Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Endeavour Mining Plc is stripping its former chief executive officer Sébastien de Montessus of $29.1 million in remuneration after he was fired earlier this month for “serious misconduct.”
The London-based gold miner said in a statement Thursday that de Montessus forfeits $17.6 million, which includes a $2 million annual bonus for last year and $15.6 million in unvested share awards. Endeavour Mining is also clawing back $10 million for a one-off award granted in 2021 and $1.5 million cash bonus for 2022, the company said.
Endeavour fired de Montessus earlier this month, citing serious misconduct over an alleged irregular payment instruction of $5.9 million tied to an asset sale. De Montessus has since said he instructed a creditor of Endeavour to make the payment in 2021 to a security company to offset money owed for essential security equipment.
“I am disappointed with the way that this matter has been handled and that I have not been given an opportunity to make proper representations to either the board or the remuneration committee,” de Montessus said in a separate Thursday statement.
The Canadian shares of Endeavour rose 1.3% to C$23.91 at 4 p.m. in Toronto.
(By Jacob Lorinc)
Comments