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Frank Stronach, $47.3-million (U.S.) Magna International Inc. founder Frank Stronach is in the final years of a consulting contract with the Ontario auto parts company, which will come to an end in 2014. In the meantime he continues to reap large payments from profit sharing and payments for advisory work. On top of the total payments of $47-million (U.S.) in 2012, Magna also repurchased Mr. Stronach’s 27-per-cent stake in its electric-car division last year for $75-million.
Thomas Glocer, $19.9-million (U.S.) The former CEO of Thomson Reuters Corp. left the top job at the end of 2011, but remained working at the company in a non-executive capacity “as part of the transition of responsibilities” until March 31, 2012. As a result, his $19.9-million severance payment was paid last year, and included $8-million of payouts for his restricted share units, $5.9-million for performance share units that will vest as originally scheduled, a cash severance of $3.1-million as well as a $1.1-million bonus.
John Thornton, $17-million (U.S.) Barrick Gold Corp. faced the ire of shareholders after the Toronto-based miner revealed it paid new vice-chairman John Thornton a total of $17-million in 2012, including a $12-million hiring bonus to join the Barrick board last year. Angry shareholders gave Barrick’s pay practices an 85-per-cent thumbs down in the company’s annual say-on-pay vote, the lowest result for any Canadian company since the voluntary votes began several years ago.
(John Morstad for The Globe and Mail)
Tye Burt , $16.2-million (Canadian) The former CEO of Kinross Gold Corp. was paid more than $16-million last year, with almost $15-million of the total described as severance benefits. Mr. Burt departed from the Toronto gold miner last August as investors pressed for change amid a slumping share price. Former chief financial officer Paul Barry departed later in the year, taking home $4.6-million, including $3.8-million in severance benefits.
Aaron Regent, $12-million (U.S.) The former CEO of Barrick was ousted last June amid worries about the company’s flagging fortunes, but he did not leave empty-handed. Barrick reported this year he received $12-million in 2012, including $11-million in severance payments. As Barrick’s share price hit 20-year lows this year, it was an inopportune time for it to disclose that the company’s top six executives had compensation totalling $57-million in 2012, including $11.4-million for new CEO Jamie Sokalsky.
Al Monaco, $12.2-million (Canadian) The new CEO of Enbridge Inc. earned more than $12-million last year after stepping into the CEO job in the fall following the retirement of former CEO Patrick Daniel. The bulk of Mr. Monaco’s compensation came from a grant of stock options worth $5.2-million and a pension boost worth $4.2-million due to his higher compensation. The Calgary-based company said his annual pension payable has been capped at a maximum of $1.75-million, but he is so far eligible for $781,000 at age 65.
Miles Nadal, $9.3-million (U.S.) The advertising industry executive took home a comparatively modest $9.3-million last year as CEO of Toronto-based MDC Partners Inc. after earning almost $24-million in 2011. But he also reaped $21.9-million thanks to exercising stock options in 2012. The pay is mostly in the form of stock awards that pay out if performance hurdles are met.
(Neville Elder/The Globe and Mail)