One of the keys to managing in the current environment—and thinking ahead long term—is having a motivated and experienced team. However, shareholders impacted by the significant fall in share prices and with the prospect of reduced dividends in the period ahead may be quick to criticize any perceived excessive reward. How to reward and retain the best in the mining industry in this environment will be high on the agenda of most public company remuneration committees. According to the 2009 Mining Salary Survey by Coopers Consulting Ltd. and PricewaterhouseCoopers LLP (PwC), despite a slowdown in the mining industry, the CEOs of these companies have seen year-over-year increases in salaries. Average annual base pay for Canadian CEOs last year rose to 484,000 dollars compared to 443,000 dollars in 2007; however, the average Canada-wide bonus paid to CEOs declined from 79% in 2008 to 61 percent of the annual base pay in 2009.
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