The Bedford Consulting Group released its annual survey of executive and board compensation in the mining industry and revealed that, within the nearly 200 companies in their sample, only 13% of board members are women.
Even lower, when it came to analyzing named executive officers in mining firms, only 8% were women. The most common executive role held by these women is CFO.
Looking at compensation, Bedford found that the top paid mining CFO was Kathleen Quirk of Freeport McMoRan Copper and Gold Inc., with total compensation of $8,551,822.
Kathleen Quirk, CFO of Freeport McMoRan Copper and Gold Inc.
Overall and compared to the previous year, the report reveals that 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.
CEOs, on the other hand, saw a better year. At the 50th percentile, their 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.
According to the Toronto-based consultancy, the top paid mining CEO was Lourenco Gonçalves of Cliffs Natural Resources, with total paid compensation of $23,781,303.
The Bedford report is an in-depth analysis of compensation paid by major, mid-tier and junior miners listed on the TSX and NYSE, and operating in Canada, Australia, Asia, Africa, Latin America and the United States.
The document covers 765 mining industry named executive officers and 1,200 board members, whose firms are involved in the extraction, processing and ownership of gold, silver, copper, coal, molybdenum, vanadium, cobalt and other minerals.
In a press release, Bedford explained that 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.
“For boards, executives and shareholders, this annual report provides valuable insights into compensation and governance,” said Frank Galati, Managing Partner of Bedford, in the media brief.
8 Comments
Andy Whitten
What percentage of regular mine employees are women?
Guest
This may be the case now, but in a couple of decades time we’ll likely see huge swings to equalise these numbers. It is the way it is currently, as those with vast experience in mining are typically male, as a few decades ago the industry was even more male dominated. I do not see value in pushing for quotas, as those older male execs will eventually retire and newer blood will come through.
Personally, I don’t care what is between the legs of board members – as long as they are the right person for the job!
chunga
This Obscession with women percentage in careers has to stop. What a senseless “analysis “.
allritejack
Valuable insights by whose reckoning? Employers are free to hire on competence & don’t need any socialist/Marxist assistance to do it. Employees are free to take jobs or leave jobs. If feminists are not happy with percentages on a given mine or company let them all resign in protest & we can get on with the tough job of mining.
allritejack
Time all male teachers and nurses resigned over the unfair representation of women in these careers. I suppose not enough of them are wimps to make the move though.
Spasmolytic
How could any logical person expect women to make up 50% of mining board members when approximately 87% of mine workers are men? Women tend to avoid dirty, dangerous, and psychically strenuous occupations.
F16JetJock
So what!! Perhaps women choose to be stay-at-home moms (as God intended), or they personally choose to NOT enter the mining occupation. In other words STOP with this horrific Marxist/liberal/socialist politically-correct notion that women deserve to replace men in the work-place.
Karin Hall
Ain’t socialism great?