Canadian Drug Companies

[Onthego]

QLT-T NR today 91m at 8.64

Globe says QLT cuts out annual report to save money


2006-04-12 08:41 ET - In the News

The Globe and Mail reports in its Wednesday edition in a move to reduce costs, QLT is not producing an annual report for 2005. The Globe's Leonard Zehr writes the move comes in a letter to shareholders from president and chief executive officer Robert Butchofsky. Instead, the drug developer will limit its annual reporting to a 10-K filing with securities regulators. The cost of design, print and mail for the annual report averages about $250,000. In the information circular for the annual meeting on May 9, the company said Mr. Butchofsky is paid a base salary of $520,000 (U.S.) a year. As of last September, when he was appointed interim CEO, replacing Paul Hastings. Mr. Hastings's salary in 2005 was $517,407 (U.S.). He did not receive a bonus but his severance payments will total about $2.9-million. QLT shares rose two cents Tuesday to $8.64 on the Toronto Stock Exchange