Greed driving uranium business
Editor: On the issue in the Uranium Development Partnership Report of making more competitive Royalty arrangements for the Uranium Industry, I would like to refer to the Cameco Manageme Proxy Circular April 10,2007 that you can find on the Internet titled Driven to Succeed. It lists the salaries and bonuses of five of their top 20 officials for 2007.
Gerald Grandey’s salary was $950,000 with bonuses amounting to $2,781,058. O. Kim Goheen’s salary was $440,000 with bonuses amounting to $1,226,029. George Assie had a salary of $530,000 with bonuses of $1,505,477. Timothy S. Gitzel’s salary was $440,000 with bonuses of $900,000. Gary S. Chad’s salary was $415,000 and bonuses of $1,063,819.
At the people.forbes.com site you can get similar information on the top 20 executives for Cameco. I did a spread sheet using both sources and found that Cameco paid out over $8,000,000 in bonuses to their top 20 executives. It must also be remembered that some of the 20 individuals are also executives with other big corporations such as Nexen Inc., Agrium Inc. Sun Life Financial, Murphy Oil, Constellation Energy, Roger’s Communications, Helca Mining.
The Cameco motto “Driven to Succeed” is a misnomer. I believe that it is driven by the greed of a handful of individuals. They are not satisfied with being millionaires. They want to be billionaires.
In The Vancouver Sun on February 19, 2009 article “Cameco uranium war chest at $700 million”, Gerald Grandey the President of Cameco claims to have a “war chest” of $700 million to buy out competitors who are suffering from the down turn in the economy. They are looking at UEX a smaller company active in Northern Saskatchewan and a Namibia uranium mine owned by Rio Tinto Ltd-a company experiencing financial difficulty. William Gibbs - Swift Current The full letter appears at swbooster.com.