Executive turnover, shuffling at top resource companies costing shareholders millions, review finds

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Company,Ceo,Cenovus

A Globe and Mail review of executive pay at 15 energy and precious-metals mining companies in the S&P/TSX 60 found that seven have changed CEOs since the start of 2022

Alex Pourbaix, seen in 2019 when he was CEO of Cenovus Energy, moved to the role of the company’s executive chair in 2023. He received $12.84-million from the company in 2022, his last full year as CEO, and $8.11-million in 2023.Turnover at the top can be an expensive proposition for a company – especially if the former chief executive officer sticks around.

Cenovus paid Mr. Pourbaix $8.11-million in 2023, however, including $6.25-million in share and option awards granted 11 days after the transition announcement. The combined pay of $16.78-million was 31 per cent higher than what Mr. Pourbaix made in 2022. Mr. McKay made $7.21-million in 2023, as Canadian Natural scaled back his stock awards in anticipation of his retirement. In 2022, he made $9.03-million.

The company’s 2023 compensation cut way down on the top-level pay, and Mr. Boyd left the executive chair role for a traditional board-chair position at the end of the year. That led to a turnaround in shareholder sentiment: On April 26, Agnico Eagle received 96 per cent of votes in favour. Suncor said in a proxy circular that the award was “a direct replacement of the future compensation forfeited as a result of coming out of retirement to lead Suncor.”

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