In conjunction to my post, and found in the company,s circular; notice the use of the word "ad hoc". I dont believe her agreement can be formailized in this manner, it would appear to be a conflict of interest if not independantly reviewed.
ad hoc
/ˈad ˈhäk/
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Adjective
| Formed, arranged, or done for a particular purpose only. |
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Synonyms
| special - peculiar - particular - especial |
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Compensation
No formal procedure is followed with respect to the determination of the compensation paid to
the CEO. The directors receive no cash compensation for acting as directors. An ad hoc
compensation committee is established if and when the compensation of the CEO is reviewed,
and the review is conducted in the context of the services of the CEO and in the context of
market rates for persons of similar qualifications performing similar services. If the St. Elias
nominees are elected, it is their intention that the Board will formally establish an independent
Compensation Committee to determine executive compensation immediately after the Meeting.
imo
