BonusesA friend of mine who is also an investor, asked me about salaries and bonuses what they were...so i guess mind as well post them here also!!
These annual bonuses are calculated according to the following two objectives and apply as of January 1, 2021:
1) A performance bonus of 50% of annual assistance services (€990,000) if the attributable gold production is equal to or greater than 95% of the annual production provided for in the annual budget approved by the Board of Directors.
2) An exploration performance bonus of 25% of annual assistance services (€495,000) each time 150,000 oz of “new measured and/or indicated resources” are added, for a maximum amount of 50% of annual assistance services (€990,000).
For the period from July 1 to December 31, 2020, the annual bonuses granted were calculated according to the following objectives:
1) A performance bonus of 25% of annual assistance services (€495,000) if the attributable gold production for 2020 is equal to or greater than 95% of the annual production provided for in the 2020 budget approved by the Board of Directors.
2) An exploration performance bonus of 25% of annual assistance services (€495,000) each time 150,000 oz of “new measured and/or indicated resources” are added, for a maximum amount of 50% of annual assistance services (€990,000).
During the year 2020, the Company paid an amount of about C$3,120,792 (2) (€2,040,000), i.e. a monthly amount of €150,000, for December 2019 and the first half of the year and €165,000 for the second half , for the remuneration of five of its executive officers appointed above, as well as an amount of C$1,398,347 (3) (€900,000) for the annual bonus for the period from July 1, 2019 to June 30, 2020 following the achievement of the operating cash flows targets set for this reference period.
In addition, as of December 31, 2020, a total of C$2,317,787 (1) (€1,485,000) was recorded in the accounts payable of the Company with regard to the annual bonuses granted for the period from July 1 to December 31, 2020.
Messrs. Georges Cohen, Benjamin Cohen and Julien Cohen do not receive an amount in the form of salary out of the service fee paid to Fairchild under the Service Agreement for the services they render to the Company. Since the beginning of the year 2018, Mr. Cohen has directly paid Mr. Benjamin Cohen and Mr. Julien Cohen amounts of different natures. In 2020, the amounts paid to Mr. Benjamin Cohen and Mr. Julien Cohen is about to C$305,780 (2) (€200,000) and C$431,149 (2) (€282,000), respectively.
For Mr. Georges Cohen, as the Company cannot determine his remuneration, it evaluates such remuneration for this proxy circular to the total of the services fee paid to Fairchild (excluding the bonus), less the salaries of all other members of the management team provided by Fairchild and an amount to cover the administration costs of Fairchild of 20%. With this formula, the Company evaluates Mr. Georges Cohen’s remuneration to C$1,322,786.
Augustin Rousselet and Nicolas Ros are employees of Fairchild and receive a gross remuneration of C$325,584 (2) (€212,828) and C$404,796 (2) (€264,607), respectively.
Plus bonuses , stock options and dividends
Not too shaby for a company with a market cap of roughly 257M$
I wish i had bosses like RBX
regards stud