Alberta’s McCoy Global Receives Loan Forgiveness of $1.9 Million under USA Payroll Protection Program, annual CEO compensation reduced to $389k.

The proceeds of the funding were used to directly support the Corporation's US employee payroll expenditures during the COVID-19 pandemic.
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EDMONTON, AB, May 28, 2021 – McCoy Global Inc. (“McCoy” or “the Corporation”) (TSX: MCB) today announced the Corporation received loan forgiveness for the first round, April 2020, funding under the US Paycheck Protection Program Loan (PPP) of US$1.9 million.

The Paycheck Protection Program is a loan program that originated from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This was originally a $350-billion program intended to provide American small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loans. The loans are backed by the Small Business Administration 

Data shows that McCoy Global Inc. has a market capitalization of CA$18m, and reported total annual CEO compensation of CA$389k for the year to December 2020. Notably, that’s a decrease of 33% over the year before. The CEO salary CA$350.0k constitutes the majority of total compensation received.

On comparing similar-sized companies in the industry with market capitalizations below CA$242m, the median total CEO compensation was CA$612k.

Component20202019Proportion (2020)
SalaryCA$350kCA$400k90%
OtherCA$39kCA$183k10%
Total CompensationCA$389kCA$583k100%
CEO Salary, McCoy Global

“The second and third waves of the pandemic have led to a slow and choppy recovery, particularly in the Eastern Hemisphere where National Oil Company projects approvals have been delayed.”

Jim Rakievich, President & CEO of McCoy.

“Our first quarter performance was limited by several COVID related lockdowns in active jurisdictions in the Eastern Hemisphere which led to a $0.8 million reduction in cash flow from operating activities compared to 2020,” said Lindsay McGill, Vice President & CFO of McCoy.

Shareholders will get a chance to exercise their voting power to influence the future direction of the company in the next AGM on 01 June 2021. Voting on executive pay could is seen as a powerful way to influence management, as studies have shown that the right compensation incentives impact company performance.

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