Unionized employees at Air Canada are about to become shareholders with a 15 per cent stake in the airline, for agreeing to a year-and-a-half pension moratorium.

The Montreal-based airline plans to issue more than 17.6 million class B shares next week to a new trust, on behalf of its Canadian-based unions.

The issued shares are part of an agreement struck in June, in which workers accepted a 21-month moratorium on past service contributions to their pension plans, and $550 million in payments due between 2011 and 2013.

Air Canada said the class B shares won't "materially affect control" of the airline.

As part of the deal, the airline's unions will have the right to designate one member of Air Canada's board of directors ,as long as the trust holds at least two per cent of the outstanding class A and B shares.

That appointee cannot be a member or officer of any of the unions.

Air Canada's class B shares were unchanged at $1.44 in trading Monday on the Toronto Stock Exchange.

With files from the Canadian Press