Director compensation is paid only to non-employee directors. Further, each non-employee director is required to own GMP Capital Inc. common shares, the dollar value of which is at least three times their annual fee at any given time. Any management Director that is not otherwise entitled to receive a base salary is required to own that number of Common Shares the dollar value of which is at least $1.5 million. Directors are expected to meet this guideline within 12 months of joining the Board of Directors.
GMP Capital Inc. does not have a mandatory age for the retirement of its directors. Instead, the Board's Governance Committee, which is composed entirely of independent directors, reviews the composition of the board of directors on a regular basis in relation to GMP Capital Inc.'s identified criteria and skill requirements and recommends changes as appropriate to renew the board of directors. The following chart summarizes time served on the board of directors.