Another AGM questionShareholders have been invited to submit, in advance as we cannot participate on the day, questions for management to address at the June 30, 2021.
Here is one I will be sending in as I continue to try and sort out the 2020 audited financial statements.
Note 6 to the statements sets out the Personnel expenses incurred in 2020 and 2019. It shows $1,027,000 was paid in 2020 to Mr. Veloso ($970,900) and the 5 other Board Members, along with a further $106,000 in share based payments. The remaining $766,000 in Salaries went to the other 92 employees (42 expensed under "Production" costs, 32 expensed under "Sales and Marketing" costs and the other 18 expensed under "Administrative" costs). The $178,000 of compulsory social security contributions likely includes these 92 employes and also something for Mr. Veloso's $970,900 salary and bonus. If we round Mr. Veloso up to $1 million (adding $29,100 in benefit costs) this would leave $148,900 as benefit costs of other employees, which when added to the $766,000 salaries gives a total for 92 employees of $914,900.
Might I comment again that I find it disturbing that Mr. Veloso received a total compensation package of $1 million, while the other 92 employees shared a total of $914,900 (which works out to an average annual compensation of under $9,950).
The 2020 MD&A on page 17 sets out the General and Admin costs incurred in 2020 ($1,149,00), which includes remuneration of the "executives and administrative staff". Given this includes Mr. Veloso at $1 million and 18 Admin staff at an average of $9,950, I can't get these numbers to reconcile.
Can management please provide a further breakdown of the $1,149,000 annual figure split between:
Mr. Veloso compensation
Other admin staff compensation
Other general admin expenses
and also provide this breakdown on a quarterly basis reconciled to the quartery figures previously disclosed?
This would be much appreciated.
S.