By James Langton

(March 22 – 12:00 ET) – Pay for performance may be a cliche when it comes to executive compensation, but execs at AGF Management Ltd. likely don’t mind.

Last year’s strong performance for the firm has paid off well for its senior officers. According to the firm’s latest annual filing, executive pay jumped sharply at the firm last year.

President & CEO Blake Goldring saw his base salary jump from $350,000 to $450,000, while his bonus almost tripled from $537,400 to $1,491,730. Vice chair W.R. Farquharson enjoyed a salary jump from $400,000 to $470,000, and his bonus more than doubled to $1.2 million. Portfolio manager and executive vice president, Clive Coombs, also saw his bonus almost double to just over $1 million.

While the cash bonuses jumped sharply at AGF last year, options grants were relatively small. But with the firm’s share price nearly doubling last year, executives were likely just as pleased with the cash.

AGF does not have a compensation committee. Its board of directors sets compensation, which it intends to be primarily linked to the company’s performance. As stated in the filing, firm’s philosophy is, “longer term productivity and loyalty are to be encouraged at all levels of responsibility, that incentive payments rather than salary is to be emphasized, and that compensation is not set independently of the corporate financial environment.”

According to the filing, this philosophy reflects the compensation for Goldring. “Under the leadership of Blake Goldring, the corporation experienced a smooth transition of power following his appointment in June 2000 when he assumed the office of CEO in addition to his duties as president, as the corporation has continued to grow significantly in terms of assets under administration and revenue over the past year.”