The compensation philosophy for the Board of Directors and Executive is as follows:
- The compensation of Petro-Canada’s Board of Directors is intended to ensure that highly qualified directors are attracted to meet the demanding responsibilities that are fulfilled by the Company’s Board members. The compensation package is reviewed periodically for competitiveness with the packages of similarly complex organizations.
- The success of the Company depends to a great extent on the Company’s ability to attract, retain and motivate high-performing employees at all levels of the organization. The Company regularly reviews its compensation policies by reference to these objectives. The Compensation Committee reviews overall compensation policies and makes recommendations to the Board of Directors on the compensation programs for the executive officers of Petro-Canada, including the Named Executive Officers.
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