#Canada #Toronto #Mining Industry #Executive Compensation #Bedford Group

Bedford Group/TRANSEARCH Publishes 2025 Industry Report on Mining Executive Compensation

On September 17, 2025, Bedford Group/TRANSEARCH unveiled its 2025 Report on Board and Executive Compensation in the Mining Industry. This comprehensive study utilized data gathered from 300 publicly listed mining firms, mapping out compensation for over 1,260 Named Executive Officers and around 1,900 board members. The report offers valuable insights into the changing landscape of executive pay and governance practices amidst significant shifts in the mining sector.

Frank Galati, Managing Partner and Executive Compensation Practice Leader at Bedford Group, commented on the current challenges faced within the industry. He stated, “The mining sector is currently experiencing volatility in commodity markets, coupled with talent shortages and heightened governance expectations.” As commodity prices rebound, companies are under pressure to attract high-caliber leadership, yet data shows that mid-tier organizations are lagging in this regard. This disparity in executive pay between smaller and larger entities is becoming increasingly pronounced, influencing overall competitiveness.

The report highlights striking contrasts in compensation across different asset tiers. Within organizations valued at over $500 million—typically advanced developers and producers—executive compensation has seen a marked increase. This is largely attributed to their superior financial resources and flexibility. Conversely, companies with valuations between $100 million and $200 million experienced minimal adjustments in base salaries for CFOs, COOs, and VPs of Corporate Development, and in some cases, total compensation for these roles even declined.

Importantly, median compensation across executive roles generally rose once company assets surpassed the $200 million mark, predominantly driven by higher cash bonuses. Board member compensation followed suit, with equity awards constituting 50-60% of total remuneration across most asset tiers. Governance practices are also evolving, with an increasing number of firms adopting shareholder “Say on Pay” votes; participation has reached 22% across the sector, with larger companies showing even higher engagement.

The report indicated a decline in CEO turnover, which fell to 12.7%, marking the lowest rate since 2021, although CFO turnover remained significant at over 17%. Progress in diversity has been gradual yet promising, with the representation of female CEOs increasing from 3.7% in 2020 to 6.5% by 2024. The rate of women serving as CFOs has reached nearly 20%, the highest proportion recorded among all executive positions.

Looking ahead, Bedford anticipates that the comparatively modest increases in executive compensation noted for 2025 were influenced by decisions made prior to the late 2024 commodity market recovery. The firm projects heightened pressure on executive pay in the forthcoming years as mining companies vie for leaders who possess the expertise necessary to navigate capital limitations, workforce shortages, and the rising demands for digital and sustainability capabilities.

The Canadian mining industry alone contributed C$112 billion to the national GDP in 2024 and supported around 750,000 jobs. Thus, the competition for top executive talent is expected to continue unabated.

The full report on Board and Executive Compensation in the Mining Industry for 2025 is currently available at bedfordgroup.com. It encompasses detailed benchmarks across varying asset tiers as well as comprehensive analyses of compensation structures, governance practices, and advancements in diversity. Organizations can leverage this valuable research to assess their competitive positioning and, through Bedford’s advisory services in compensation strategy and executive search, align their remuneration and leadership to meet long-term business objectives.

About Bedford Group/TRANSEARCH

Bedford Group/TRANSEARCH stands as one of North America’s premier executive search and talent strategy firms, operating from offices in Toronto, Calgary, Montreal, Vancouver, and Boston. Established in 1980, Bedford Resources Inc. partners with TRANSEARCH International, ranking among the top ten largest executive search firms globally, with a presence in 60 offices across 40 countries.