MAG's Compensation Pig TroughGuys, guys, guys (NEOs) you need to catch up with the corporate times. Do you guys read a newspaper or watch TV? How is it that you believe that it is okay to create compensation packages based on the past policies involving out of control greed and arrogance entitlements! Act and perform as senior management – not a bunch of white collar entitlement jerks. How can you in good and fair conscience present an information circular where 22 pages of the 41 descriptive pages are discussing the compensation to NEOs? How about a little more time spent on important things like oh I don’t know lets pick the recently embarrassing reserve estimate report. Whose head rolled or whose “compensation” was cut back over that amateurish error? The answer is NOBODY, but hell let’s make sure everyone gets their snouts into the company’s insiders proverbial pig trough. If you NEOs want to participate on the same level as your shareholders – as per your statement B (1) page 17, then guess what – go into the market (during non-blackout periods) and actually put up some personal risk capital – yes some of your own money – the company is certainly providing you with enough. The information circular contains provisions for:
· Base salary· Annual incentives· Long term compensation· Employment agreements· Option participation during blackout periods· Golden parachutes· Payouts on terminations - with or without cause· How is it that you passed on Pension Plans?· Enriched board retainers and board meeting “stipends”
How is it that you passed on a provision for Pension Plans for NEOs? What happened, couldn't you come up with something as simple as the company paying the annula RRSP contibutions for each NEO? MAG is an exploration company and is still spending shareholders exploration funds. It is not generating any positive cash flow for fat and "more than generous" compensation pacakages?
Fresnillo’s bid is starting to look better and better to this large shareholder.