Our Board Chair’s Salary

There has been a fair bit of media coverage lately over the issue of the salary of the Chair of our Board of Directors. The accusation is that Mr. Phelps, who also happens to be Chair of our parent company the Yukon Development Corporation (YDC), was paid more than he was allowed in 2008. While we want to set the record straight, we think it might also be helpful to you if we provide an explanation of the relationship betwen YDC and Yukon Energy.

The Yukon Development Corporation is a crown corporation of the Yukon government. Yukon Energy, in turn, is a subsidiary of YDC. While the two of us have a parent/child relationship, we are separate corporations with separate mandates, financial structures and remuneration policies for board members.

There is a salary cap of $38,000 for the Chair of YDC. Mr. Phelps has never been paid above that amount by the Development Corporation. 

As Chair of Yukon Energy, he is paid a separate honoraria for the work he does for us. In 2008 Yukon Energy paid him just over $57,000. This was more than in the past because he did more work for us in 2008 than in previous years. In addition to his regular board meetings, he devoted a large amount of time investigating the viability of geothermal energy in Yukon.

Both corporations are audited each year by the Auditor General, and she has always found our books to be in good standing in this regard.

As you likely know, Yukon is a small jurisdiction and it is not uncommon for the same individual to sit on more than one board. Obviously those individuals are paid for their work on each board from the funds available to that board. Mr. Phelps' situation is no different.

We hope this helps clear up any confusion. If not, feel free to contact us with any questions you might have.