Share and option-based compensation awards for six Aurora Cannabis executives jumped 58 percent to $9.8 million in the 2020 fiscal year, which ended June 30, despite mass layoffs at the company and losses exceeding $3 billion, according to a proxy circular by the firm outlined by Marijuana Business Daily.
Aurora executives also saw cash bonuses amounting to $700,000.
Terry Booth, who retired in February as the company announced a “business transformation plan,” was awarded a compensation package worth nearly $5 million, including a $458,911 salary, almost $2 million in shares and option-based awards, and two bonuses amounting to about $2.4 million, the report says.
Michelle Lefler, Aurora’s vice president of communications, told Marijuana Business Daily that executive bonuses “are administered in line with company performances” and executive compensation was determined by the company’s board in agreement with good corporate governance practices.
Chief Legal Officer Jillian Swan saw the largest salary increase – 16 percent – to $286,538. Former President Steve Dobbler and Chief Financial Officer Glen Ibbot each saw an 11 percent pay increase to $368,750. Chief Operating Officer Allan Cleiren saw a 9 percent increase to $318,269.
Over the last fiscal year, Aurora cut about one-third of its workforce as part of a “corporate reset,” the report says.
The circular also lists nine key performance indicators (KPIs) related to its corporate objectives, including European Union strategy (20 percent), partnership strategy (20 percent), U.S. strategy (25 percent), Latin America and Australia strategy (10 percent), and revenue and market share (12 percent). The circular says Aurora failed to meet objectives for six of the 11 KPIs, exceeding expectations for just one.
The circular was released ahead of its annual general meeting which is scheduled for November 12 via webcast.
Note: All figures are in Canadian dollars.