Follow Us On:

Executive compensation in 2013

Million Dollar Men: From the lowest paid to the biggest raises

by Alberta Venture Staff

The Importance of Transparent Proxy Disclosure


Double Plays

Did you see your compensation double last year? Probably not – but these guys (and who are we kidding – they’re all guys) did.



Richard Louden, his co-CEO Brian Prokop and all the other named executives of Argent Energy received significant stock options in 2012 – close to $2 million each. But not in 2013, resulting in across-the-board pay cuts for the management team.

* Technically, Hunter Harrison, the CEO of Canadian Pacific had this year’s largest pay cut. Upon being hired in 2012, he received a make-whole payment of nearly $35 million, putting his total compensation at $49,134,003. This year, his total compensation was “just” $7,195,364.

The Lowest Paid CEOs


Neither Sam Kolias nor his brother, Van Kolias, a senior vice-president of Boardwalk, receive any direct compensation. That’s not to say they aren’t making any money, however. Sam Kolias controls 4,337,500 trust units, which would have generated approximately $8.5 million in dividend payments in 2013.


David Mullen received a salary of $1 for 2013, and doesn’t currently hold any stock options. Of course, he already holds 17,169,534 shares – 19.19 per cent – in the company.


The New Guy

Paul Colborne replaced outgoing president and CEO Daniel O’Neil in May 2013 and received two million stock appreciation rights and 1.4 million warrants, worth more than $11 million combined. His future compensation will likely be more in line with what O’Neil was earning.


Risk Takers


Michael Rose received a significant raise thanks to his stock options, earning 105 per cent more this year than last.

Jim Riddell, on the other hand, fared less well. Trilogy’s net income shrank by 24 per cent in 2013, and Riddell had his compensation reduced by 17 per cent.

Points for Trying


Despite revenue and net income decreases, the Talisman executive compensation committee was pleased with Kvisle’s performance, noting that his leadership was moving the company in a more focused direction.

By the Board

Diversity – particularly gender diversity – on corporate boards is a growing issue. Studies suggest that companies with more diverse boards tend to have better financial results, but Alberta has been slow to catch on.

  • Of the 227 companies with board data publicly available, 63 per cent have boards entirely comprised of men.
  • Overall, women held nine per cent of the Venture 250 board seats.
  • Calgary Co-operative’s board of directors had the highest number of women – eight of its 10 directors are women.
  • TerraVest Capital and Grand Power Logistics Group are the only public companies with boards that are comprised of 50 per cent female directors. Four of TerraVest’s eight directors are women, while at Grand Power Logistics, it’s two of the four.
  • John Brussa is on the most Venture 250 boards: 13.
  • Catherine Best, the woman on the most boards, is on four.