Aurora Cannabis Execs Saw Raises, Bonuses despite Multibillion-Dollar Loss
Aurora Cannabis disclosed the figures ahead of its annual general meeting
Top Aurora Cannabis executives were rewarded with millions of dollars in bonuses and raises for the fiscal year ended June 30, the company disclosed, despite mass layoffs and a loss exceeding 3 billion Canadian dollars ($2.3 billion).
The Alberta-based company disclosed the figures for the fiscal year in a proxy circular sent ahead of its annual general meeting, scheduled for Nov. 12 via webcast.
Share and option-based awards for the six executive officers listed in the circular rose 58% compared to the year earlier, to CA$9.8 million. Those awards account for most of the executive compensation.
Cash bonuses awarded to the executives, meanwhile, amounted to nearly CA$700,000.
The circular shows that no increases to salaries will be awarded at the executive level for the current fiscal year, which began July 1 and extends through the end of June 2021.
The disclosure also shows that founder Terry Booth was awarded a compensation package worth almost CA$5 million, consisting of a CA$458,911 salary, almost CA$2 million in shares and option-based awards, a CA$350,000 bonus plus another CA$2.1 million.
Booth retired from the CEO position three-quarters into the recently concluded fiscal year.
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