management information circular 2019 - v8 (final to printer) · 2019-04-05 · :+($721 0$1$*(0(17...
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Important Meeting Information Date May 9, 2019 Time 10:30a.m. (Vancouver Time) Location Offices of Cassels, Brock & Blackwell LLP, Suite 2200 HSBC Building, 885 West
Georgia Street, Vancouver, British Columbia V6C 3E8
Bus
ines
s of
the
Mee
ting
Business of the Meeting
Our Year in R
eview – 2018
Our Year in Review – 2018
Wheaton settled the CRA dispute for the 2005-2010 taxation years for no additional cash taxes, confirming our confidence in our business structure and tax filing positions
Wheaton added new streams on the Stillwater mines and Voisey’s Bay mine and negotiated a new stream on San Dimas, continuing our focus on high quality streaming assets
Wheaton exceeded production guidance for gold, silver and palladium by 5%, 9% and 41% respectively
Our
Yea
r in
Rev
iew
– 2
018
Benchmarking to Well-Selected Comparator Group –
Balanced Approach to Compensation –
Annual Bonus Tied to Performance –
Pay for Performance Alignment –
Significant Proportion of Long-Term Compensation –
Executive Share Ownership –
Caps on Compensation
Claw Back Policy & Risk Management –
Independent Advice –
Human Resources Committee Discretion –
Anti-Hedging Policy –
Employment Agreements –
Double Trigger on Severance Payments –
Modest Benefits –
At the 2016, 2017 and 2018 annual and special
meetings, Wheaton received 90% or more support for Say on
Pay advisory votes.
Our Year in R
eview – 2018
Independence of the Board –
Independent Chair –
In Camera Meetings of the Board –
Overboarding –
Limits on Interlocking –
Majority Voting Policy –
Terms of Reference –
Diversity on the Board and at Wheaton –
Risk Management –
Continuing Education –
Code of Business Conducts and Ethics –
Whistleblower Policy –
Strong Share Ownership Requirements –
Tabl
e of
Con
tent
s
Table of Contents
N
otice of 2018 Annual and Special M
eeting
Notice of 2019 Annual and Special Meeting of Shareholders
•
•
•
•
(
,
“Randy V. J. Smallwood”
Important Meeting Information Date May 9, 2019 Time 10:30a.m. (Vancouver Time) Location Offices of Cassels, Brock & Blackwell LLP, Suite 2200 HSBC Building, 885 West
Georgia Street, Vancouver, British Columbia V6C 3E8
Prox
y Su
mm
ary
Info
rmat
ion
Proxy Summary Information
em@il
C
omm
only Asked Q
uestions and Answ
ers – Voting and Proxies
Commonly Asked Questions and Answers – Voting and Proxies
Where do I send my completed proxy if I am a registered shareholder?
Income Tax Act
Com
mon
ly A
sked
Que
stio
ns a
nd A
nsw
ers
– Vo
ting
and
Prox
ies
C
omm
only Asked Q
uestions and Answ
ers – Voting and Proxies
Com
mon
ly A
sked
Que
stio
ns a
nd A
nsw
ers
– Vo
ting
and
Prox
ies
General Proxy Inform
ation
General Proxy Information
Gen
eral
Pro
xy In
form
atio
n
Communication with Beneficial Owners of Securities of a Reporting Issuer
General Proxy Inform
ation
Gen
eral
Pro
xy In
form
atio
n
Business Corporations Act
Election of D
irectors
Election of Directors
Advance Notice of Nominations of Directors
Elec
tion
of D
irect
ors
Election of D
irectors
Elec
tion
of D
irect
ors
Election of D
irectors
Elec
tion
of D
irect
ors
Election of D
irectors
Elec
tion
of D
irect
ors
Election of D
irectors
Elec
tion
of D
irect
ors
Election of D
irectors
Elec
tion
of D
irect
ors
Companies’ Creditors Arrangement Act
C
orporate Governance Practices
Corporate Governance PracticesCorporate Governance Guidelines
Disclosure of Corporate Governance Practices
2018 Corporate Governance At A Glance”
Cor
pora
te G
over
nanc
e Pr
actic
es Audit Committees
C
orporate Governance Practices•
•
•
•
••
••
•
Cor
pora
te G
over
nanc
e Pr
actic
es
•••
•
C
orporate Governance Practices
•
•
Cor
pora
te G
over
nanc
e Pr
actic
es
C
orporate Governance Practices
Cor
pora
te G
over
nanc
e Pr
actic
es
•••
ad hoc
C
orporate Governance Practices
•••••
•
•
••
•
•
••
Cor
pora
te G
over
nanc
e Pr
actic
es
C
orporate Governance Practices
Dire
ctor
Com
pens
atio
n
Director Compensation
D
irector Com
pensation
Dire
ctor
Com
pens
atio
n
D
irector Com
pensation
Dire
ctor
Com
pens
atio
n
•
•
D
irector Com
pensation
Exec
utiv
e C
ompe
nsat
ion
Executive Compensation
