This excerpt taken from the NOA 6-K filed Jul 31, 2009.
Base salaries for the NEOs are reviewed and approved each year by the Compensation Committee with adjustments effective July 1. The Compensation Committee may make adjustments to an executives salary as a result of any change in the executives duties and responsibilities and based on the performance and contribution of the executive, both on an individual basis and on the performance of the executives business unit or division during the previous financial year. In reviewing the base salaries of the Corporations executives, the Compensation Committee also considers comparator group compensation, internal pay relationships and total employee cost. The base salary pay adjustments noted below took into consideration the pay position of each executive in the market and percentage adjustments ensured base compensation levels remained commensurate with the market.
The following table sets out the 2009 base salaries as at March 31, 2009, and the percentage increase from 2008 for each of the NEOs:
This excerpt taken from the NOA 6-K filed Aug 31, 2007.
The Compensation Committee will review and recommend to the Board on the adequacy and form of base salaries for executive management.
Fiscal 2007 base salaries for executive management were reviewed and approved by the Compensation Committee. The Chief Executive Officer provided his recommendations to the Compensation Committee for base salary adjustments for each executive, excluding himself, within a specified range, based on the performance of each executive. The base salary ranges were determined by salary data from a market study conducted by specialized compensation consultants. The consultants conducted market research comparing the Corporations base salaries within the total compensation framework to that of a selected comparator group of corporations.
Fiscal 2007 base salary was adjusted effective July 1, 2006 for Mr. Koehn from $240,000 to $252,000, for Mr. Safranovich from $200,000 to $224,000 and for Mr. Hayman from $190,000 to $212,800.