J Michael Smith has always received his salary through Bay Fortune Resources Ltd just as Elmer is paid his salary through 397405 Alberta Ltd. I guess they can write off expenses against their salaries just like any other business.
'transferring' shares to that company would indeed allow him to bypass insider disclosure rules....he no longer officially owns those shares and Bay Fortune Resources Ltd can sell them all without any disclosure.
What a snake pit.... this ranks up there with when David Macdonald stepped down as director and there was no mention of it by the company apart from a one liner in the fine print of an agm circular.
J. Michael Smith has been the Executive Vice President of the Corporation since February 2004. Mr. Smith’s base salary, which he earns through Bay Fortune Resources Ltd., was increased in 2012 to $180,000 per annum (exclusive of goods and services tax) based on the Compensation Committee’s recommendation to the Board. Mr. Smith is entitled to participate in any incentive share option, purchase or bonus plans as such plans are made available to all directors and senior officers of the Corporation.
On July 1, 2009, the Corporation entered into an agreement with Elmer B. Stewart, through 397405 Alberta Ltd., for his services as the President and Chief Executive Officer of the Corporation. Mr. Stewart’s compensation was increased to $240,000 in 2012. In June of each year, the Compensation Committee reviews the compensation payable to Mr. Stewart and, if warranted recommends an increase in the annual compensation payable to Mr. Stewart to the Board of Directors. Mr. Stewart is further entitled to participate in any incentive share option, purchase or bonus plans as such plans are made available to all directors and senior officers of the Corporation.
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