Canadian marijuana producer Aurora Cannabis may have had mass layoffs this year and a loss exceeding $2.3 billion, but their top executives were still rewarded quite heftily.
The company disclosed figures for the fiscal year in a proxy circular that was sent ahead of its annual general meeting on November 12th.
According to the proxy, share and option-based awards for the six executive officers listed in the circular rose 58% compared to the year earlier, to CA$9.8 million. Those awards account for most of the executive compensation. Cash bonuses awarded to the executives had amounted to nearly CA$700,000.
The circular also showed that no increases to salaries will be awarded at the executive level for the current fiscal year, which began July 1 and extends through the end of June 2021.
It also revealed that founder Terry Booth was awarded a compensation package worth almost CA$5 million, consisting of a CA$458,911 salary, almost CA$2 million in shares and option-based awards, a CA$350,000 bonus plus another CA$2.1 million.
Booth had retired from his CEO position three-quarters into the recently concluded fiscal year.
According to Michelle Lefler, Aurora’s vice president of communications, who spoke to Marijuana Business Daily, executive compensation was determined by the company’s board in accordance with good corporate governance practices.
“Executive bonuses are administered in line with company performance,” said Lefler.
Booth and other executives received millions of dollars in restricted share-based awards, option-based awards and bonuses, according to the filing.
All the executives listed in the disclosure received raises for the financial year ended June 30, 2020. They are:
Chief Legal Officer Jillian Swainson’s salary rose 16% to CA$286,538.
Chief Operating Officer Allan Cleiren saw his salary increase 9% to C$318,269.
Former President Steve Dobler‘s annual pay rose 11% to CA$368,750.
Chief Financial Officer Glen Ibbott saw his salary increase 11% to CA$368,750.
Chair Michael Singer received a raise, but he filled in as interim CEO for part of the fiscal year.
“The Management Bonus Plan is a cash bonus designed to reward executives for achieving pre-determined annual corporate and individual performance objectives that are tied directly to the company’s strategy,” according to the circular.
