From AIF Filed April 7, 2021 on SEDAR$480K of management bonus awarded in March 2021 for VLE 2020 performance. When you set the bar high it is easy to walk under it.
"The 2020 Corporate Performance Scorecard adopted by the Board to assess discretionary bonus payments for 2020 aggregated the following key corporate performance indicators, set at threshold,target and maximum levels, with the weightings indicated and scored on a scale of 0 to 2: 1)health, safety, security,environmental and community performance (“HSSEC”)–25%; 2) Valeura’s share price performance compared to a peer group of international-focused companies –20% (the “2020 Performance Peer Group”,as shown in the table below); and 3) accomplishment of key strategic objectives –55%. The main elements of the key strategic objectives were: i) progress on the deep asset evaluation with legal clarity and a farmout, ii) sale of the shallow conventional assets, iii) implementation of the new business strategy,and iv) management of business demonstrating adaptability and efficiency.'
"The 2020 Corporate Performance Scorecard adopted by the Board to assess discretionary bonus payments for 2020 aggregated the following key corporate performance indicators, set at threshold,target and maximum levels, with the weightings indicated and scored on a scale of 0 to 2: 1) health, safety, security,environmental and community performance (“HSSEC”)–25%; 2) Valeura’s share price performance compared to a peer group of international-focused companies –20% (the “2020 Performance Peer Group”,as shown in the table below); and 3)accomplishment of key strategic objectives –55%. The main elements of the key strategic objectives were:i) progress on the deep asset evaluation with legal clarity and a farmout, ii) sale of the shallow conventional assets, iii) implementation of the new business strategy,and iv) management of business demonstrating adaptability and efficiency."
"Based on the above results the Governance and Compensation Committee and Board have approved a corporate performance factor of 1.29 for 2020. This corporate performance factor was applied to bonus target levels as a percentage of base salary, and the resulting cash bonuses for the 2020 performance year were approved by the Board on March 24, 2021. For the NEOs, the aggregate bonus amounts were $480,373 representing an average of 50.08% of the aggregate 2020 base salaries."