2 Kinder Morgan Canada executives each get $1.5M bonus as part of Trans Mountain deal

A pair of executives at Kinder Morgan Canada have each been awarded $1.5-million retention bonuses in connection with the $4.5-billion sale of the Trans Mountainpipeline to the Canadian government.

The company's board of directors approved the bonuses, whichwill be paid toIan Anderson, president of the company, and David Safari, who is vice-president of the Trans Mountain Pipeline system and expansion project.

The information is contained in a regulatory document filed with the U.S. Securities and Exchange Commission. The report is dated May 28.

Trans Mountain bonuses | Power Panel

6 years ago

Duration 6:22

The Power Panel discusses $3 million bonus blowback for two Trans Mountain executives.

It wasfiled on June 1 andis signed by Kinder Morgan Canada Ltd.'s chief financial officer, DaxSanders.

The document states thatthe retention bonus for Anderson and Safari "will be payable in equal parts on July2019 and July2020, provided that the applicable officer remains employed" by the company throughthose dates.

The company says the arrangements are "consistent with industry practice" for the size of the project and transaction.

Anderson has been with Kinder Morgan and its Canadian predecessors for more than 38 years. He becamepresident of theKinder Morgan Canada Ltd.in 2017.

Safari joined Kinder Morgan Canada in 2015, after working forLaricina Energy Ltd. and Statoil Canada.

The awarding of the bonuses came one day before the public announcement by federal Finance Minister BillMorneauthat the Canadian government was buying the Trans Mountain pipeline and related infrastructure.

Ottawa stepped in as the Trans Mountain projectfacedopposition from the B.C. government, environmental activists and some Indigenous groups.