Bedford Group/TRANSEARCH Publishes 12th Annual 2021 Executive Compensation Report Covering the Global Mining Industry
Bedford Group/TRANSEARCH announced publication of the 2021 Executive Compensation Report for the mining industry. Compensation data and insights from 276 mining companies were analyzed for this report, including over 1,000 named executive officers and 1,700 board members.
“Despite being negatively impacted by supply chain issues, health & safety related disruptions, and other pandemic-related market implications, mining is one of the few industries that came out of COVID-19 in excellent financial and operational shape,” said Frank Galati, Managing Partner and Compensation Practice Leader at The Bedford Group TRANSEARCH.”
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“Throughout 2021, we observed significant upward pressure on mining executive compensation driven by the commodity bull market and the associated increase in demand for senior leadership and operational talent, combined with a shrinking labour pool,” said Galati.
Pandemic-related travel restrictions and apprehensions surrounding moving overseas has made an already-shrinking mining talent pool even smaller. This intensified upward pressure on compensation throughout the sector and forced companies to get creative in their approach to executive compensation.
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Diversity and inclusion have long been strategic priorities for mining organizations because the industry lags peers in meeting these key challenges. Women remain significantly underrepresented at all levels within mining companies and mining has one of the highest median gender pay gaps of any industry, according to recent research.
The commitment to greater diversity for board composition was evidenced in 2021. Females now represent 20.0% (compared to 16.3% in the prior year) of mining company boards and 10.0% of C-suite executive composition (compared to 8.2% in the prior year). This is a significant year over year increase in female representation, and a significant increase in representation since this report’s inception. There is still work that needs to be done in the areas of diversity, but as the report reveals, that we are heading in the right direction.
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