Post by
Kherson on Jun 17, 2023 8:31pm
Executive Compensation?
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
Comment by
GregC24 on Jun 18, 2023 2:08pm
As a shareholder you should ask that question.
Comment by
Kherson on Jun 18, 2023 2:53pm
Actually Greg, there are no shareholders of Chemtrade as the equity that Chemtrade has issued is in the form of Trust Units. Equity holders in this case are called Unitholders. Good try Greg! Kherson
Comment by
GregC24 on Jun 18, 2023 10:26pm
As a unit holder you should take your concerns to the company.
Comment by
Red_Deer on Jun 20, 2023 7:59pm
Kherson has NEVER held ANY Shares/Units of ChemTrade