VanEck reviewed filings from eight listed miners and found average named-executive-officer (NEO) compensation climbed from $6.6 million in 2023 to $14.4 million in draft 2024 proxies.
Equity and other long-term instruments accounted for 79% of total pay in 2023 and 89% in 2024, well above the Russell 3000’s 63% and the energy sector’s 63% weighting.
Base salaries remained near industry norms at roughly $474,000, but equity grants increased significantly.
Industry-wide, six in eight companies missed the 70% support threshold that proxy adviser ISS flags as “low support,” a failure rate of 75% versus about 4% for the Russell 3000.
VanEck noted that most plans still rely on two to three-year vesting horizons and “as-achieved” equity, leaving alignment gaps with long-term value creation.
Comparing 2024 NEO pay with market cap gains shows stark dispersion: Riot’s $230 million aggregate NEO compensation equalled 73% of its market-cap increase, while Marathon’s 18% ratio and Core Scientific’s 2% ratio reflected better alignment.