OUR YEAR IN REVIEW - 2018 ................................... 42 INTRODUCTION ........................................................ 42 OBJECTIVES OF COMPENSATION PROGRAM ............... 42 OVERVIEW OF THE COMPENSATION PHILOSOPHY ........ 43 OPPORTUNITY FOR SHAREHOLDER FEEDBACK ........... 43 ROLE OF THE HUMAN RESOURCES COMMITTEE .......... 43 NAMED EXECUTIVE OFFICERS .................................. 45 ROLE OF THE CHIEF EXECUTIVE OFFICER .................. 45 ROLE OF THE COMPENSATION CONSULTANT .............. 46 ELEMENTS OF EXECUTIVE COMPENSATION ................ 47 OVERVIEW OF HOW COMPENSATION PROGRAM FITS WITH WHEATON COMPENSATION GOALS ............ 49 THE COMPARATOR GROUPS ..................................... 49 BENCHMARKING ...................................................... 52 BASE SALARY ......................................................... 52 ANNUAL PERFORMANCE BASED CASH INCENTIVES ..... 52 CORPORATE PERFORMANCE OBJECTIVES .................. 53 PERSONAL PERFORMANCE OBJECTIVES .................... 57 LONG-TERM INCENTIVE PLAN – STOCK OPTIONS, RESTRICTED SHARE RIGHTS AND PERFORMANCE SHARE UNITS .......................................................... 58 2018 STOCK OPTION AWARDS ................................. 59 2018 RESTRICTED SHARE RIGHT AWARDS ................ 60 2018 PERFORMANCE SHARE UNIT AWARDS .............. 61
RETIREMENT PLANS ................................................ 63 OTHER COMPENSATION – PERQUISITES .................... 63 EXECUTIVE SHARE OWNERSHIP POLICY .................... 63 POLICY REGARDING CERTAIN FINANCIAL INSTRUMENTS ......................................................... 65 CONSIDERATION OF RISK ASSOCIATED WITH EXECUTIVE COMPENSATION ..................................... 65 SUCCESSION PLANNING FOR PRESIDENT AND CHIEF EXECUTIVE OFFICER ...................................... 67 FUTURE COMPENSATION PROGRAM .......................... 67 PAY FOR PERFORMANCE ALIGNMENT ........................ 67 PERFORMANCE GRAPH ............................................ 68 NET REALIZABLE PAY .............................................. 69 SUMMARY COMPENSATION TABLE ............................. 70 INCENTIVE PLAN AWARDS ........................................ 72 TERMINATION AND CHANGE OF CONTROL BENEFITS ... 74 ESTIMATED INCREMENTAL PAYMENT ON CHANGE OF CONTROL OR TERMINATION ................................. 77 SHARE OPTION PLAN ............................................... 78 PERFORMANCE SHARE UNIT PLAN ............................ 80 RESTRICTED SHARE PLAN ....................................... 81
“2018 Compensation At A Glance”
Executive C
ompensation
Exec
utiv
e C
ompe
nsat
ion
••
•
•
Audit Committees
Executive C
ompensation
•••••
Exec
utiv
e C
ompe
nsat
ion
Executive C
ompensation
Exec
utiv
e C
ompe
nsat
ion
Executive C
ompensation
Attract, Retain and Motivate Key Talent
•
•
Alignment of Interest of Management with Interest of the Company’s Shareholders
•
•
•
• •• •• •• •• •• •• ••
Exec
utiv
e C
ompe
nsat
ion
•
•
•
•
•
•
• •• •• •• •• •• •• ••
Executive C
ompensation
Revenue and Market Capitalization of Wheaton and 2019 Comparator Group
Net Income and Market Capitalization of Wheaton and 2019 Comparator Group
Exec
utiv
e C
ompe
nsat
ion
Executive C
ompensation
Exec
utiv
e C
ompe
nsat
ion
Total Growth
Total Portfolio Performance
Total Financial Excellence
Executive C
ompensation
•
••
••
•
•
•
Exec
utiv
e C
ompe
nsat
ion
•
••••
Executive C
ompensation
Exec
utiv
e C
ompe
nsat
ion
Executive C
ompensation
Total
Total
Exec
utiv
e C
ompe
nsat
ion
Executive C
ompensation
••••
Exec
utiv
e C
ompe
nsat
ion
Executive C
ompensation
•
•
Exec
utiv
e C
ompe
nsat
ion
Executive C
ompensation
Exec
utiv
e C
ompe
nsat
ion
•
•
•
Executive C
ompensation
Exec
utiv
e C
ompe
nsat
ion
Executive C
ompensation
Exec
utiv
e C
ompe
nsat
ion
Non-IFRS Measures
Executive C
ompensation
Exec
utiv
e C
ompe
nsat
ion
Executive C
ompensation
Exec
utiv
e C
ompe
nsat
ion
Executive C
ompensation
Exec
utiv
e C
ompe
nsat
ion
Executive C
ompensation
Se
curit
ies
Aut
horiz
ed fo
r Iss
uanc
e un
der E
quity
Com
pens
atio
n Pl
ans Securities Authorized for Issuance under Equity Compensation Plans
Securities A
uthorized for Issuance under Equity Com
pensation Plans
Se
curit
ies
Aut
horiz
ed fo
r Iss
uanc
e un
der E
quity
Com
pens
atio
n Pl
ans
Securities A
uthorized for Issuance under Equity Com
pensation Plans
Se
curit
ies
Aut
horiz
ed fo
r Iss
uanc
e un
der E
quity
Com
pens
atio
n Pl
ans
O
ther Information
Other Information
Indebtedness of Directors and Executive Officers
Interest of Certain Persons in Matters to be Acted Upon
Interest of Informed Persons in Material Transactions
App
oint
men
t of A
udito
rs
Appointment of Auditors
Special M
atters
Special Matters
Say on Pay Advisory Vote
Say on Pay
Say on Pay
Say on Pay
Shar
ehol
der E
ngag
emen
t & C
onta
ctin
g th
e B
oard
of D
irect
ors
Shareholder Engagement & Contacting Board of Directors
Shareholder Engagement & Contacting the Board of Directors
Directors’ Approval
“Randy V.J. Smallwood”
Additional Inform
ation
Additional Information
Additional Information
Schedule “A” – Charter of the Board of Directors Sc
hedu
les
Schedule “A” – Charter of the Board of Directors Schedules
Schedule “A” – Charter of the Board of Directors Sc
hedu
les
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