and government imposed travel restrictions will exact on us or on our industry, liquidity became and remains an even greater priority.
Since the crisis began in just over three months, we have successfully bolstered our cash position by more than an incredible amount of $5,500,000,000 through a series of debt and equity financings, masterfully executed by our finance and legal teams in record time. Unfortunately, the impact of COVID nineteen and of provincial and federal government imposed travel restrictions also forced us to reduce our workforce by about 20,000 employees or more than 50%. Many of those affected dutifully and very responsibly worked up to their last shift taking care of our customers. Nothing has been as difficult as this decision, especially after the 10,000 jobs we worked so hard to create over the last five years and the culture we had succeeded in establishing. It was and continues to be an agonizing outcome.
We have taken decisive measures and to to overcome one of the most up important obstacle to which we are confronted, that is to give back the trust to our clients that they can travel again in a safe way. During the pandemics, Air Canada was already, yes, spearheading, biosecurity. We were not waiting for the authorities, establish some standards. We acted very rapidly. We provided our crews the, PPE that were necessary, and they were at the hospital level quality, and we imposed also to cover their faces, for all clients on board even before that became a standard practice.
And more recently, we were the first carrier in the whole of Americas to require taking temperature of all passengers before boarding.
Was adopted as part of Air Canada CleanCare Plus, a comprehensive suite of biosafety measures covering all stages of the customer journey. Along with temperature screening, it includes other new protocols to reassure our customers, including promoting increased personal space where possible, the distribution of personal hygiene kits, and the use of electrostatic sprayers to better disinfect our aircraft cabins. To supplement CleanCare Plus, we have taken other actions too. These include developing more flexible booking policies and in airports, introducing touchless processes such as for obtaining bag tags. On board, we redesigned our service to limit personal interactions.
As well, all our mainline aircraft are equipped with high efficiency ventilation and air exchange systems with HEPA filters. Airplane air quality meets the level recommended by the Centers for Disease Control and Prevention for medical isolation rooms, exceeding air standards in offices or in other modes of transportation. This, in part, explains why studies find onboard transmission of disease, including COVID-nineteen, is exceedingly rare. In designing our abridged summer schedule, we were mindful of COVID-nineteen, yet hopeful that government imposed travel restrictions would start being lifted thoughtfully on a safe and targeted basis. We are taking a cautious approach to gradually introduce destinations as jurisdictions reopen to visitors.
This helps ensure it is safe for our customers to travel while also giving us greater scheduling certainty. As we work through the new normal, we are determined to nonetheless continue work on long term transformative initiatives begun prior to COVID-nineteen. During the first quarter, we substantially completed the switchover to our new reservation system, which will be foundational to our future success. As well, we continue to develop our new loyalty program launching this year, and it continues to attract much interest. And we have not abdicated our broader societal commitments.
When at the outset of the pandemic, governments began closing borders, hundreds of thousands of Canadians found themselves stranded abroad. We proudly carried more than 300,000 home on commercial flights and thousands more on special flights arranged with the government of Canada, often involving logistical challenges, including restricted airspace, military airports, and significant ground handling and busing complexity. Nor have we forgotten our environmental commitments, which continue in this the first year of CORSEA, the global aviation standard.
Also, I must, especially mention our Air Canada cargo team. After noticing an increase in demand in air freight, we took the audacious decision to temporarily convert four seven seven seven Boeing air airplanes and three Airbus planes so that they can carry the luggage in the passenger compartment. Thanks to this modified the planes. In addition, if you were the special carriage, Air Canada has carried out over six 1,600 flights since the March. We supplied special products for trade.
I have to say a few words on the path forward, given the seriousness of the government imposed constraints we are currently operating under. I owe it to you, our shareholders, as well as to our broader stakeholder groups, our employees, our pensioners, our customers, our lenders, our aircraft lessors, our suppliers, our partners. For nearly four months as a society in Canada, we heeded the calls of elected officials and did what was necessary to flatten the curve. We respected social distancing rules, quarantines, isolation, and other directives. Borders were closed, and Canadians were told to avoid all travel.
Like many other businesses, Air Canada was virtually shut down. We're now entering a new phase, one in which we must find a responsible way to coexist with COVID nineteen until there is a vaccine. That is why we have worked so diligently at establishing the new bio health and consistent biosafety guidelines that I just spoke of. Air Canada alone represents about $50,000,000,000 in economic output to Canada. Prior to COVID nineteen, we directly employed around 38,000 people plus 6,000 others at our regional airlines.
We support around 34,000 retirees and their families who also count on us for their pensions. We indirectly support 190,000 jobs in spin off industries such as hotels, restaurants, ground transport, tourism, airports, manufacturing, training, food and beverage, and countless other suppliers. This economic activity is critical to Canada, and millions of Canadian men and women and their families depend on our company and on this economic activity. Virtually all of the top 20 airlines in the world have received or are in the process of finalizing arrangements to receive tens of billions of dollars in support from their governments. In our case, we have thus far managed to raise adequate liquidity to go it alone despite having been virtually shut down.
