SPEA: Candu Energy's Future Looks Brighter as Shackles Lifted from Parent Company SNC-Lavalin

Employees should benefit from strong earnings results not just executives

MISSISSAUGA, Ontario, April 21, 2021 (GLOBE NEWSWIRE) -- The Society of Professional Engineers and Associates (SPEA) welcomed news that the World Bank was lifting sanctions on SNC-Lavalin over corruption charges levelled nearly a decade ago. "This should allow SNC-Lavalin to compete internationally for new clients and contracts including for its subsidiary Candu Energy," said Mark Chudak, President of SPEA. We hope that Candu Energy's management will use this as an opportunity to reignite Canada's flagship nuclear technology company."

In the company’s most recent proxy statement, they reported a 12.6% increase in spending on executive compensation. "These bonuses were as a result of the hard work from employees, and we look forward to management recognizing that contribution in upcoming negotiations," said Chudak. SPEA's contract with Candu Energy expires later this year.

As the world continues to fight climate change, experts are increasingly recognizing the importance of nuclear in limiting greenhouse gases. The move away from carbon-based production to cleaner electricity production is causing an increase in electricity consumption that cannot be met by green energy like solar or wind alone. Nuclear is becoming more accepted as a safe, reliable source of energy. The Government of Canada and several provinces have signaled their commitment to nuclear with a number of funding announcements.

"If there was ever a time for Canada to promote CANDU technology, which Canadian taxpayers have invested billions, now is the time," Chudak pointed out. "SPEA members hold the knowledge and ability to make Canada a world leader in nuclear power again. We hope that SNC-Lavalin recognizes this and makes the strategic investment in its workforce to make this a reality. As the earning reports demonstrates, Candu Energy is a profitable division that has shown results and promise."

The Society of Professional Engineers and Associates is an independent union representing engineers, scientists, technical and administrative staff, who work for Candu Energy Inc- Nuclear division of SNC-Lavalin (formerly Atomic Energy of Canada Limited (AECL) Candu division) in Mississauga, Ontario and abroad (excluding AECL Chalk River Laboratories). Formed in 1974, SPEA is one of the oldest professional unions in Canada.


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