2022-07-13 07:28 ET - In the News

 

The Globe and Mail reports in its Wednesday, July 13, edition that although NexGen Energy has never recorded any revenue, its leaders each received more than $1.8-million in compensation last year. The Globe's David Milstead writes that NexGen directors accepted outsized pay packages totally inappropriate for a company of its size, or any size for that matter. NexGen is still in the exploration stage, never having recorded a dollar of revenue. Yet its directors each received more than $1.8-million in compensation for a grand total of four board meetings last year. The NexGen pay plan: Seven directors, other than chief executive officer Leigh Curyer, received 600,000 stock options apiece in 2021. Half of them, granted in December, were "in the money" by 10 cents, meaning they were issued below the market price. That is a practice that is now exceptionally rare at large Toronto Stock Exchange-listed companies. Giving out 300,000 options with a built-in 10-cent profit for each led NexGen to say in its proxy circular to shareholders that the "intrinsic value" of the directors' stock awards was $30,000 apiece. The Globe says nice try. NexGen had to admit the options were worth $1.74-million per director.