Bedford Group/TRANSEARCH Publishes 16th Annual Industry-Wide Report on Board and Executive Compensation in the Mining Industry
TORONTO, Sept. 17, 2025 /CNW/ - Bedford Group/TRANSEARCH has released its 2025 Report on Board and Executive Compensation in the Mining Industry, leveraging data from 300 publicly listed mining companies and covering more than 1,260 Named Executive Officers and 1,900 board members. The report provides insights into evolving pay and governance practices at a time of significant transition for the sector, and is designed as a resource to aid in developing compensation strategies that attract, engage, and retain top executive talent.
"The mining industry is navigating volatility in commodity markets, talent shortages, and increasing governance expectations," said Frank Galati, Managing Partner and Executive Compensation Practice Leader at Bedford Group/TRANSEARCH. "The recent rebound in commodity prices has created pressure to secure leadership talent, but our data shows mid-tier companies are struggling to keep pace. The gap in executive pay between smaller and larger firms is widening, and that has major implications for competitiveness."
Bedford's report highlights a clear divergence in compensation outcomes across asset tiers. In companies valued over $500 million, typically advanced developers and producers, total compensation rose steeply, reflecting the greater resources and financial flexibility of larger operators. By contrast, companies in the $100 to $200 million range saw little movement in base salary and, in some cases, declines in total compensation for CFOs, COOs and VPs of Corporate Development. Overall, median compensation increased across most executive roles once company assets exceeded $200 million, driven primarily by higher cash bonuses.
Board compensation also trended upward, with equity awards accounting for 50-60% of total director pay across most asset tiers. Governance practices are evolving in parallel. More companies are introducing shareholder "Say on Pay" votes, with participation reaching 22% across the sector and 37% among companies with assets above $100 million. Of those holding a vote, 62% had assets above $1 billion, underscoring the momentum among larger firms.
The report reveals that CEO turnover fell to 12.7%, the lowest level since 2021, even as CFO turnover remained elevated above 17%. Diversity progress remained gradual, as female representation among CEOs rose from 3.7% in 2020 to 6.5% in 2024. Nearly 20% of CFOs are now women, the highest share of any C-Suite role tracked by Bedford.
Looking ahead, the report notes that the relatively modest increases in total compensation observed in 2025 reflect decisions made before the rebound in commodity markets that began in late 2024. Bedford expects stronger upward pressure on executive pay in the years ahead as miners compete for leaders who can guide them through capital constraints, workforce shortages, and increasing demands for digital and sustainability expertise. With the Canadian mining sector contributing C$112 billion to GDP and supporting nearly 750,000 jobs in 2024, competition for executive talent shows no sign of abating.
The full 2025 Report on Board and Executive Compensation in the Mining Industry is available now at bedfordgroup.com. In addition to detailed benchmarks across asset tiers, the report provides analysis of compensation mix, governance practices, and diversity progress. Boards and executives can use the study to test the competitiveness of their own programs – and, with Bedford's advisory expertise in compensation strategy, governance, and executive search, align pay and leadership with the long-term needs of the business.
About Bedford Group/TRANSEARCH
Bedford Group/TRANSEARCH is one of North America's leading privately held executive search and talent strategy firms, with offices in Toronto, Calgary, Montreal, Vancouver, and Boston. Founded in 1980, Bedford Resources Inc. is the North American partner of TRANSEARCH International, and one of the Top 10 largest executive search firms in the world with 60 offices in 40 countries.
SOURCE Bedford Group/TRANSEARCH
For further information: Frank Galati, Managing Partner & Compensation Practice Leader, +1 416 970 7600, [email protected]
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