16. RELATED PARTY TRANSACTIONS
The aggregate value of transactions and outstanding balances relating to key management personnel were as follows:
|
|
Share-based | ||||||||
|
For the year ended December 31, 2017 |
Salary or Fees | Payments | Total | ||||||
|
Management |
$ | 733,244 | $ | 361,865 | $ | 1,095,109 | |||
|
Outside directors * |
149,882 | 226,614 | 376,496 | ||||||
|
Seabord Services Corp. |
357,600 | - | 357,600 | ||||||
|
Total |
$ | 1,240,726 | $ | 588,479 | $ | 1,829,205 |
|
|
Share-based | ||||||||
|
For the year ended December 31, 2016 |
Salary or Fees | Payments | Total | ||||||
|
Management |
$ | 803,033 | $ | 215,933 | $ | 1,018,966 | |||
|
Outside directors * |
151,228 | 167,534.00 | 318,762 | ||||||
|
Seabord Services Corp. |
357,600 | - | 357,600 | ||||||
|
Total |
$ | 1,311,861 | $ | 383,467 | $ | 1,695,328 |
|
|
Share-based | ||||||||
|
For the year ended December 31, 2015 |
Salary or Fees | Payments | Total | ||||||
|
Management |
$ | 1,067,210 | $ | 108,637 | $ | 1,175,847 | |||
|
Outside directors * |
158,257 | 79,898 | 238,155 | ||||||
|
Seabord Services Corp. |
413,700 | - | 413,700 | ||||||
|
Total |
$ | 1,639,167 | $ | 188,535 | $ | 1,827,702 |
* Directors fees include US$5,000 per month paid to the Company’s non-Executive Chairman, who does not receive the fees paid to the other independent director’s.
Seabord Services Corp. (“Seabord”) is a management services company controlled by the Chairman of the Board of Directors of the Company. Seabord provides a Chief Financial Officer, a Corporate Secretary, accounting and administration staff, and office space to the Company. The Chief Financial Officer and Corporate Secretary are employees of Seabord and are not paid directly by the Company.
Included in the table above for the year ended December 31, 2015 is $247,660 in termination payments to a former officer of the Company. The amount has been included in Other expenses for that year.
Included in accounts payable and accrued liabilities at December 31, 2017 is $7,177 (2016 - $5,913) owed to key management personnel and $23,568 (2016 - $17,559) to other related parties. By way of a common director, included in Notes receivable (Note 7) are certain balances owing from a related party.