Transat urges shareholders to support Board nominees amid proxy fight

Transat A.T. has mailed a letter to shareholders outlining the Board's recommendation to vote the Blue proxy in support of Transat's eight nominees and the company's ongoing turnaround plan that it says “is delivering measurable results.”

The letter, mailed to shareholders and available at votetransat.com, highlights Transat's turnaround momentum, strengthened balance sheet, improved financial results and disciplined execution of its clear strategy as Transat enters the next phase of its strategic. plan

"We thank the many shareholders who have already voted," said Susan Kudzman, Chair of the Board, in a press release Wednesday (Feb. 25). "This is a pivotal moment for Transat. The Board remains focused on executing a clear plan that is delivering measurable results and positioning Transat for sustainable long-term value creation for the benefit of all shareholders."

Transat's path forward

In its letter, Transat emphasizes several key development.

Transat says it continues to execute its defined turnaround strategy, including the Elevation Program, which is on track to deliver $100 million uplift in adjusted operating income by mid-2026 through revenue optimization, cost discipline and operational efficiencies.

READ MORE: Transat pushes back on Péladeau’s “misleading” claims as proxy fight intensifies

Following the July 2025 federal debt restructuring, Transat cut its government debt in half and lowered annual interest expense by approximately 90 per cent, which the company says has improved financial flexibility and protected shareholder value.

Over the past 12 months, Transat's share performance has “outpaced key benchmarks,” reflecting improved operating performance and turnaround progress, the company said.

Finally, Transat's eight nominees (four new and four returning directors) “bring extensive airline and transportation expertise, independence and strong, experienced oversight, also reflecting constructive engagement with major long-term shareholders.

Transat's slate includes a candidate put forward by each of La Caisse de dépôt et placement du Québec and the Fonds de solidarité des travailleurs et travailleuses du Québec (FTQ).

Clarifications & corrections

The letter also encourages shareholders to review information regarding recent public claims made by Québecor CEO Pierre Karl Péladeau and his investment company, Financière Outremont.

In recent months, Péladeau — who owns approximately 9.5 per cent of Transat’s shares through Financière Outremont — has stepped up a public campaign for change at the Montreal-based leisure airline.

As PAX previously reported, Transat has characterized some of the claims as “misleading, inaccurate, and incomplete” – in particular, statements that have been made about Transat's share prices, financial performance, federal debt, governance and labour relations.

Click here for a detailed breakdown of the claims and clarifications.

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