Bedford Group/TRANSEARCH Publishes 13th Annual 2022 Board and Executive Compensation Report Covering the Global Mining Industry

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Oct 18, 2022, 09:00 ET

TORONTO and CAMBRIDGE, Mass, Oct. 18, 2022 /PRNewswire/ - Bedford Group/TRANSEARCH today announced publication of the 2022 Board and Executive Compensation Report for the mining industry. Compensation data and insights from 322 mining companies were analyzed for this report, including over 1,200 named executive officers and 1,900 board members.

"The mining industry continues to face significant headwinds and unprecedented change," said Frank Galati, Managing Partner within The Bedford Group/TRANSEARCH's Mining Group. "In recent years, senior executives have left the industry and new talent is not entering the industry at the same pace. While the decline in commodity prices, mining company stock prices, and the tightening of capital markets put downward pressure on incentive pay, we still saw a notable increase in executive salaries driven by intense competition for leadership and operational talent," said Galati.

A lot has changed over the past 12 months and the future is fraught with uncertainty. While prices for electric vehicle related commodities like lithium have held steady, industrial commodity prices are in freefall and talent shortages throughout the industry are driving labour costs to all-time highs. Economic and political uncertainty, continued supply-chain disruptions, and surging interest rates are adding fuel to the fire.

Stephen Diotte, Bedford's Compensation Partner, added that new SEC disclosure rules surrounding the relationship between executive pay and company financial performance will come into effect in the new year. "These rules, which may be adopted by Canadian regulators in the coming years, are forcing many mining companies to reevaluate their compensation strategy and may make an already difficult labour environment even more challenging to navigate," Diotte noted.

Talent shortages across the industry have also dampened diversity and inclusion efforts. Female representation on mining company boards decreased from 20.6% in 2020 to 19.2% in 2021 and of 325 CEOs, only 12 were female, a decrease of over 50% relative to 2020. "A lot more work needs to be done on the area of board diversity" stated Galati.

The 2022 Board and Executive Compensation Report for the Mining Industry can be accessed on the Company's website at Compensation Reports | The Bedford Group/TRANSEARCH

About Bedford Group/TRANSEARCH

Bedford Group/TRANSEARCH is one of the Top 10 largest retained executive search firms in the world, with 60 offices in 40 countries. With North American offices based in Cambridge, Massachusetts and Toronto, Canada, Bedford Group provides premium executive search, compensation strategy, and talent management solutions to a diverse group of mining clients of all sizes across the world. In addition to retained executive search and compensation strategy, Bedford provides services in succession planning, culture, organizational strategy, diversity and inclusion, leadership assessment and virtual onboarding.

SOURCE Bedford Group/TRANSEARCH