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will dive in to the tailings pond that is AIMCO executive compensation. #ABLeg
Kevin is Alberta's highest paid public servant. It, however, a confusing landscape.
will dive in to the tailings pond that is AIMCO executive compensation. #ABLegKevin is Alberta's highest paid public servant. It, however, a confusing landscape.
This info is available from their Annual Report. I will compare Kevin (CEO) and the guy that left AIMCO because of the VOLTS mess, Peter (Exec VP Public Eq) #ABLeg
It is important to note that we don't know if Peter left AIMCO with a payout or not (cause/no cause). You might think it would be a no-brainer for cause situation. Don't cast aspersions.
But in this industry separation payments are sometimes made to keep things quiet.
But in this industry separation payments are sometimes made to keep things quiet.
Kevin's base salary is $500,000 per year and Peter's was $300,000. Without a hint of irony the comment is made....
"The final important consideration is that AIMCo has exercised very material salary restraint. A salary freeze remains in place for AIMCo’s Executive team."
"The final important consideration is that AIMCo has exercised very material salary restraint. A salary freeze remains in place for AIMCo’s Executive team."
So Kevin and Peter haven't had a "raise" to their base salary in recent memory. Don't feel bad for them as base salary forms a drop in the bucket of overall compensation.
Kevin got another $420,000 for reaching his "annual individual objectives". #ABLeg
Kevin got another $420,000 for reaching his "annual individual objectives". #ABLeg
Peter got $0. This is probably due to the VOLTS mess. His individual bonus went from about $177,000 to $0.
Kevin gets an additional $108,500 for hitting his corporate objectives and $603,610 for the 2019 investment return.
Peter got $51,150 and $170,735 for the same reasons.
Kevin gets an additional $108,500 for hitting his corporate objectives and $603,610 for the 2019 investment return.
Peter got $51,150 and $170,735 for the same reasons.
So if your keeping track, Kevin is well over $1.5 million per year so far.
He also receives a long term incentive plan (LTIP) award of $1,128,253 and pension contributions of $68,000 and benefits worth $14,727. #ABLeg
He also receives a long term incentive plan (LTIP) award of $1,128,253 and pension contributions of $68,000 and benefits worth $14,727. #ABLeg
The LTIP is interesting because both it and the investment bonus payments are apparently made:
"based upon value-add investment performance over a four-year period,"
Do we have two bonuses paid for the same reason? #ABLeg
"based upon value-add investment performance over a four-year period,"
Do we have two bonuses paid for the same reason? #ABLeg
Kevin's total for last year $2.8 million and Peter's $1.05 million.
Unrevealed is the threshold return required to pay these bonuses. (typically a fund would earn benchmark plus a threshold of, say, 0.4% for this bonus to kick in) #ABLeg
Unrevealed is the threshold return required to pay these bonuses. (typically a fund would earn benchmark plus a threshold of, say, 0.4% for this bonus to kick in) #ABLeg
Important to note that Kevin is part of a DC pension plan where taxpayers contributes 66% and he contributes 33%.
Peter was a member of MEPP so his pension contributions were closer to 50/50. #ABLeg
Peter was a member of MEPP so his pension contributions were closer to 50/50. #ABLeg
This is a lot of money to pay one person. Particularly one person who was working behind the scenes to get his pension clients locked into AIMCO.
Travis says he is keeping a close eye on AIMCO performance but I don't believe him. I don't think he is in a position to do so. #ABLeg
Travis says he is keeping a close eye on AIMCO performance but I don't believe him. I don't think he is in a position to do so. #ABLeg
THE CENTRAL PROBLEM IS THAT WE HAVE PAID HUGE BONUSES ON THE POSITIVE VALUE ADD OVER THE LAST 4 YEARS. VOLTS HAS LOST ALL OF THAT VALUE ADD BUT WE DON'T GET ANY OF OUT MONEY BACK.
#ABLeg
#ABLeg
