Comment: Actually, the income for directors of Morneau Sheppell, of which he was one, have the choice to turn their director fees into DSUs (Director Share Units). They are notional shares (options) are tied to the price of MSI, so no tax is paid upon granting. The profit on them, which can be deferred, turns everything in to capital gains. Even dividends can be turned into DSUs. If filing in Alberta, one can sell $1 million DSUs at a tax rate of less than 20.3%. lower than the rate the janitor at Timmy's pays.

Did I mention there is a clause that allows the transfer of DSUs to others? Did I mention that the Board can unilaterally vest these DSUs immediately without shareholder approval? See the MSI March 2, 2017 Information Proxy Circular