But now we need to be permitted to prudently and cautiously do some business in the same way airlines in other countries are. The federal and provincial governments, as a matter of urgency, need to find a thoughtful way to achieve the vital public health objectives in a way that allows for the prudent reopening of aviation and lifting of restrictions to safely resume some level of travel. Throughout all provinces of Canada, as well as from select countries with infection rates under control. Other G20 countries have managed to introduce safe corridors or air bridges in a gradual and coordinated manner and use science based approaches. We need to as well.
Two weeks ago, over a 120 leaders in the Canadian travel, hospitality and tourism sector, a sector that employs 1,800,000 people and contributes $102,000,000,000 to our economy, publicly called on governments to reopen travel as we head into the summer, to cautiously begin relaxing travel restrictions and quarantine rules in Canada, including interprovincial ones, suggesting that the mandatory fourteen day quarantine and complete closure of our country is now disproportionate and out of step with other countries and is overly restrictive given the measures aviation is taking to control the spread of the virus, that continuing with these broad and indiscriminate restrictions would needlessly destroy many of their businesses without markedly improving vital public health objectives. Last week, leaders of 27 companies and various other businesses, including banking, manufacturing, asset management, telecommunications, energy, real estate, retail, music, sports and entertainment and transportation, including Air Canada, who collectively in 2019 employed more than 1,000,000 Canadians, wrote an open letter to the prime minister and all provincial premiers to also encourage the reopening of our country to air travel in a smart and measured way. They highlighted that air travel is not only important for tourism and so called discretionary purposes, but that it is also critical for the entire Canadian economy.
It is a key economic driver and enabler of Canada's international competitiveness. It enhances the performance of local businesses, including many smaller ones that rely on a functioning supply chain. It influences investment decisions and supports the development of our industrial, knowledge based and creative industries. In imposing comprehensive blanket quarantine and other travel restrictions, our government effectively deployed its emergency powers. And at the time, broad brush immediate blanket prohibitions may well have been necessary having been introduced at the peak of the crisis.
Now, more than one hundred days later, aviation in our country is still largely closed, and an enormous number of people in Canada, including our multitude of employees, shareholders, and other stakeholders, are severely impacted. Our government needs to act reasonably in discharging its broad powers. They do need to consider alternatives that achieve the public health objectives in a way that minimizes damage to the economic and social well-being of Canadians and apply objective, evidence based measures that carefully balance the many competing interests and other rights at play, especially as the curve has flattened. According to the COVID nineteen Canada Open Data Working Group, Canada's COVID nineteen reproduction number has been below one and dropping consistently since the May. The average reproduction number nationwide is currently at 0.65.
Major European countries, including Germany, France and Italy, are all in the process of easing their respective restrictions to permit travel from a variety of countries this summer. Denmark, likewise, is adopting purely objective scientific criteria, displaying leadership in finding an alternative path. The European Commission has proposed a detailed checklist based approach to identifying countries where measures taken to limit the COVID nineteen spread are such that it'd be appropriate to lift restrictions, including an assessment of replication rates, consistency of bio health measures, and reciprocity. This approach demonstrates that evidence based measures are indeed viable alternatives to blanket prohibitions and quarantines without compromising safety. Aviation and the travel, hospitality, and tourism industries depend on finding viable alternatives.
Many jobs in our country depend on it. Indeed, as the 27 business leaders said last week, the entire Canadian economy depends on it. To close, we are doing everything, absolutely everything, in our power to ensure that your airline, that we have built with hard work, collaboration and energy over the last decade into one of the world's leaders will continue to not only survive but to thrive as we work through the impact of COVID nineteen and the government imposed travel restrictions. I thank our wonderful employees, our retirees, our board of directors, our highly supportive investors and lenders, and, of course, our loyal customers for sticking with us as we navigate through these difficult times. Thank you.
Thank you. Take a few questions.
Thank you very much, Kellen. I would now ask Caroline to provide the preliminary results of the scrutineer tabulations of today's votes.
Thank you, mister chairman. The scrutineers have confirmed the following. All director nominees identified in the proxy circular have been elected with the requisite majority of votes, and the auditors, PricewaterhouseCoopers LLP, have been reappointed. In addition, the advisory resolution on Air Canada's approach to executive compensation has been approved by a majority of votes, and the resolution ratifying the renewal of the shareholder rights plan has also been approved. The scrutineer's final report will be available shortly after the meeting, and the voting results will be reported on SEDAR.
Thank you, Caroline. I adopt this report and ask that it be filed with the records of the meeting. We have come to the point where some of you may wish to ask questions. Caroline or I should be happy to take your questions and may ask other members of Air Canada's executive team to respond to some of them as appropriate. Carolyn, can you please remind us of the procedure to ask questions?
To ask a question, click on the question icon at the top of your screen and submit your question. For the good conduct of the meeting, only questions of general interest to all shareholders will be answered. Questions
which
were already answered or that are repetitive will not be answered. If your question is related to an individual matter, an Air Canada representative will contact you after the meeting. We will limit each shareholder to one question and ask that it be succinct. Thank you.
We will now give the shareholders a brief moment to type in their questions or comments, please. I would ask Ariel to please read the questions and comments that were submitted.
Thank you, Mr. Chairman. There are no questions.
Thank you, Ariel. We are concluding the question and answer session of this meeting. We have now completed the business of the meeting, and I'm therefore declaring this meeting concluded. I would like to thank you all for attending today. Thank you very