2023-24 Statement of Corporate Governance Practices
CEO Assessment, Executive Compensation and Executive Diversity The Human Resources and Safety Committee assesses the CEOʼs performance semi-annually against previously approved objectives aligned with the CEO Position Description, Shareholder public policy objectives and the Corporate Plan. The CSA governance guidelines outline that executive compensation disclosure should contain detailed formulas and the metrics used for how the executive performed against those formulas. In the case of SaskEnergy, the mandate for executive compensation for Saskatchewan Crown corporations is established and monitored by the Owner and CIC. As such, executive compensation aligns with the guidelines established by CIC. In addition, the Board and senior management conduct their own analysis of what is considered market compensation and provide the information to the Owner. Any adjustments to executive management compensation must fit within the parameters established by the Owner. The philosophy of offering market-based compensation is applicable throughout the Corporation, from executive management down, to set performance objectives and expectations
at individual, departmental and corporate levels, and work toward and measure the achievement of these performance objectives. A fundamental principle in SaskEnergyʼs compensation strategy is to provide fair and equitable pay representative of the individual performance with a target at the 50th percentile of the Western Canadian marketplace. The Human Resources and Safety Committee receives and reviews this information and then makes recommendations to the Board respecting CEO and Executive compensation. The CEOʼs direct reports, including all Executive members, are required by legislation to file and report to the Clerk of the Saskatchewan Legislative Assembly their compensation, benefits and any changes in compensation. In addition, the Crown and Central Agencies Committee of the Legislative Assembly of Saskatchewan has, by policy, required Crown corporations, including SaskEnergy, to file an annual payee list that includes the total compensation of Executive members. The report is available on CICʼs website at https://www.cicorp.sk.ca in the Reports & Publications section. The Human Resources and Safety Committee annually reviews the details of these compensation payment reports, and reports its review to the Board.
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