Fair Agreements for Canadian Pilots

WestJet- ONEX IPO Q & A

Q1. “WestJet can’t afford the contract improvements pilots want.”
A: Onex has already recovered its entire investment in WestJet through the sale of a 25% stake to Delta, Korean Air, and Air France‑KLM. The firm now owns 75% of the airline with no downside risk. Onex executives have also described a WestJet IPO as a “natural next step.”² An airline preparing for a public offering is not a distressed airline. If WestJet can pitch itself as IPO‑ready, it can afford market‑standard pilot compensation.

Q2. “Executive compensation has nothing to do with bargaining.”
A: Onex’s public companies show a clear pattern: executive pay is tied to valuation through stock options, performance units, and IPO‑triggered vesting. When compensation is tied to valuation, labour costs become a lever. Pilots deserve transparency about the incentives shaping decisions at the top.

Q3. “The restructuring was necessary for survival.”
A: Restructuring also happens to be the exact playbook private‑equity owners use when preparing a company for an IPO: consolidate operations, simplify the fleet, reduce overhead, and tighten margins. These moves improve investor optics and valuation metrics — and often align with executive incentive plans.
None of this requires assuming management initiated every step; it simply reflects how private‑equity‑owned companies are shaped before a public listing.

Q4. “Pilots are asking for too much.”
A: Pilots are asking for what the market already pays. Competitors have raised wages to attract and retain crews. WestJet is trying to hold the line while simultaneously preparing for a public offering. If the airline wants to compete for talent, it must compete on compensation.

Q5. “We’re all in this together.”
A: If that were true, executive compensation would be transparent. WestJet’s private status shields incentive structures from view. Onex’s other companies disclose their compensation because they are public; WestJet does not. Solidarity requires honesty.

Q6. “Labour costs threaten WestJet’s future.”
A: Labour instability is a far greater threat. Understaffing, fatigue, cancellations, and operational meltdowns damage revenue and reputation. Investors don’t buy IPOs built on chaos. They buy stability — and stability requires pilots who are paid fairly.

Q7. “This isn’t the time for aggressive bargaining.”
A: Onex is preparing for an IPO. There will never be a more important time. If pilots don’t secure fair compensation now, they risk being locked into sub‑market wages while shareholders and executives benefit from the upside.

Q8. “Pilots don’t understand the financial pressures.”
A: Pilots understand the operation better than anyone. They see the staffing shortages, schedule strain, and fatigue pressures firsthand. They also understand that an airline preparing for a public listing is not a fragile airline — it is an airline being polished for investors.