Mayo Schmidt got a $300,000 raise last year.
The chief executive officer of Viterra received a compensation package totalling $4.8 million in the fiscal year ending Oct. 31, 2009.
That’s up by about 6.6 percent from the previous year’s $4.5 million.
Schmidt was paid a base salary of $950,000, along with $1.3 million in share-based awards, $1.3 million in option-based awards, $1.1 million in annual and long-term incentives and $124,000 in other compensation.
The information is contained in a management information circular published by the company.
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The CEO received compensation of $2.9 million in 2007 and $3.3 million in 2006.
Schmidt’s compensation is set by the board of directors’ human resources and compensation committee, with advice from an outside consulting company.
The committee examines compensation for a 21-member “peer group” from other similar corporations in related industries in Canada and the United States.
Viterra said in the circular its philosophy is to match the median range of that peer group. However, executive compensation for 2009 was targeted to the lowest 25 percent.
Corporate performance is also taken into account in determining salaries and other compensation.
Schmidt received a rating of “superior” on every one of four performance objectives.
He placed 34th on a CEO Scorecard compiled by Financial Post magazine, which takes into account compensation and company performance to determine a “bang for the buck” rating.
Schmidt received a rating of 1.44, based on a three-year average compensation of $3.6 million and Viterra’s three-year average return of 29 percent.
That means for every dollar paid to Schmidt, the company earned $1.44.
Who gets how much:
A CEO Scorecard published by Financial Post magazine listed 2006-2008 average annual compensation for chief executive officers at a wide range of Canadian companies. Here are results for some agriculture-related firms.
- Mayo Schmidt, Viterra, $3.6 million
- Michael Wilson, Agrium, $11.9 million
- Hunter Harrison (retired), Canadian National Railway, $13.3 million
- Michael McCain, Maple Leaf Foods, $6.1 million
- Fred Green, Canadian Pacific Railway, $4.3 million
- Ian White, Canadian Wheat Board, $794,136
Figures were not available for CEOs of privately owned companies such as Richardson International, Cargill, Paterson GlobalFoods or Parrish & Heimbecker.
