Agnico Eagle executive chair makes $20-million; company faces opposition to pay practices

has the largest executive paycheque among major Canadian miners for 2022 - and the biggest problem with unhappy shareholders.

However, Agnico Eagle is facing trouble in its shareholder advisory vote on executive compensation, or say on pay, to be held Friday. Last year, the company had the worst say on pay vote result in Canada, with only 24 per cent of shareholders approving of Agnico Eagle’s compensation philosophy. If Agnico Eagle fails its say on pay vote Friday, it will be the rare Canadian company to lose two consecutive votes. Wealth management company CI Financial Inc. failed in both 2021 and 2022, the only company last year to have lost two years in a row.

Agnico Eagle says that when it announced the merger, it anticipated a leadership team of Mr. Boyd, Anthony Makuch as CEO, and Ammar Al-Joundi as president of the combined company following the Kirkland merger. But Mr. Makuch, the Kirkland CEO, left suddenly 15 days after the merger, receiving a severance package the company valued at $13.5-million.

Agnico Eagle’s compensation changes also included making share awards in December, rather than earlier in the year, to avoid the problem that occurs when the shares fall during the year; eliminating stock options for executives and toughening its post-merger severance terms.

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