[miningmx.com] – EXECUTIVES of gold production firms have been in talks with shareholders for at least six months on their plans for executive pay amid criticism the industry has not responded to lower profits by reducing pay, said Reuters.
Gold executive pay surged alongside company profits as bullion prices rose nearly five-fold between 2005 and 2011, Steve Chan, a principal at executive compensation consultant Hugessen Consulting, told Reuters.
But compensation did not typically follow profits lower as bullion declined. Executive pay for a gold company CEO was “… in its own class”, he added.
“The mining industry is in a world of pain and … this pain is not being felt in compensation yet,” said Jeremy Wrathall of Investec bank.
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