(Montreal) The five most senior leaders of Alimentation Couche-Tard shared a compensation of 26 million, of which a little less than half went to its president and chief executive officer, Brian Hannasch.
Posted yesterday at 4:41 p.m.
This information comes from a document sent recently to the shareholders of the operator of convenience stores and service stations.
President and CEO Brian Hannasch’s total compensation decreased 4.3% to the equivalent of $12.3 million in fiscal year 2022 (ended at the end of April), possibly we read in the circular of the Laval company.
In 2022, the company spent nearly US$3.2 billion on salaries and benefits for its approximately 122,000 employees, according to information in its annual report. This represents an average of US$26,000 per employee, but note that this average includes employees who work part-time.
The founder and executive chairman of the board, Alain Bouchard, received, meanwhile, emoluments of 6.7 million, an increase of 6.7%.
The businessman owns more than 123 million shares, which represents 12.06% of shareholders’ voting rights, as of July 5. At Wednesday’s closing price on the Toronto Stock Exchange, that stake is worth $6.5 billion. If the quarterly dividend remains unchanged, Mr. Bouchard could receive $54.2 million annually in the form of a dividend.
Overall, the total compensation of the top five executives remained relatively stable with a decline of 1.8% to 26.1 million.
Compensation of the Company’s senior executives is 75% determined by financial targets. The remaining 25% is based on five individual performance indicators. On average, leaders achieved 86.9% of their individual objectives.
[Cela] demonstrates strong performance on individual KPIs.
Mélanie Kau, Chair of the Human Resources Committee of the Board of Directors
Mme Kau also pointed out that 97.9% of the company’s shareholders voted in favor of the company’s compensation policy in an advisory vote held during the previous annual meeting.
In fiscal 2022, Couche-Tard reported profit of US$2.68 billion, down US$22.2 million, while return on invested capital fell from 15.9% to 15.4 %.
Severance pay
The document also provides an update on the severance packages top executives could receive if they leave the company.
Mr. Bouchard, 73, would be entitled to an amount of 21.3 million if he decided to retire.
Mr. Hannasch, for his part, would be entitled to an amount of 63.3 million if he resigned or 68.1 million if his employment was terminated “without just cause”.