In the long-running controversy over executive pay in the Canadian gold industry, Yamana Gold Inc. is a name that frequently crops up.
At its recent annual meeting, the Toronto-based company came close to losing another say-on-pay vote, squeaking by with just 54.5-per-cent approval, after its 2018 executive compensation package raised the ire of a proxy advisory firm.
Glass, Lewis & Co. gave Yamana an “F” grade for compensation and recommended shareholders vote against its executive pay package. Yamana has “a history of misaligning pay and performance,” Glass Lewis wrote, and shareholders “should be deeply concerned with the compensation committee’s failure.”
Yamana’s founder and executive chairman Peter Marrone appears to have heard the message. The gold industry “should be critically evaluating what is fair compensation,” he said in an interview last week.
“We are compensating at levels that are not consistent with where those levels should be. I think levels should be lower.” Last year, Mr. Marrone’s own compensation jumped to US$5.1-million from US$4.3-million. Yamana’s shares meantime fell by 20 per cent during the period and are trading about 85 per cent below peak 2012 levels.
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