TORONTO, Dec. 17, 2018 /CNW/ - The Bedford Consulting Group Inc. today released its ninth annual survey of executive and board compensation in the mining industry.
The report is an in-depth analysis of compensation paid at nearly 200 mining companies listed on the TSX and NYSE, covering 765 mining industry named executive officers (NEOs) and 1,200 board members. The analysis covers base salaries, bonus plans, and long-term incentive plans, meeting fees and equity rewards paid to board chairs and members, chief executive officers, chief financial officers, chief operating officers, and other mining executives based on the 2017 fiscal year financial filings of publicly-listed mining companies.
The Bedford database includes major, mid-tier and junior miners active in Canada, Australia, Asia, Africa, Latin America and the United States. These mining companies are involved in the extraction, processing and ownership of gold, silver, copper, coal, molybdenum, vanadium, cobalt and other minerals.
"For boards, executives and shareholders, this annual report provides valuable insights into compensation and governance," said Frank Galati, Managing Partner of Bedford. "It is one of the few sources of such compensation data and analysis in Canada," he said.
The wide-ranging Bedford Report also delves into the value of executive severance and termination agreements, plus trends on corporate governance such as 'Say on Pay' and gender diversity in the mining industry.
"Bedford is a strong proponent of diversity in the mining industry and the values it brings," commented Galati.
"However, the report's research shows only 13% of board members included in the study were women. The most common executive role held by women is CFO – 43% of all CFOs," he added.
The top paid mining CEO was Lourenco Gonçalves of Cliffs Natural Resources, with total paid compensation of $23,781,303.
At the 50th percentile, CEO total compensation ranged from $319,047 for companies under $100 million in assets, to $7,754,543 at companies with over $20 billion in assets.
Compared to the previous year, CFO median total compensation ranged from a 34% decrease at companies with assets between $100 million and $200 million, to a 76% increase for companies with assets below $100 million.
The top paid mining CFO was Kathleen Quirk of Freeport McMoRan Copper and Gold Inc., with total compensation of $8,551,822.
Thirteen per cent of mining companies replaced their CEO in 2017.
Only 8% of NEOs in the Bedford study were women.
Full hard and soft copies of the Bedford Report on Board & Executive Compensation in the Mining Industry are available from Bedford.
The Bedford Consulting Group Inc. has been deeply involved in the mining industry for 40 years, as a leader in executive search for Boards and mining companies globally, and for the past nine years as a source of compensation advice and information.
The Bedford Consulting Group Inc. Bay Adelaide Centre, East Tower 22 Adelaide Street West, Suite 2760 Toronto M5H 4E3 Canada Telephone: +1 416 963 9000
SOURCE Bedford Consulting Group Inc.
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