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  "documentTitle": "Dollarama Inc. (DOL)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-31 00:00:00",
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      "kind": "callout",
      "text": "The thresholds were revised by the Human Resources and Compensation Committee in the context of its annual executive compensation review conducted at the beginning of each fiscal year to take into account, among other elements, the fact that the base for the calculation is growing every year. Source: FY15 Management Proxy Circular. What “other elements” were taken into account?",
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      "text": "However, this target was reset lower after FY 2014 – the only year during which management did not handily exceed the target!",
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      "text": "EBITDA growth: 11%",
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      "text": "Bonuses are paid upon achievement of 11% EBITDA growth. This level was “designed to be a stretch objective.... attainable only with significant effort”. However, this target was reset lower after FY 2014 – the only year during which management did not handily exceed the target! We believe this further calls into question the independence of the board and its compensation committee.",
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      "text": "\"The thresholds were revised by the Human Resources and Compensation Committee in the context of its annual executive compensation review conducted at the beginning of each fiscal year to take into account, among other elements, the fact that the base for the calculation is growing every year.\" — FY15 Management Proxy Circular",
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      "text": "Source: Dollarama",
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      "text": "Table showing Year, EBITDA Growth Objective, and EBITDA Growth Achieved from FY 2012 to FY 2018.",
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      "text": "What Is A Stretch EBITDA Goal?",
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