23:01:59 EDT Wed 01 May 2024
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Agnico Eagle Mines Ltd
Symbol AEM
Shares Issued 494,089,207
Close 2023-04-26 C$ 76.28
Market Cap C$ 37,689,124,710
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Globe says at Agnico Eagle, merger rewards go to bosses

2023-04-27 09:13 ET - In the News

The Globe and Mail reports in its Thursday edition that Agnico Eagle Mines had the largest executive payroll among major Canadian miners for 2022 -- and the biggest problem with unhappy shareholders. The Globe's David Milstead writes that in the proxy circular for its annual meeting, to be held Friday, the company disclosed that it paid one-time bonuses to top executives to reward them for Agnico Eagle's February, 2022, merger with Kirkland Lake Gold, including $10-million to executive chairman and former chief executive officer Sean Boyd. That pushed Mr. Boyd's total pay above $20-million, higher than the CEO pay of any other metals miner on the S&P/TSX 60. The company lays out an extensive explanation for the bonuses in the proxy statement, citing "the transformational nature of the merger," which cemented "the company's position as a 'super senior' in the gold mining industry." However, Agnico Eagle is facing trouble in its shareholder advisory vote on executive compensation, or say on pay. Advisers Glass Lewis and ISS have told shareholders to vote "no" once again in the non-binding ballot; they are also advocating that shareholders vote against Robert Gemmell, the chair of the company's compensation committee.

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