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Difference between revisions of "Introduction to Transitioning an Existing Society"
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Introduction to Transitioning an Existing Society (view source)
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==2. Remuneration paid to directors and certain employees and contractors must be disclosed== | |||
Under the new Act, a society must disclose any remuneration paid to a director. Remuneration is money or other compensation paid for work or services performed. Amounts paid to a director for being a director and for acting in any other capacity must be disclosed separately. The disclosure must be made in a note to the annual financial statements, which are available to society members and to the public. | |||
(In a change that takes effect in 2018, a society must not remunerate a director for being a director unless the bylaws expressly permit; see below.) | |||
As well, societies must disclose the remuneration of any employees or contractors making over $75,000. If a society has more than 10 employees or contractors making over that amount, they must disclose the top 10. | |||
To counterbalance privacy concerns, the names of the directors, employees and contractors need not be included in the financial statements. The disclosure can be done by position or contract; individual names don’t have to be disclosed. As well, a society can pool the information by disclosing the total number of employees and contractors making over $75,000 and the total amount of remuneration paid to them. | |||
