Executive compensation in Canada’s mining industry increased in 2025, but a widening pay gap between large and small companies is creating competitive challenges for mid-tier firms, according to a new industry report.
The 2025 Report on Board and Executive Compensation in the Mining Industry from Bedford Group/TRANSEARCH analyzed data from 300 publicly listed mining companies, covering more than 1,260 named executive officers and 1,900 board members.
Large companies pull ahead
Companies valued over $500 million saw steep increases in total compensation, while firms in the $100 to $200 million range experienced little movement in base salary, according to the report. Some mid-tier companies recorded declines in total compensation for CFOs, COOs and VPs of corporate development.
“The gap in executive pay between smaller and larger firms is widening, and that has major implications for competitiveness,” said Frank Galati, managing partner and executive compensation practice leader at Bedford Group/TRANSEARCH.
Overall median compensation increased across most executive roles once company assets exceeded $200 million, driven primarily by higher cash bonuses, according to the report. The increases reflect greater resources and financial flexibility of larger operators compared to smaller firms.
Board pay trends upward
Board compensation also increased, with equity awards accounting for 50 to 60 per cent of total director pay across most asset tiers, the report found.
More companies introduced shareholder “say on pay” votes, with participation reaching 22 per cent across the sector and 37 per cent among companies with assets above $100 million, according to Bedford Group/TRANSEARCH. Of those holding votes, 62 per cent had assets above $1 billion.
CEO turnover hits four-year low
CEO turnover fell to 12.7 per cent, the lowest level since 2021, while CFO turnover remained elevated above 17 per cent, the report found.
Female representation among CEOs rose from 3.7 per cent in 2020 to 6.5 per cent in 2024, according to the data. Nearly 20 per cent of CFOs are now women, the highest share of any C-suite role tracked by Bedford Group/TRANSEARCH.
The Canadian mining sector contributed $112 billion to GDP and supported nearly 750,000 jobs in 2024, according to the report. Bedford Group/TRANSEARCH expects stronger upward pressure on executive pay as miners compete for leaders with digital and sustainability expertise.
“The mining industry is navigating volatility in commodity markets, talent shortages, and increasing governance expectations,” Galati said. “The recent rebound in commodity prices has created pressure to secure leadership talent.”
The report noted that 2025’s modest compensation increases reflect decisions made before the commodity market rebound that began in late 2024.
