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Focusing on the Dallol Potash Project in Ethiopia

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Message: Now that is a payout.. LOL..

The Globe and Mail reports in its Saturday edition departing Potash Corp. of Saskatchewan chief executive officer Bill Doyle presided over a remarkable enrichment of the company's shareholders in his 15-year tenure. The Globe's David Milstead writes at the top of that list is Mr. Doyle himself, earning about $400-million (U.S.) in compensation since he became CEO in July, 1999. That includes more than $300-million in profits from stock options, both realized and yet to be used. The stock is up 1,200 per cent since Mr. Doyle assumed the CEO role, and at the 2011 high, the return topped a breathtaking 2,500 per cent. Much of that return, though, has been due to the long-term growth in the use, and price, of potash, the company's key product. Mr. Doyle's option riches raise the question of just how much executives in the resource industry should benefit when the price of their commodity product, over which they have no control, rises. The recent woes of Potash Corp. stock -- it has underperformed its agricultural peers, as well as the broader markets over the past five years -- also illustrate a long-standing problem with aligning option-based compensation with stock performance.

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