Ken MacNeill and George Read's Shore Gold Inc. (SGF) lost one-half cent to 17.5 cents on 60,000 shares ahead of next week's annual meeting in Saskatoon. Annual meetings in the mid-2000s were harmonious gatherings of Shore's managers and its faithful shareholders, who dubbed themselves "longshoremen." The relationship faded during the recession and has lately been acerbic. Shareholders are upset that Shore's Star-Orion South project is locked in an unending environmental assessment process without a multibillionaire backer in sight, while Mr. MacNeill and Mr. Read continue to draw huge salaries. Mr. MacNeill, CEO, received a salary of $430,560 last year, even higher than he earned in 2011. Mr. Read received $251,335 as senior vice-president of exploration, a $13,000 raise from 2011. Mr. Read may be worth the pay bump since he is Shore's chief cheerleader on the dog and pony circuit. Despite his big pay cheque and his incessant praise for Shore's project, Mr. Read seems a reluctant shareholder. He owned no stock at all until Shore insisted its officers hold a minimum 30,000 shares. Mr. Read complied, buying his stock at 63 cents in 2008, but he still holds the minimum amount despite ample opportunities to average down. Mr. MacNeill owns a few million shares, but he receives much more criticism, and many retail shareholders plan to withhold voting for their former favourite. He need not worry -- last year's attempt to depose Mr. MacNeill was resoundingly defeated -- and he would get a $1.29-million payment if he were turned out of office.
