Yesterday I blogged about the compensation of CEOs of major mining companies in Canada and the United States (see posting below this one.) Today let us turn to the stalwarts of the industry, namely the executives of junior mining companies. They are the entrepreneurs who find, prove, promote, and generally sell promising ore bodies to mid and major mining companies. Do they get the remuneration they deserve for the risks they take?
For CostMine and their 2011 Surveys of Salaries, Wages and Benefits in Canadian and US Mining Companies here are some numbers—all in thousands of US dollars for the year 2011.
First the total compensation of executives of Canadian junior mining companies- I give the maximum, average, and minimum:
- CEO = 2,637/1,376/103
- President = 2,637/1,376/103
- Vice-President = 2,637/873/124
- CFO = 1,442/873/124
- COO = 1,733/1,187/342
These compensation packages include salary, share-based awards, option-based awards, non-equity incentive plans, and “all other compensation.” Actual salaries are less. Here are the numbers:
- CEO = 631/324/89
- President = 631/343/89
- Vice-President = 404/245/114
- CFO = 310/208/60
- COO = 400/336/200
Here are the salaries for executives of American junior mining companies—for metal and industrial mineral mines:
- CEO = 631/505/38
- President = 900/493/30
- Vice-President = 367/253/37
- CFO = 367/292/128
- COO = 500/330/183
The US highs are higher; the lows are lower; and the averages just about the same. There really are no junior coal mining companies, so no comparable numbers.
None of these high-up mining folk needs be ashamed of what they get—except perhaps those below the $100,000 mark. The point is that but few would qualify as one percenters, and most are normal middle-classers. We wish them success with their searches.
Middle class is (loosely defined) an income between $25 and $100K a year – so only those you suggest might be ashamed of their wage would actually qualify for the title – the rest fall in Canada’s top 5% of earners.
For some perspective (from the Financial post, Mar. 26, 2011, using Stats Canada numbers):
“So, how much do Canadians actually make?
Of the 24.5 million returns filed, 18 million Canadians reported total income of $50,000 or less. That’s not a typo. In other words, ignoring individuals who don’t file returns such as children, nearly 75% of tax-filing Canadians earned under $50,000 in total income in 2009.
Add another 5 million Canadians who reported total income of between $50,000 and $100,000 and you conclude that about 95% of individuals have income below $100,000 annually.
What about Canada’s highest income earners? 880,000 Canadians reported income in the range of $100,000 to $150,000, 333,000 reported incomes between $150,000 and $250,000 and a mere 174,000 of tax return filing Canadians or 0.7% had income over $250,000.”
http://www.financialpost.com/personal-finance/taxes/much+Canadians+make/4497362/story.html
More power to them for earning an excellent salary, but you don’t get to carry the middle class title with you into those income brackets.
[...] 2012 to 2012 Junior Mining Company Executive Compensation [...]