MINING executives’ pay is out of kilter with their companies’ performance and a review of the way packages are structured should take place, a mining conference heard this week.Speakers at the three-day inaugural Investing in Resources and Mining in Africa conference in Johannesburg tore into executives’ remuneration, with fund managers in particular scathing about the way CEOs are rewarded.Black economic empowerment (BEE) was also criticised for the cost to shareholders in putting deals in place for companies to meet their obligations under mining laws. These dictate that miners have at least 26% black ownership by the end of next year.During a spirited investment session at the conference, fund managers overseeing billions of rand in investments criticised CEOs’ pay. Gold Fields CEO Nick Holland’s R45m pay packet last year was a case in point."The mining industry is heading in the wrong direction and very rapidly I shall say," said Mike Schroder, portfolio manager of Old Mutual’s ...

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