Yamana Gold’s Marrone Canada’s highest paid mining CEO

13 Canadian mining CEOs ranked among Canada’s highest paid CEOs of the 100 largest public companies in a Globe and Mail survey published Sunday.

Yamana Gold CEO Peter Marrone is Canadian’s highest paid mining CEO, ranking 15th in The Globe and Mail’s annual ranking of top paid CEOs from the 100 largest public companies.

However, Marrone’s total compensation dropped 11% to $10,708,817 as of the end of last year. The total value of the CEOs’ equity in Yamana was $27.61 million.

The only female mining CEO on the list, Turquoise Hill Resources’ Kay Priestly, was also the lowest paid, ranking 97th on the list at total compensation of $1,033,317. Priestly holds $511,384 in equity value in the parent company of the lucrative Oyu Tolgoi operation in Mongolia.

While 87th ranked-David Harquail of Franco Nevada was the second-lowest paid mining CEO on the list at total compensation of $2,709,412, up 7%; he ranked third in total equity held in Franco-Nevada, an astounding $68.2 million.

PotashCorp’s Bill Doyle ranked 47th among Canadian CEOs in total compensation of $6,565,611 (down 40%), but placed second among his fellow mining CEOs in terms of equity, holding equity of $104.78 million. Doyle’s accrued CEO pension obligation is a substantial $22.2 million, second only to that of Eldorado Gold CEO Paul N. Wright.

Canadian mining’s No. 1 equity champ was 73rd ranked CEO Phillip Pascall of First Quantum Minerals, holding $110.5 million in equity, while receiving total compensation of $3,551,300, up 41%.

The highest total pension held by a mining CEO belongs to 52nd ranked Eldorado Gold CEO Paul Wright with an accrued CEO pension obligation of $23,209,906. However, Wright’s total compensation as CEO was $5,577,377 at the end of last year, a 70% free-fall from 2012.

Goldcorp CEO Chuck Jeannes, ranked 17th in the Globe and Mail CEO survey, earning a total compensation of $10,200,413, up 9%. However, the Global and Mail reported zero equity and no pension obligation for Jeannes in its report.

Barrick CEO Jamie Sokalsky, ranked 34th among Canadian CEOs in the survey, saw his total compensation plunge 30% to $7,972,705 with equity valued at $3,233,468.

Teck Resources CEO Don Lindsay ranked 20th among Canadian CEOs in the survey, earning total compensation of $9,889,974 with equity valued at $15.64 million.

Agnico-Eagle CEO Sean Boyd was ranked 23rd on the survey with a total compensation of $9,492,425, down 3%, as well as holding equity valued at $9.6 million.

Ranked 27th among Canadian CEOs, Kinross Gold CEO Paul Rollinson received total compensation of $8,935,211 along with total equity valued at $6.9 million.

48th ranked Randy Smallwood, Silver Wheaton’s CEO, earned total compensation of $6,030,691, a 51% increase over 2012. The value of his equity is $5.3 million.

Despite being in charge of one of the world’s largest uranium mining companies, Cameco CEO Tim Gitzel was ranked 60th in the survey and earned total compensation of $4,720,325, a one percent decline. Gitzel’s equity is valued at $5.8 million.

THE NORTH AMERICAN CHAMP

However, none of the Canadian mining CEOs could hold a candle to U.S.-based Freeport-McMoRan Copper & Gold CEO Richard Adkerson who was named the 3rd highest paid CEO in the United States in 2013. Adkerson’s US$55.3 million pay package was increased by a whopping 294%, the fourth highest pay increase among the 10 highest paid U.S. CEOs. The mining CEO’s compensation easily outdistanced the pay of Walt Disney CEO Robert Iger at US$34.3 million and Time Warner CEO Jeffrey Bewkes at US$32.5 million.

However, Freeport-McMoRan revised Adkerson’s compensation last year, giving him a US$35.2 million one-time pay out as part of a new employment contract which now makes him an at-will employee. Of the $38.9 million Adkerson received in total direct compensation last year, $35.2 million related to a one-time grant of restricted stock units in connection with the termination of his employment agreements, FCX officials told the Phoenix Business Journal.

 

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