Why does everybody act like this management salary is a new revelation today?
Tant you mentioned how "management fees" went up in an earlier Jan. post when we saw the yr end filings.
It's not new and in fact with each and every AGM most know what the CEO/President makes each year.
If anything the increase in pay may be the eye opener. The fact that we have progressed Langmuir may be the feather in his cap to justify the big wage or the increase since last year. I have only ever wondered what was going on around the campfire while the whole company awaited Micon's report. I would say the lion's share of that work was made up of Kian Jensen's efforts and his 43-101 technical report.
How does one justify their wages? How does one arrive at a salary? Can it be performance based? Incentives will also be the cheap options etc that produce a payday when the shares increase in value. Then it's payday for everyone.
Corporate governance committee is made up of who? Randy?
I don't have the answers.
"Related Party Transactions Not Disclosed Elsewhere
The Company entered into the following transactions with related parties:
• Paid or accrued management fees of $90,000 (three months ended December 31, 2008 - $75,000), car allowance of $4,500 (three months ended December 31, 2008 - $nil), and a office allowance of $6,213 (three months ended December 31, 2008 - $nil) to a company controlled by the president and director of the Company. The president and director of the Company was also reimbursed for out-of-pocket expenses.
• aid or accrued consulting fees of $17,576 (three months ended December 31, 2008 - $26,743) to a director of the Company. As of December 31, 2009, the amount due to the director was $9,119 (September 30, 2009 - $12,334).
• Paid or accrued geological and geophysical fees of $25,173 (three months ended December 31, 2008 - $nil) which are included in exploration costs to a director of the Company. As of December 31, 2009, the amount due to the director was $5,905 (September 30, 2009 - $9,035).
These transactions with related parties were in the normal course of operations and were measured at the exchange value which represented the amount of consideration established and agreed to by the related parties. Amounts due to related parties are for services rendered and expenses incurred on behalf of the Company and are non-interest bearing, unsecured and have no fixed terms of repayment."
