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Share capital | 12 Months Ended
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Dec. 31, 2022
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] |
Share capital |
Note 30 | Share capital
Preferred shares BCE’s articles of amalgamation, as amended, provide for an unlimited number of First Preferred Shares and Second Preferred Shares, all without par value. The terms set out in the articles authorize BCE’s directors to issue the shares in one or more series and to set the number of shares and the conditions for each series. The following table provides a summary of the principal terms of BCE’s First Preferred Shares as at December 31, 2022. There were no Second Preferred Shares issued and outstanding at December 31, 2022. BCE’s articles of amalgamation, as amended, describe the terms and conditions of these shares in detail.
| ANNUAL DIVIDEND RATE |  |  |  |  |  |  | STATED CAPITAL
SERIES | CONVERTIBLE INTO | CONVERSION DATE | REDEMPTION DATE | REDEMPTION PRICE | NUMBER OF SHARES ISSUED AND OUTSTANDING | DECEMBER 31, 2022 | DECEMBER 31, 2021
Q | floating | Series R | December 1, 2030 |  | $25.50 | — |  | — |  | — |
R(1) | 3.018 | % | Series Q | December 1, 2025 | December 1, 2025 | $25.00 | 7,992,000 |  | 200 |  | 200 |
S | floating | Series T | November 1, 2026 | At any time | $25.50 | 2,125,067 |  | 53 |  | 53 |
T(1) | 4.99 | % | Series S | November 1, 2026 | November 1, 2026 | $25.00 | 5,820,633 |  | 146 |  | 147 |
Y | floating | Series Z | December 1, 2027 | At any time | $25.50 | 7,009,252 |  | 175 |  | 202 |
Z(1) | 5.346 | % | Series Y | December 1, 2027 | December 1, 2027 | $25.00 | 2,973,348 |  | 74 |  | 48 |
AA(1) | 4.94 | % | Series AB | September 1, 2027 | September 1, 2027 | $25.00 | 12,254,761 |  | 312 |  | 291 |
AB | floating | Series AA | September 1, 2027 | At any time | $25.50 | 7,664,939 |  | 195 |  | 219 |
AC(1) | 4.38 | % | Series AD | March 1, 2023 | March 1, 2023 | $25.00 | 10,007,791 |  | 255 |  | 256 |
AD | floating | Series AC | March 1, 2023 | At any time | $25.50 | 9,951,109 |  | 254 |  | 254 |
AE | floating | Series AF | February 1, 2025 | At any time | $25.50 | 6,460,913 |  | 162 |  | 163 |
AF(1) | 3.865 | % | Series AE | February 1, 2025 | February 1, 2025 | $25.00 | 9,472,387 |  | 237 |  | 237 |
AG(1) | 3.37 | % | Series AH | May 1, 2026 | May 1, 2026 | $25.00 | 8,921,530 |  | 223 |  | 224 |
AH | floating | Series AG | May 1, 2026 | At any time | $25.50 | 4,987,870 |  | 125 |  | 125 |
AI(1) | 3.39 | % | Series AJ | August 1, 2026 | August 1, 2026 | $25.00 | 9,477,640 |  | 237 |  | 238 |
AJ | floating | Series AI | August 1, 2026 | At any time | $25.50 | 4,454,760 |  | 111 |  | 112 |
AK(1) | 3.306 | % | Series AL | December 31, 2026 | December 31, 2026 | $25.00 | 23,119,512 |  | 578 |  | 580 |
AL(2) | floating | Series AK | December 31, 2026 | At any time |  | 1,797,188 |  | 45 |  | 45 |
AM(1) | 2.939 | % | Series AN | March 31, 2026 | March 31, 2026 | $25.00 | 10,422,778 |  | 239 |  | 239 |
AN(2) | floating | Series AM | March 31, 2026 | At any time |  | 1,052,822 |  | 24 |  | 24 |
AO(3) | fixed | Series AP |  |  |  | — |  | — |  | 118 |
AP(3) | floating | Series AO |  |  |  | — |  | — |  | — |
AQ(1) | 4.812 | % | Series AR | September 30, 2023 | September 30, 2023 | $25.00 | 9,108,800 |  | 225 |  | 228 |
AR(4) | floating | Series AQ | September 30, 2028 |  |  | — |  | — |  | — |
|  |  |  |  |  |  | 3,870 |  | 4,003 |
(1)BCE may redeem each of these series of First Preferred Shares on the applicable redemption date and every five years thereafter. (2)BCE may redeem Series AL and AN First Preferred Shares at $25.00 per share on December 31, 2026 and March 31, 2026, respectively, and every five years thereafter (each, a Series conversion date). Alternatively, BCE may redeem Series AL or AN First Preferred Shares at $25.50 per share on any date which is not a Series conversion date for the applicable series of First Preferred Shares. (3)On March 31, 2022, BCE redeemed its 4,600,000 issued and outstanding Series AO First Preferred Shares with a stated capital of $118 million for a total cost of $115 million. The remaining $3 million was recorded to contributed surplus. (4)If Series AR First Preferred Shares are issued on September 30, 2023, BCE may redeem such shares at $25.00 per share on September 30, 2028, and every five years thereafter (each, a Series conversion date). Alternatively, BCE may redeem Series AR First Preferred Shares at $25.50 per