working for free????just went through the "package"sent out and I must say I have never seen anything quite like this. Steve Milan for year 2000- $0.00 for salary, $0.00 for bonus, $ 0.00 for other compensation. (and they only have to report compnsation for executives making over $100 K per year!) OK, he recieved some pretty nice options, but, hey, all executives do. In the consolodiated statements, $0.00 for salaries and benefits, what gives, nobody in the company wants to make any money??? Guess they think they will make it all on the stock options !!!!
I always read the salary portion and executive compensation to get a feel for what the company is about, and where they may be headed. CQV, with little compensation to their executive is, IMO, being very fiscally responsible, and believe in what they are getting into. These guys are not greedy, have not compensated themselves (in Y2000 anyway)greatly, and IMO have positioned themselves to cash in on what tey believe is in the future for CIVC. Which, when you consider the fact that they are ones who had to mortgage the house, work the long hours, fight the battles in the trenches, etc, is what they deserve! I have seen a lot of juniors that pay their executive exhorbinant amounts of cash, at the shareholder expense, and give nothing in return.
Another thing for the shareholders, my "package" was nothing more than several xeroxed copies of paper stapled together. No flashy cover, pictures, glossy paper, etc. like many of the annual reports to shareholders I have recieved. Not a lot of extra money being spent on glitz. lets keep it that way - we want the (our) money spent on drilling and production.
Good job CIVC. Nice to see a company that thinks of the bottom line and the future. Sorry for rambling everyone, but I am impressed with the simplicity of the report, and the "lack" of compenstation for those attempting to make this company into what we all want it to become.
Hubbie