EDMONTON – Aurora Cannabis Inc.'s chief executive saw his annual compensation climb about 38 per cent to $6.7 million in the company's latest fiscal year as its stock dramatically fell and it aggressively cut costs.<\/p>\n
Financial filings from the Edmonton-based cannabis company show Miguel Martin earned a base salary of about $590,500 and about $3.8 million in share-based options and almost $1.1 million in option-based awards.<\/p>\n
Rounding out his earnings was about $815,000 in non-equity incentive plan compensation and $416,000 in other compensation.<\/p>\n
In comparison, he made more than $4.8 million in compensation in Aurora's 2022 fiscal year and about $4.4 million in 2021.<\/p>\n
Martin's compensation boost came as Aurora's share price fell by 52 per cent over its 2023 fiscal year, which spanned three quarters because the company changed its fiscal year end.<\/p>\n
The cannabis industry has been hampered by a lack of demand, strict regulations and the strength of the illicit market for much of Martin's time as chief executive. To cope, Aurora embarked on a transformation plan that delivered at least $400 million in savings over the last three years.<\/p>\n
Michelle Lefler, Aurora's vice-president of communications and public relations, said the company uses a "pay-for-performance approach" and most of Martin's compensation is linked to Aurora's share price and corporate performance metrics, which were either met or exceeded.<\/p>\n
"It is important to make clear that long term incentives granted to executive leadership are entirely linked to the company’s share performance," Lefler said in an email.<\/p>\n
"Today, the value of these rewards is much lower than the value at which they were originally granted."<\/p>\n
This report by The Canadian Press was first published July 21, 2023.<\/p>\n
Companies in this story: (TSX:ACB)<\/p>\n
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