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Agnico Eagle shareholders rebuke company on pay practices for second year in a row

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Last year, the company had the worst say-on-pay vote result in Canada, with only 24 per cent of shareholders approving of its approach to compensation

. As is customary, the company did not announce the exact vote totals at the meeting; the numbers will come later, in a press release and regulatory filing.

In the proxy circular for the annual meeting held Friday, the company disclosed for the first time that it paid one-time bonuses to top executives to reward them for completing Agnico’s February, 2022, merger with Kirkland Lake Gold, including paying $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 laid out an extensive explanation for the bonuses in the proxy statement to shareholders, citing “the transformational nature of the merger,” which cemented “the company’s position as a ‘super senior’ in the gold mining industry.” The company also bumped up its estimate of cost savings from the merger to US$425-million over the first 10 years from a previous forecast of US$320-million.

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