Under the current board, Transat delivered "a consistent track-record of operational and financial underperformance, resulting in shareholder-value destruction," said a letter to the board. Photo by John Mahoney/MONTREAL GAZETTE/Postmedia files

Transat A.T. Inc. shareholders are being urged to hold a special meeting “to prevent further destruction of shareholder value ” of the Montreal-based airline by reducing the number of directors on the company’s board.

Pierre Karl Péladeau’s investment company, Financière Outremont Inc., has called for the board to be reduced to six directors from 11, with half of them newly elected.

The proposed board members are Péladeau, André Brosseau (chief executive of Du Musée Investments Inc.), and Jean-Marc Léger, co-founder of market research f

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