Richard Stewart, the chief regional officer and government director at Sibanye-Stillwater, a South African multinational mining group, acquired a complete compensation bundle of R60.13 million ($3.1 million) from the dear metals mining group in 2022.
Stewart’s 2022 compensation features a base wage of R5.73 million ($296,780) and a performance-based short-term incentive of R4.70 million ($243,449) linked to the corporate’s fiscal 12 months efficiency.
The majority of his compensation bundle, amounting to R60.13 million ($3.11 million), comes from a long-term incentive award of R45.83 million ($2.37 million), reflecting his unwavering dedication to the group and in depth experience as a seasoned trade skilled.
His compensation for the 12 months, which quantities to $3.11 million, represents a notable lower of 15.96 % in comparison with his 2021 compensation of R71.55 million ($3.70 million).
The decline in Stewart’s compensation might be attributed to the droop within the group’s earnings spurred by a number of components, together with industrial strikes, electrical provide constraints, and extreme weather-related flooding that impacted its operations in the USA.
Stewart, a extremely revered government throughout the mining trade, has performed a pivotal monetary position in Sibanye-Stillwater’s operation as a going concern. With a profession spanning greater than 22 years and a wealth of expertise in South Africa’s monetary mining sector, Stewart has been a key participant at Sibanye-Stillwater since his appointment in 2014.
Because the chief regional officer with a selected concentrate on the group’s regional operation in Southern Africa, Sibanye-Stillwater has developed from a small South African gold miner into one of many world’s most diversified steel producers with a powerful worldwide presence.
Stewart transitioned to the position of chief regional officer in Might 2022 after serving because the group’s chief working officer from December 2020 to April 2022. Earlier than his COO appointment, he served because the Government Vice President for Enterprise Improvement at Sibanye-Stillwater.
Stewart has considerably contributed to the corporate’s development technique. He served on the Gold One Government Committee from 2009 to 2014 and was appointed Government Vice President for Technical Companies.
Nonetheless, in current instances, the group has suffered a big decline in its earnings; in 2022, its headline earnings declined from R36.9 billion ($2.5 billion) in 2021 to R18.4 billion ($1.1 billion) because of a considerable 20 % discount in income, which fell from R138.3 billion ($8.4 billion) in 2021 to R172.2 billion ($11.6 billion) in 2022.