Canopy Growth CEO’s partial-year compensation tops CA$45 million

Canopy Growth 首席执行官的部分年度薪酬高达4500万加元

2020-08-12 06:00:16 mjbizdaily


Canopy Growth’s chief executive earned 1,042 times more than the median compensation for the cannabis producer’s other employees in fiscal 2020. The partial-year compensation for CEO David Klein was about $33.8 million (CA$45 million), including salary, bonus, stock options and other compensation, the Smiths Falls, Ontario-based company disclosed in its proxy statement released after the fiscal year ended March 31. That likely puts Klein – who began his job in mid-January – among the top CEO earners in Canada across all industries. It also makes him the highest-paid cannabis CEO for a single fiscal year of compensation in Canada, edging out Tilray CEO Brendan Kennedy’s 2018 total compensation of CA$42.6 million.  Klein’s disclosed compensation also reflects a salary and bonus that cover only the portion of the fiscal year he was CEO – roughly 2½ months – between mid-January and March. David Macdonald, senior economist at the Canadian Centre for Policy Alternatives in Ottawa, said Klein’s compensation is quite high, “even within the rarified world of CEOs in Canada.” “In that sense, it exemplifies the issue with CEO pay, which is that the explosion in CEO pay is due to the bonus side, not the salary side per se,” Macdonald said. “And while the bonuses are hypothetically connected to stock price, in the real world, they have little relation to the stock price.” Pay is equitable, Canopy says Jordan Sinclair, Canopy’s vice president of communications, said Klein’s compensation is fair for Canopy. “The Cannabis industry is heavily regulated industry. It’s in growth mode. It’s also under the spotlight. That dynamic requires a mix of strategy and creativity from its leadership and people with that skill set mix deserve to be paid very well,” Sinclair wrote in an email to Marijuana Business Daily, adding that “David’s (compensation) is very closely aligned with shareholders’ interests.” “Both the board and our executive team look at compensation very carefully to ensure we’re attracting and retaining the best talent, this applies to all positions including the CEO job.” Sinclair said Canopy has not asked any workers to accept reduced pay during the COVID-19 crisis, “and our retail and ops teams received an increase in pay to acknowledge the fact that it took extra dedication to come into work at the height of the pandemic.” Klein has a big job ahead of him. He inherited a company that lost CA$1.39 billion in fiscal year 2020. Klein moved decisively after taking the helm at Canopy in mid-January, announcing a new vision for the company, closing some facilities and eliminating more than 800 jobs. Canopy is paying Klein significantly more than his predecessors in terms of salary and total compensation. Klein’s total compensation is about four times higher than former CEO Bruce Linton’s