share on any date which is not a Series conversion date for such series of First Preferred Shares. NORMAL COURSE ISSUER BID FOR BCE FIRST PREFERRED SHARES On November 3, 2022, BCE announced the renewal of its NCIB to purchase for cancellation up to 10% of the public float of each series of BCE’s outstanding First Preferred Shares that are listed on the Toronto Stock Exchange. The NCIB will extend up to November 8, 2023, or an earlier date should BCE complete its purchases under the NCIB. In 2022, BCE repurchased and canceled 584,300 First Preferred Shares with a stated capital of $15 million for a total cost of $10 million. The remaining $5 million was recorded to contributed surplus. Subsequent to year end, BCE repurchased and canceled 1,090,400 First Preferred Shares with a stated capital of $27 million for a total cost of $20 million. The remaining $7 million was recorded to contributed surplus. VOTING RIGHTS All of the issued and outstanding First Preferred Shares at December 31, 2022 are non-voting, except under special circumstances when the holders are entitled to one vote per share. PRIORITY AND ENTITLEMENT TO DIVIDENDS The First Preferred Shares of all series rank at parity with each other and in priority to all other shares of BCE with respect to payment of dividends and with respect to distribution of assets in the event of liquidation, dissolution or winding up of BCE. Holders of Series R, T, Z, AA, AC, AF, AG, AI, AK, AM and AQ First Preferred Shares are entitled to fixed cumulative quarterly dividends. The dividend rate on these shares is reset every five years, as set out in BCE’s articles of amalgamation, as amended. Holders of Series S, Y, AB, AD, AE, AH and AJ First Preferred Shares are entitled to floating adjustable cumulative monthly dividends. The floating dividend rate on these shares is calculated every month, as set out in BCE’s articles of amalgamation, as amended. Holders of Series AL and AN First Preferred Shares are entitled to floating cumulative quarterly dividends. The floating dividend rate on these shares is calculated every quarter, as set out in BCE’s articles of amalgamation, as amended. Dividends on all series of First Preferred Shares are paid as and when declared by the board of directors of BCE. CONVERSION FEATURES All of the issued and outstanding First Preferred Shares at December 31, 2022 are convertible at the holder’s option into another associated series of First Preferred Shares on a one-for-one basis according to the terms set out in BCE’s articles of amalgamation, as amended. CONVERSION AND DIVIDEND RATE RESET OF FIRST PREFERRED SHARES Subsequent to year end, on March 1, 2023, 3,635,351 of BCE’s fixed rate Cumulative Redeemable First Preferred Shares, Series AC (Series AC Preferred Shares) were converted, on a one-for-one basis, into floating-rate Cumulative Redeemable First Preferred Shares, Series AD (Series AD Preferred Shares). In addition, on March 1, 2023, 351,634 of BCE’s Series AD Preferred Shares were converted, on a one-for-one basis, into Series AC Preferred Shares. The annual fixed dividend rate on BCE’s Series AC Preferred Shares was reset for the next five years, effective March 1, 2023, at 5.08%. The Series AD Preferred Shares will continue to pay a monthly cash dividend.
Common shares and Class B shares
BCE’s articles of amalgamation provide for an unlimited number of voting common shares and non-voting Class B shares, all without par value. The common shares and the Class B shares rank equally in the payment of dividends and in the distribution of assets if BCE is liquidated, dissolved or wound up, after payments due to the holders of preferred shares. No Class B shares were outstanding at December 31, 2022 and 2021. The following table provides details about the outstanding common shares of BCE.
|  | 2022 | 2021
| NOTE | NUMBER OF SHARES | STATED CAPITAL | NUMBER OF SHARES | STATED CAPITAL
Outstanding, January 1 |  | 909,018,871 |  | 20,662 |  | 904,415,010 |  | 20,390 |
Shares issued under deferred share plan |  | 11,003 |  | 1 |  | — |  | — |
Shares issued under employee stock option plan | 31 | 2,952,992 |  | 177 |  | 4,603,861 |  | 272 |
Outstanding, December 31 |  | 911,982,866 |  | 20,840 |  | 909,018,871 |  | 20,662 |
CONTRIBUTED SURPLUS Contributed surplus in 2022 and 2021 includes premiums in excess of par value upon the issuance of BCE common shares and share-based compensation expense net of settlements.

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