The Bedford Consulting Group has released its ninth annual survey of executive and board compensation, following an in-depth analysis of compensation paid at nearly 200 mining companies listed on the TSX and NYSE.
The survey covered 765 executive officers and some 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.”
Among the highlights, Lourenco Gonçalves, the CEO of Cliffs, took home $23.7 million in 2017, making him the highest paid mining CEO in those public listings.
Also on the list were Newmont CEO Gary Goldberg, Richard Adkerson from Freeport, Don Lindsay from Teck Resources, and Chuck Magro from Nutrien earning salaries combined with incentives ranging from roughly $18 million to $12 million.
The Bedford survey also revealed that at the 50th percentile, CEO total compensation packages ranged from $319,047 for companies under $100 million in assets, to $7,754,543 at companies with over $20 billion in assets.
It was also revealed that only eight per cent of the executive officers named in the survey were women. But at the same time, the survey showed the most executive role held by women is that of Chief Financial Officer, with women accounting for 43 per cent of all CFOs in the industry.
Bedford also reported that 13 per cent of mining companies replaced their CEOs in 2017.
