Chemtrade Logistics Income 6 50 Convertible Unsecured Subordinated Debentures T.CHE.DB.F

RE:Executive Compensation?

[GregC24]

Kherson wrote: As most of you know, I have had issues over the years with Chemtrade's Executive Compensation plans. In fact I was very vocal on this SH board back in the spring of 2021 pointing out the execessive compensation that upper management was receiving for the services that they were providing to the trust and it's unitholders. In fact, Unitholders "did not approve by majority the Fund's approach to Executive Compensation as disclosed in the circular" back in May 2021.
So in the summer and fall of 2021, the Compensation and Corporate Goverance Committee "enhanced" the executive compensation program to align with the interests Unitholders, so the 2022 Management Information Circular says.
Looking at the Individual Performance Metric which made up 35% of the Annual Incentive Award for the five top executives at Chemtrade for the fiscal year of 2021, we see that under the heading of "2021 individual goals and results", all five noted the following "Contractor safety achieved the best results over the last three years". The FAT numbers that they were using at that time would have been;
2019 - 5.97
2020 - 1.5
2021 - 1.45
The problem with this metric as we now know is that those numbers that were used to justify part of the 2021 Annual Incentive Awards have turned out to be bogus. In fact, according the most up to date information released by Chemtrade and posted by me earlier this week, the real numbers were;
2019 - 5.97
2020 - 10.5
2021 - 9.19
Therefore the question that now needs to be asked to the Compensation and Corporate Goverance Committee is, has part of the 2021 Annual Incentive Awards been clawed back, as per Chemtrade's Clawback Policy?
Kherson

As a shareholder you should ask that question.