Paul Martin's Canada Steamship Lines

CBC's Disclosure has an extensive bit of background on Paul Martin's company, Canada Steamship Lines (CSL).

On CSL's use of "flags of convenience":

For example, the CSL “Innovator” had a labour agreement, a Bahamanian flag and an Indian crew. But when CSL pooled some of its ships with a German company, it sold them the Innovator as part of the deal.

The Germans gave it a new name, a Liberian flag, and a Filipino crew. CSL then leased the ship right back – and its labour agreement no longer applied.
...
"It’s no different that dealing with sweatshops, he uses sweatships – same thing. He applies the same kind of rules –he may not apply them but he knows what they are– that is why he goes offshore with his vessels."

"The re-flagging and the change of crews are all, were all required in order to remain competitive in the international market. All our competitors all employ foreign crews to – and we must be competitive."

I wonder if the executives took a pay cut in order to "remain competitive"?