Telus Corp. chief executive officer Darren Entwistle has reclaimed the title of best-paid telecom CEO – and a major shareholder proxy adviser says it’s too much money.paid Mr. Entwistle $21.06-million in 2023, up from $17.49-million in 2022 and $19.82-million in 2021.
Mr. Entwistle is easily the longest-serving CEO among the three, having been in the job since 2000. That, coupled with Telus’s long-term stock returns over the past 20 years, has typically led the company’s board to compensate him more handsomely than his peers. As part of that, the target amount for his long-term incentive award increased 18 per cent, and the target for his annual cash bonus increased 46 per cent, Glass Lewis said.
Telus argues that its has aligned its pay practices with shareholder returns, noting that the decline in the share price has cut the disclosed value of Mr. Entwistle’s pay in the past three years. Direct compensation valued at $16.22-million in 2022 was worth $10.17-million at the end of 2023, Telus says in its response letter.
The majority of the scorecard – 65 per cent – is based on a mix of social capitalism metrics, internal work processes and customer acquisition and retention. Telus said it came up short on all those goals. His stock awards included $1,181,066 in executive performance share units, which Telus paid him in cash instead “in light of his significant shareholdings” in the company. The remaining $15-million he received was divided equally between restricted shares, which vest three years after the grant, and performance shares, which will pay out based on whether Telus achieves targets for relative total shareholder return and total customer connections.
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