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Gonçalves tops CEO earnings list

A survey of executive and board compensation in the North American mining industry has shown Cleveland-Cliffs CEO Lourenco Gonçalves to be the top-earning mining executive, taking home US$23.78 million in 2017.
Gonçalves tops CEO earnings list Gonçalves tops CEO earnings list Gonçalves tops CEO earnings list Gonçalves tops CEO earnings list Gonçalves tops CEO earnings list

Cleveland-Cliffs CEO Lourenco Gonçalves was the top-paid mining executive in North America in 2017

Staff Reporter

The ninth edition of Toronto-based Bedford Consulting Group's remuneration survey delves into the compensation paid at nearly 200 mining companies listed on the TSX and NYSE, covering 765 mining industry named executive officers (NEOs) and 1,200 board members.

The report found that at the 50th percentile, CEO total compensation ranged from $319,047 for companies under $100 million in assets, to $7,754,543 at companies with more than $20 billion in assets.

Compared with the previous year, 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.

The top paid mining CFO was Kathleen Quirk of Freeport McMoRan Copper and Gold, with total compensation of $8,551,822.

The report found 13% of mining companies replaced their CEO in 2017.

The report's research also showed only 13% of board members included in the study were women. The most common executive role held by women was CFO: 43% of all CFOs were women.

Only 8% of NEOs in the Bedford study were women.