(September 25 – 12:50 ET) – Stock options are the order of the day at high-flying C.I. Fund Management Inc.
The firm has just filed its management information circular for the past fiscal year, a year that saw the fortunes of the Toronto-based mutual fund company boom. C.I.’s officers are rightly reaping the reward of this performance, too.
While salaries for the firm’s top executives remained static or saw modest raises last year, several officers saw their bonuses double. Chairman Raymond Chang, for example, doubled his bonus last year to $600,000. But the real money is in stock options.
Chang was granted 200,000 stock options last year, and a couple of other executives received large grants, too. The strike price for 120,000 of the options is $9.0143, while the remainder are priced at $21.99, reflecting the strong run that C.I.’s stock saw last year. At the current price for C.I., trading around $29.50, the options are worth about $3 million.
In the year ended May 31, Chang picked up more than $1 million in options gains. Gains for each of C.I.’s top four executives last year ranged between $800,000 and $1.3 million. Each of its top executives also has millions more awaiting them in exercisable and unexercisable gains.
-IE Staff