CNI Survey: Methanex '00 exec bonus pack rises 9%

08 May 2001 17:48  [Source: ICIS news]

HOUSTON (CNI)--Canadian methanol producer Methanex increased the bonus package by 9% to its five highest paid executives for 2000 with half of that granted to chief executive Pierre Choquette, CNI learned Tuesday from company documents.

The Vancouver, British Columbia-based company awarded a total bonus package of $663 453 (Euro745 453) to its top five executives for 2000, including a 22% bonus boost to Choquette in a payment of $324 233, according to CNI's review of the company's report to Canadian securities regulators.

That comparison includes the $73 191 bonus granted F Williams as vice president for commercial development last year and the $114 130 bonus awarded Michael Wilson in 1999, when he ranked among the company's five highest paid executives. Wilson left his post as president of Methanex's methanol business last year to accept a position as Agrium's chief operating officer.

Williams left Methanex at the end of last year and did not serve as an executive officer in 1999, according to the Methanex report.

For last year, Methanex reported net income of $144.9m compared with a loss of $81.5m for the same period in 1999.

In its report, the compensation committee said only that Choquettes' salary reflects his "performance, qualifications and experience."

Here's a chart comparing basic compensation of salary and bonuses for Methanex's highest paid executives in US dollars for each of the last two years as reported by the company and compiled by CNI:

Executive and Title	Years	Salary	Bonus
Pierre Choquette President and CEO	2000 1999	511 964 445 172	324 233 265 871
R Krause VP - Latin America	2000 1999	351 239 345 309	129 202 114 832
F Williams VP - Development	2000 1999	244 804 NA	73 191 NA
A Cole CFO	2000 1999	212 373 189 514	70 683 60 956
R Britton VP - Emerging Ap	2000 1999	197 782 172 654	66 144 55 120

By: Gary Taylor
+1 713 525 2653

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