TSX Independence Requirements for Compensation CommitteeAll three members must be determined to meet the requirements for Independence , including the Chairman Tim Marchant.
The reason for this requirement is to protect shareholders from management giving themselves excessive compensation in the form of stock options etc.
Naturally, such independence implicitly requires that members of the Compensation Committee not benefit from compensation decisions that they make.
Otherwise, all we have done is to replace non impartial management members with three others who are also not impartial.
Going back to those egregious 25 cent options allocated to Valeura management in 2020, I note that all three Independent members of the 2020 Compensation Committee received those 25 cent options as well.
So, were they looking after our interests in making that decision ?
You bet they weren't.
Those have to be revoked by shareholder fiat..