According to Rogers Sugar’s year-end press release, its adjusted EBITDA figure increased by 8.5 per cent. That was actually significantly worse than the prior year, when adjusted EBITDA increased by 12.2 per cent. And the stock fell more than 7 per cent in the most recent fiscal year, ended Sept. 30. The case for the executives’ pay increases is unclear, to be generous. As a small company, Rogers Sugar isn’t used to the eagle eyes that investors train on much bigger corporations, so perhaps they think this disclosure, and these pay practices, will suffice.

So profitability slipping, everyone works harder to make up for it, executives get raises.