RE:RE:RE:RE:Well we saved $7milWhat do you find confusing/Opaque about Note 17 ? What would you want more ? You have the total SUs by year and what is outsanding as well as a description of the programs. Franklly, they can not disclose more. This is not opaque or confusing, you have the total SUs that we will have to pay out.
If you want to know how many SUs are awarded to management, read the management circular and there is a table recaping (p.55 for 2020)
For 2020, the basis was .16/share and here is the recap that you can find on page 55 (first units are RSU and second are PSU)
David Pathe $1,750,000 $875,000 5,468,750 units $875,000 5,468,750 units
Andrew Snowden1 $500,000 $250,000 1,562,500 units $250,000 1,562,500 units
Steve Wood $565,000 $282,500 1,765,625 units $282,500 1,765,625 units
Ward Sellers $500,000 $250,000 1,562,500 units $250,000 1,562,500 units
Karen Trenton $500,000 $250,000 1,562,500 units $250,000 1,562,500 units
If you think that awarding management their salary equivalent divided equaly in RSU and PSU do not only vote against the members of the board, vote no on the say on pay resolution. I think this is a good system but with some quirks when a company is almost bankrupt and its stock price close to 0 like Sherrit was at the time.
Options could have been another solutions like some have said. There are debates on this, but typically, you award way more options than SUs. The main problem with Sherrit : the stock was so low that you end up giving a lot of upside to management. Of course, in 2020, the market value of Sherrit at .16 was $ 56 m. And Pathe was gettting paid $ 3.5 m.
Anyway, as the stock rise, you will issue less SUs annually. Of course, managment will capture a big chunk of the upside but it is what it is.
Regards,