BOD Decision -2007/10/04-05 – Compensation of Principals
The Board of Directors approved policy changes concerning the compensation of principals of corporations and other similar entities. The approved policies set out that principals will be compensated based on their actual average earnings, as most other workers are. In addition, a description of the term "principal" has been added to policy for increased clarity.
The changes were to be effective January 1, 2008.
At its March 19, 2008 meeting, the Board of Directors revised the effective date for the Compensation of Principals policy changes to January 1, 2010. The January 1, 2010 revised effective date was intended to allow sufficient time for the Claims Management Solutions (“CMS”) Systems to be developed, implemented and tested before the policy changes took effect.
You may examine the complete resolution on these revised effective dates here.