NSLC Releases Board of Directors' Expenses

The Nova Scotia Liquor Corporation (NSLC) released the expenses for its board of directors covering the first two years of the board's operations. These expenses will be released regularly by the corporation.

"The expenses of our seven voting board members in performing their legislated duties amounts to less than $14 per person per work day for the last two years," said Rick Perkins, director, corporate communications for the NSLC. "The board has stayed under budget in each of its first two years of operation, consistent with their strong stewardship of the NSLC."

For the first two years of operation, the seven voting members of the NSLC board of directors spent a total of $48,329.38 in expenses in performing their duties. Most of these expenses relate to directors' attendance at board and committee meetings at the NSLC head office in Bayer's Lake. The expenses also include those of directors who represented the NSLC at national meetings of the Canadian Association of Liquor Jurisdictions as well as several corporate governance seminars.

In addition to these expenses, each NSLC director receives monthly compensation of $600. The chairman of the NSLC receives monthly compensation of $1,000. This is consistent with the approach, outlined by the Conference Board of Canada, that director compensation should not, and does not, provide economic reward equal to those in the job market.

In a recent report on publicly traded companies, The Canadian Board Index -- published annually through the combined efforts of Spencer Stewart Consulting and the Rotman School of Management of the University of Toronto -- said the average director fee for attending single meetings was $1,331. Further, a recent study of 162 Crown corporations and non-profit organizations by the Conference Board of Canada found that the average annual compensation for directors in 2002 in this organizational category was $24,428.

"At $7,200 annual compensation, NSLC director compensation is two thirds below the average in Canada for directors of Crown corporations," concluded Rick Perkins. "This represents extraordinary value for taxpayers in the governance of Nova Scotia's largest and most complex Crown corporation."

Detailed copies of all director expense claims can be viewed and downloaded in the corporate information/news releases section of the NSLC's website, www.nsliquor.ca .

The Nova Scotia Liquor Corporation provides world class selection and service of beverage alcohol through the operation of 100 retail stores and seven agencies throughout the province. By providing superior customer convenience and service, the NSLC returns substantial revenue to the provincial government while ensuring the responsible enjoyment of beverage alcohol in Nova Scotia.