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Globe says SEC comes to rescue as Tilray comes clean

2022-10-12 09:00 ET - In the News

See In the News (C-TLRY) Tilray Brands Inc

The Globe and Mail reports in its Wednesday edition that there appeared to be great news at cannabis company Tilray Brands: It said its chief executive officer, Irwin Simon, made a mere 52 times what the average worker at the company makes -- a modest figure in an era of inflated executive pay. The Globe's David Milstead writes that unfortunately, Tilray's proxy circular left out the stock awards that make up 90 per cent of Mr. Simon's $19.46-million (U.S.) in compensation. Include those awards, and the chief executive officer makes 526 times the average Tilray worker's $36,989 (U.S.) in pay. Tilray's math seemed to run afoul of disclosure rules for Canada's most effective regulator -- the U.S. Securities and Exchange Commission -- and on Monday, it filed an amended proxy circular to correct its disclosure and provide the bigger number. Tilray's initial filing was a curious attempt to understate the magnitude of the pay for Mr. Simon, the celebrity CEO of the cannabis sector. As Canada slowly heads down the path to more CEO pay-ratio disclosure, Tilray's failed attempt to chart a course in how to understate wealth inequality offers a lesson to Canadian regulators about what companies might do to avoid the scrutiny.

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