Day 123 - 09 May 95 - Page 04
1 I cannot see any relevance at the moment in what you are
2 asking about now.
3
4 MR. MORRIS: The executives and directors of the McDonald's
5 Corporation, or some of them, receive stock options and
6 compensation over and above their wages, do they not?
7 A. Stock options are considered a form of compensation.
8 That is part of the compensation package that is paid to
9 the executives of the company.
10
11 Q. For example -----
12
13 MR. JUSTICE BELL: Compensation to you would mean the same as
14 remuneration would mean to us, would it?
15 A. That is correct.
16
17 Q. If you can imagine what remuneration means.
18
19 MR. MORRIS: But that is above their actual wages?
20 A. It is the package; the salary -----
21
22 MR. JUSTICE BELL: It is all part of what they receive.
23 A. That is correct. Salary, bonus, stock options would be
24 a part of the compensation package -- would be the
25 compensation package or remuneration package.
26
27 MR. MORRIS: So, for example, just to pick a name out of a hat,
28 Michael Quinlan, the Chair -- is he the Chair ---
29 A. Chairman of the Board, that is correct.
30
31 Q. -- in 1992 would have received something like $22 million
32 on top of his salary or stock options and remuneration or
33 bonus?
34 A. I do not believe that is correct, Mr. Morris.
35
36 Q. I have added up the stock options and the compensation,
37 maybe compensation is the complete amount which would have
38 been $12 million, does that sound more accurate?
39 A. I do not recall the number of options he received in
40 1992. The market value at the time that those options were
41 granted might have been $12 million, but associated with
42 those options would be a cost. So, I think the net value
43 of those options would be something less than the figure
44 that you have indicated.
45
46 Q. Without asking you about your own individual salary, would
47 it be fair to say that roughly the salaries of the
48 directors and officers such as yourself are something
49 between three-quarters of a million and $2 million a year?
50 A. Total compensation package?
51
52 Q. No, the salary.
53 A. I do not believe that is correct, no.
54
55 Q. Could you just give us a rough figure?
56
57 MR. RAMPTON: No, my Lord, I am going to object now.
58
59 MR. JUSTICE BELL: No. You still have not explained to me --
60 I ruled on this last time and that I cannot see -- the
