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During 2006, following a formal review by PriceWaterhouseCoopers LLP of compensation of directors and officers of other entities in the real estate sector that are comparable in size and operations to the Corporation, the Board of Directors approved the recommendations of the Compensation Committee in respect of payment of annual retainers for the Corporation's directors. The compensation approved included the following:
| Regular Board Service |
|
| Annual Retainer - Director |
$20,000
|
| Annual Retainer - Chairman |
$40,000
|
| Meeting Attendance - in person |
$ 500
|
| Meeting Attendance - by phone |
$ 250
|
| Audit Committee |
|
| Chair Retainer |
$7,500
|
| Member Retainer |
$2,500
|
| Meeting Attendance - in person |
$ 500
|
| Meeting Attendance - by phone |
$ 250
|
| Compensation Committee |
|
| Chair Retainer |
$5,000
|
| Member Retainer |
$2,500
|
| Meeting Attendance - in person |
$ 500
|
| Meeting Attendance - by phone |
$ 250
|
| Governance Committee |
|
| Chair Retainer |
$5,000
|
|
Member Retainer
|
$2,500
|
|
Meeting Attendance - in person
|
$ 500
|
|
Meeting Attendance - by phone
|
$ 250
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In addition, all independent directors are reimbursed for any reasonable expenses incurred by them while acting in their capacity as directors, including expenses associated with attendance at Board, committee and shareholder meetings, and directors may from time to time be issued stock options. During the fiscal year ended December 31, 2006, no options were issued to the directors of the Corporation in their capacity as directors.
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