in 2019 (CA$9.3 million) – the same year he was fired. Total compensation for Canopy’s eight named executive officers was CA$68 million in the fiscal year. That is higher than Canopy’s stated employee compensation of CA$41 million as of June 30, according to the latest financial statement. The company reported revenue of CA$110.4 million for the quarter ended June 30 on a loss of CA$128 million. How the ‘CEO world works’ “Canopy’s stock in 2020 has been relatively flat with coronavirus and down substantially from where it stood in 2018 and 2019, so you might conclude from that that executives are paid less,” Macdonald said. “But they really aren’t, as with other companies.” “This is the way the CEO world works. It’s disconnected from regular workers and the company.” Norton Singhavon, founder and CEO of GTEC Cannabis in Vancouver, British Columbia, noted that many Canadian cannabis companies have not delivered for their investors in recent years, resulting in significant losses. “Accordingly, I do not see any reasonable justification at this stage for multimillion-dollar salaries within the sector,” he said. Klein’s fiscal 2020 compensation (in U.S. dollars) consisted of: Canopy’s shares trade as CGC on the New York Stock Exchange and WEED on the Toronto Stock Exchange.
Canopy Growth 首席执行官在2020财年的收入是大麻生产商其他员工薪酬中值的1,042倍。 总部位于安大略省史密斯福尔斯( SmithsFalls )的公司在截至3月31日的财年结束后发布的代理声明中披露, CEO 大卫·克莱恩( DavidKlein )的部分年度薪酬约为3380万美元(约合4500万加元),包括工资、奖金、股票期权和其他薪酬。 这可能会让今年1月中旬开始工作的 Klein 跻身加拿大所有行业的首席执行官之列。 这也让他成为加拿大薪酬最高的大麻 CEO ,在一个财年里,他的薪酬超过了 Tilray 首席执行官 BrendanKennedy 2018年的薪酬总额4260万加元。 Klein 披露的薪酬还反映出,他的薪酬和奖金仅涵盖他担任 CEO 的财年(约2个半月)的部分,即1月中旬至3月。 加拿大渥太华政策替代中心( Canadian Centre for Policy Alternatives )高级经济学家戴维•麦克唐纳( David Macdonald )表示, Klein 的薪酬相当高,“甚至在加拿大 CEO 人数稀少的世界里也是如此。” 麦克唐纳说:“从这个意义上说,它证明了 CEO 薪酬的问题,即 CEO 薪酬的爆炸式增长是因为奖金方面,而不是工资方面。” “尽管奖金在假设上与股价有关,但在现实世界中,奖金与股价几乎没有关系。” Canopy 说,薪酬是公平的 Canopy 通讯副总裁乔丹•辛克莱( Jordan Sinclair )表示, Klein 的薪酬对 Canopy 来说是公平的。 “大麻产业是受到严格监管的行业。它处于成长模式。这也是人们关注的焦点。辛克莱在写给《马里亚纳商业日报》( Marijuana Business Daily )的一封电子邮件中表示:“这种动态需要其领导层的策略和创造力,而具备这种技能的人应该得到很好的薪酬。”他补充称,“戴维的薪酬与股东利益密切相关。” “董事会和我们的高管团队都非常谨慎地看待薪酬问题,以确保我们吸引和留住最优秀的人才,这适用于包括 CEO 职位在内的所有职位。” Sinclair 表示, Canopy 没有要求任何员工在 COVID-19危机期间接受减薪,“我们的零售和运营团队收到了加薪,以承认在大流行最严重的时候,他们付出了额外的努力才开始工作。” 克莱恩在他面前有一份很大的工作。 他继承了一家在2020财年亏损13.9亿加元的公司。 在1月中旬执掌 Canopy 之后, Klein 果断地采取了行动,宣布了公司的新愿景,关闭了一些设施,并裁减了800多个工作岗位。 Canopy 支付给 Klein 的工资和总薪酬比他的前任要高得多。 克莱恩的总薪酬比前首席执行官布鲁斯•林惇( Bruce Linton )2019年的薪酬高出四倍(930万加元)——这是他被解雇的同一年。 在本财政年度, Canopy 八名指定执行官员的薪酬总额为6800万加元。 根据最新的财务报表,这高于 Canopy 公司公布的截至6月30日的员工薪酬4100万加元。该公司报告截至6月30日的季度收入为1.104亿加元,亏损为1.28亿加元。 “ CEO 世界如何运作” Macdonald 表示:“ Canopy 在2020年的股价相对于冠状病毒相对持平,与2018年和2019年的水平相比大幅下降,因此你可能会得出结论,高管薪酬较低。”“但与其他公司一样,它们确实不是。” “这是 CEO 世界的运作方式。它与普通员工和公司脱节。” 加拿大不列颠哥伦比亚省温哥华 GTEC Cannabis 公司的创始人兼首席执行官诺顿·辛哈龙指出,近年来许多加拿大大麻公司没有为投资者交付产品,造成了重大损失。 “因此,我认为现阶段该行业数百万美元的薪酬没有任何合理理由,”他表示。 Klein 2020财年的薪酬(以美元计)包括: Canopy 的股票在纽约证券交易所以 CGC 交易,在多伦多证券交易所以 WEED 交易。