Resolute Forest Products Give Out Bonus

From the Forest Talk blog site:

AbitibiBowater’s executives receive bonuses for 2011

February 28th, 2012 | Posted in Financial News | 5 comments »

The Board of Directors of AbitibiBowater Inc. (doing business as Resolute Forest Products) has approved the payment of incentive awards for 2011.

The following awards have been issued under the company’s 2011 Short-Term Incentive Plan (STIP):

• $178,500 to Yves Laflamme (Senior Vice President, Wood Products, Procurement and Information Technology)
• $78,300 to John Lafave (Senior Vice President, Pulp and Paper Sales and Marketing)
• $91,120 to Jo-Ann Longworth (Senior Vice President and Chief Financial Officer)
• $151,725 to Jacques P. Vachon (Senior Vice President, Corporate Affairs and Chief Legal Officer)

Richard Garneau (President and Chief Executive Officer) was entitled to, but declined, an award of $401,625.

The value of the awards to named executive officers are 52.5% of the target established under the 2011 STIP, except for John Lafave whose award was 26.1% of target.

Ms. Longworth’s payout is prorated for her period of employment with the company in 2011.

2012′s STIP

The Board of Directors has established its material terms for AbitibiBowater’s 2012 STIP.

The 2012 STIP provides that participating employees, including each of the Company’s named executive officers, are eligible to receive cash incentive awards expressed as a percentage of their base salaries, based on certain quantitative Company performance goals over the 2012 annual period. In respect of the Company’s named executive officers, the target and maximum incentive awards are 100% and 150% of base salary, with no applicable minimum, and the applicable performance metrics may include: income from operations, reduction in selling, general and administrative expenses, profit per metric ton, frequency of safety incidents and severity of safety incidents.