TORONTO, Nov. 19, 2024 /PRNewswire/ - Bedford Group/TRANSEARCH has published its 2024 report on Board and Executive Compensation in the Mining Industry, spotlighting key trends and challenges reshaping the leadership and governance landscape. Drawing on data from 277 mining companies, including 1,100 Named Executive Officers and 1,700 board members, the report offers critical strategies for navigating a volatile market.

"Significant consolidation driven by financial constraints in the junior sector is transforming the mining industry," said Frank Galati, Managing Partner within The Bedford Group/TRANSEARCH's Mining Group. "Strategic leadership has never been more critical. Our report shows that effective compensation strategies – balancing competitive pay with performance-driven incentives – are key to attracting and retaining leaders who can steer through challenging times."

In today's fluctuating market, mining leaders need actionable insights to stay ahead. The Executive and Board Compensation and Governance Report provides guidance for recruiting and retaining the right talent to lead organizations through uncertainty. Changes in year-over-year compensation, equity and non-equity incentives, and total compensation at the board and executive level – all this and more is tracked to help organizations navigate market challenges and drive shareholder value.

Bedford's report shows upward pressure on CEO base salaries across all asset value tiers. The increase of 15.1% for CEOs and 17.7% for CFOs over the previous year, driven in part by senior leadership turnover, reflects the fierce competition for top talent in a shrinking market. The rise underscores the need for tailored compensation strategies that attract high-caliber leaders without negatively impacting shareholder value.

Base salary increases vary significantly by company size, ranging from 12% for companies with assets between $5 billion and $20 billion to 2% for those between $1 billion and $5 billion or exceeding $20 billion. There's no single solution for every organization though, rather this shows the importance of strategic, size-appropriate approaches to compensation in a competitive talent market.

Bedford's report highlights increasingly volatile markets, demanding improved alignment of leadership goals with shareholder expectations. With a 6% increased volatility in metal prices in 2024, and a second consecutive year of declining revenue for the world's top 40 mining companies, share performance is likely to be impacted. Effective performance-based incentives and compensation strategies will be key to mitigating these challenges and attracting leaders with the vision to drive long-term shareholder value.