Struggling Vancouver clean-tech company BioteQ Environmental Technologies Inc. (TSX:BQE), which specializes in industrial wastewater treatment technology, has reduced its board of directors’ compensation in an attempt to cut costs.
In March, BioteQ posted 2011 net losses of $5.1 million. In 2010 the company lost $10.9 million.
Cash compensation for non-executive directors for meetings and a yearly retainer will be reduced by approximately 20%.
In addition, the annual grant to non-executive board members of Deferred Share Units (DSUs) will be converted to the equivalent value of options, to further reduce cash costs to the company.
These compensation changes will be retroactive to January 1, 2012.
With the move to options from DSUs, the board granted a total of 540,000 options for the 2012 fiscal year to the six independent board members on April 10, 2012, at a price of $0.19 per share.
The options expire on April 10, 2017.
George Poling, chairman of the board of directors, said, “The board has made these changes to demonstrate our individual and collective commitment to cost reduction measures that will assist in establishing BioteQ as a successful leader in industrial water treatment.”
