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Press Manager
 United States
1420 Posts |
Royal Canadian Mint - June 14, 2018, Ottawa, Ontario, Department of Finance CanadaThe Government of Canada is committed to an open, transparent and merit-based selection process for Governor in Council appointments—one that will result in highly qualified candidates able to best serve the interests of Canadians. In keeping with this commitment, Finance Minister Bill Morneau today announced the appointments of Ms. Fiona L. Macdonald, Dr. Sandip K. Lalli and Dr. Gilles Patry to the Board of Directors of the Royal Canadian Mint. These appointments are for four years. Ms. Macdonald serves as an Independent Director on the Board of GMP Capital, and is Chair of its Management Resources and Compensation Committee, as well as a member of its Audit Committee and Governance and Nominating Committee. She is also a Director at the BC Ferry Authority and the Chair of the BC Chapter of the Institute of Corporate Directors. Dr. Lalli currently serves as the President and Chief Executive Officer of the Calgary Chamber of Commerce. She is a veteran business strategist and senior executive professional with multifaceted experience as both an independent entrepreneur and an executive in international corporations in the agriculture, financial markets, and oil and gas industries. Dr. Patry is the Executive Director of the U15 Group of Canadian Research Universities and the former President and Chief Executive Officer of the Canada Foundation for Innovation. Dr. Patry also served as President and Vice-Chancellor of the University of Ottawa (2001-2008). Quote Bill Morneau, Minister of Finance"I wish to congratulate the candidates on their successful appointments to the Board of Directors of the Royal Canadian Mint. Their diverse backgrounds and extensive experience will be an asset to the Board, and I wish them great success in these new roles."
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Pillar of the Community
Canada
798 Posts |
Just what the Mint needs! More directors to pay 6-figure salaries to!!
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Pillar of the Community
Canada
1027 Posts |
All these appointments....but what do they know about the NCLT market? RCM needs people on their board that are collectors and understand about the fatigue and the loss of interest in this hobby due to high mintages and other Mints issuing high quality coins with low mintages. I think these people are appointed in order to cut costs within the corporation but I fail to see their contribution other than trying to balance the books. Seriously, we don't need more financial people on the board.  This happened with the corporation I used to work for. They brought in supposed big financial talent who knew absolutely nothing about what the product was to run the business. What a big mistake as it all went downhill from there. Cut. Cut. Cut......until the corporation was no more. Truly sad. I guess with new issues of one ounce coins, there will probably be another increase to cover these extravagant salaries. HELP Edited by New1954
06/18/2018 06:24 am
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Pillar of the Community
Canada
5324 Posts |
Having quality people on boards are important, their wages in grand scheme of things is minor, rather pay for good personal than the opposite, someone is going to named. As in the latest mint report the RCM makes money, we just keep buying their stuff, who is to blame. In the GTA the dealers are down to paying basically bullion on common NCLT items, that's bad ! |
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CCF Master Historian of USA Commemoratives
United States
12269 Posts |
Quote:
Just what the Mint needs! More directors to pay 6-figure salaries to! Completely inaccurate statement. The RCM's directors do not receive salaries; they are not full-time employees. They are paid a retainer, a per diem when they are conducting RCM business and are reimbursed for reasonable expenses related to meeting attendance and other RCM business. In 2016, the total annual remuneration per director averaged less than $20,000. Quote:
RCM needs people on their board that are collectors and understand about the fatigue and the loss of interest in this hobby due to high mintages... Why? The Board is charged with providing strategic leadership for the RCM and for overseeing the management of its business. It is not a day-to-day operations team. Issues such as the dynamics of collector interest are the purview of product development/brand management teams and sales and marketing staff. Quote:
I guess with new issues of one ounce coins, there will probably be another increase to cover these extravagant salaries. Another statement w/o any basis in fact. It's great to have discussions about RCM business topics, but making inflammatory statements w/o accurate information serves no useful purpose. Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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Pillar of the Community
Canada
1571 Posts |
Is that saying RCM directors make only an average of $20,000 a year? |
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Pillar of the Community
United States
2408 Posts |
IMO board members should have a good understanding of the technology/market/product, regardless of the money they make. And this is key.
Theranos had the most prestigious Board but yet it ended up being a massive $10B failure. Why? Because they were all clueless.
But we digress.... not sure if this topic really belongs here.
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Pillar of the Community
Canada
1027 Posts |
@commems It is my perception of what I see and read about their qualifications. I am not an RCM insider. I am giving my opinion. I did not slander anyone. All I said was that these people are not into COINS. It is free speech. canadian_coins post is excellent and so is yours commems. Now I ask you, is that 20,000 Canadian pesos or 20,000. American? |
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Valued Member
Canada
312 Posts |
Maybe They can mint a coin celebrating the defeat of the Provincial Liberal party of Ontario this past election :)
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Pillar of the Community
 Canada
665 Posts |
@redzapsid Quote:Is that saying RCM directors make only an average of $20,000 a year? I don't know what the RCM directors earn but accept the opinion of @commems. Remember that a position on a Board of Directors is a part time function, rarely exceeding 1-2 days per month over the course of a year. Typically, BOD membership is offered to those who have experience in complementary industries and help the organisation set strategic direction. In non-government Boards, directors may be paid in stock options or a small stipend on top of expenses and per-diem for attending board meetings. I would imagine that it would be similar for crown corporations. @NEW1954 While I would agree that someone with a hobbyist collecting background may help, it doesn't take too deep a read of this forum to recognize that even among fervent hobbyists, there is a broad set of opinions that are often contradictory on what should be minted... What should the BOD do? walk the line between breadth of product to appeal to the varied tastes of the collecting community while continuing to test new market options. Don't forget that the primary function for the RCM is to mint coins for circulation for Canadians. In addition to NCLT, they also mint circulation (and presumably NCLT) for other countries that don't have their own mints or lack capacity in their mints. It is better to have folks that understand the industry and sources of revenue and margin so that the RCM can maintain a financially viable position so that we as hobbyists can continue to benefit from the releases that appeal to us individually. Inevitably on any Board, there are members who are there from influence & connections vs. the ability & experience to contribute but that is not unique to crown corporations. All we hope is that the drivers on the Board understand the industry and market place in which the RCM operates. |
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CCF Master Historian of USA Commemoratives
United States
12269 Posts |
Quote:Is that saying RCM directors make only an average of $20,000 a year? Per the RCM's 2016 Annual Report, the total remuneration for the Board's Chair was $43,682. The total for the other nine Directors ranged from a low of $13,960 to a high of $24,630. The $24K was an outlier, however, as eight of the nine received less than $18,000. The total payout (not including expenses) for the 10 Directors was $194,297 - an average of less than $20K each. Quote:
I did not slander anyone. Never said anyone slandered anyone. (I didn't accuse anyone of libel either.) I just pointed out factually inaccurate statements. Opinions are fine, everyone is entitled to his/her own, potential problems arise, however, when opinions are stated as if they are verifiable facts. Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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Posted 06/17/2018 9:25 pm
