Marrone paid more than CEOs of Canada's Largest Banks!
Marrone paid more than CEOs of Canada's Largest Banks!
In 2011 Marrone earned more money than the CEOs of the Royal Bank and TD Bank which is totally insane when comparing the vast difference in market capitalization. Our compensation committee is a frigging joke as Marrone has earned $50,000,000 over the past 5 frigging years with Yamana stock price cratering 85%.
Here is the article showing the insanity of Marrone earning more than the CEOs of Royal and TD
Ousting of profit-generating CEO adds scrutiny to executive compensation model
Aaron Regent, who was fired last week as chief executive officer of Barrick Gold Corp. after failing to boost the stock price, generated more profit for every dollar of pay last year than any of his peers in Canada and the U.S.
Barrick, the world’s largest gold miner, earned $514.98 for every dollar the Toronto-based company paid Regent for 2011, according to data compiled by Bloomberg. That was more than the CEOs of the six other largest North American gold companies. Goldcorp Inc., the second-largest producer by market value, reported $172.09 of net income for every dollar awarded CEO Chuck Jeannes. Yamana Gold Inc. CEO Peter Marrone brought in $47.88 in profit for every dollar of pay.
Executive compensation is coming under increasing scrutiny, with gold mining CEOs among the best-paid in Canada last year, even as their companies’ shares failed to match gains in gold prices.
“I would like to see the compensation more directly tied to the stock prices,” Pawel Rajszel, a Toronto-based analyst at Veritas Investment Research, said in an interview. “Then you’ll see these producers be more disciplined in terms of capital allocation.”
Stock Disappointed
Peter Munk, Barrick’s founder and chairman, replaced Regent on June 6 with former Chief Financial Officer Jamie Sokalsky because the company was “disappointed” by the share performance after a 15 percent decline last year in New York. Gold miners including Barrick and Newmont Mining Corp., the two biggest by sales, have tried to reverse declining share prices even as gold increased 32 percent in the past 24 months.
Barrick shares fell 5.7 percent through yesterday in Toronto and rose 15 percent in New York since Regent began as CEO on Jan. 16, 2009. That was better than the 50 percent drop in the 16-member Philadelphia Gold & Silver Index of precious metals producers. Over the same period gold futures in New York doubled.
Regent earned $8.71 million last year, excluding pension costs and including all other types of compensation. That was down 0.2 percent from a year earlier. Goldcorp’s Jeannes earned $10.93 million in 2011 and Yamana CEO Marrone was the highest- paid gold CEO, receiving $11.45 million in compensation.
Jeannes and Marrone both earned more than the heads of Canada’s two largest banks by assets, Royal Bank of Canada and Toronto-Dominion Bank. Gordon Nixon, CEO of Royal, was awarded total compensation of C$10.1 million ($9.82 million) and Edmund Clark, TD CEO, earned C$11.4 million.