SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2024
Commission File Number: 001-13382
KINROSS GOLD CORPORATION
(Translation of registrant's name into English)
17th Floor, 25 York Street,
Toronto, Ontario M5J 2V5
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40F:
Form 20-F ¨ Form 40-F x
This Current Report on Form 6-K, dated April 2, 2024 is specifically incorporated by reference into Kinross Gold Corporation's Registration Statements on Form S-8 [Registration No. 333-262966 filed on February 24, 2022, Registration No. 333-217099 filed on April 3, 2017 and Registration Nos. 333-180824, 333-180823 and 333-180822 filed on April 19, 2012.]
Page
This report on Form 6-K is being furnished for the sole purpose of providing a copy of the materials mailed to shareholders in connection with the annual meeting of shareholders to be held on May 8, 2024.
INDEX
Table of Contents
SIGNATURES
EXHIBIT INDEX
99.1 | Form of Proxy |
99.2 | Notice and Access letter |
99.3 | Management Information Circular |
Page
SIGNATURES
Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
KINROSS GOLD CORPORATION | |
Signed: //Lucas R. Crosby // | |
Vice President, General Counsel, Corporate and Corporate Secretary | |
April 2, 2024 |
SAM SAMPLE 123 SAMPLES STREET SAMPLETOWN SS X9X X9X CANADA KNRQ Security Class COMMON Holder Account Number C9999999999 IND Form of Proxy - Annual General Meeting to be held on May 8, 2024 This Form of Proxy is solicited by and on behalf of Management. Notes to proxy 1. Every holder has the right to appoint some other person or company of their choice, who need not be a holder, to attend and act on their behalf at the meeting or any adjournment or postponement thereof. If you wish to appoint a person or company other than the Management Nominees whose names are printed herein, please insert the name of your chosen proxyholder in the space provided (see reverse). 2. If the securities are registered in the name of more than one owner (for example, joint ownership, trustees, executors, etc.), then all those registered should sign this proxy. If you are voting on behalf of a corporation or another individual you may be required to provide documentation evidencing your power to sign this proxy with signing capacity stated. 3. This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy. 4. If a date is not inserted in the space provided on the reverse of this proxy, it will be deemed to bear the date on which it was mailed to the holder by Management. 5. The securities represented by this proxy will be voted as directed by the holder, however, if such a direction is not made in respect of any matter, and the proxy appoints the Management Nominees listed on the reverse, this proxy will be voted as recommended by Management. 6. The securities represented by this proxy will be voted in favour, or withheld from voting, or voted against each of the matters described herein, as applicable, in accordance with the instructions of the holder, on any ballot that may be called for. If you have specified a choice with respect to any matter to be acted on, the securities will be voted accordingly. 7. This proxy confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Meeting and Management Information Circular or other matters that may properly come before the meeting or any adjournment or postponement thereof, unless prohibited by law. 8. This proxy should be read in conjunction with the accompanying documentation provided by Management. Proxies submitted must be received by 10:00 a.m., Eastern Time, on May 6, 2024. VOTE USING THE TELEPHONE OR INTERNET 24 HOURS A DAY 7 DAYS A WEEK! To Vote Using the Telephone • Call the number listed BELOW from a touch tone telephone. 1-866-732-VOTE (8683) Toll Free To Vote Using the Internet • Go to the following web site: www.investorvote.com • Smartphone? Scan the QR code to vote now. To Receive Documents Electronically • You can enroll to receive future securityholder communications electronically by visiting www.investorcentre.com. To Virtually Attend the Meeting • You can attend the meeting virtually by visiting the URL provided on the back of this document. If you vote by telephone or the Internet, DO NOT mail back this proxy. Voting by mail may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual. Voting by mail or by Internet are the only methods by which a holder may appoint a person as proxyholder other than the Management Nominees named on the reverse of this proxy. Instead of mailing this proxy, you may choose one of the two voting methods outlined above to vote this proxy. To vote by telephone or the Internet, you will need to provide your CONTROL NUMBER listed below. CONTROL NUMBER 23456 78901 23456 ------- Fold ------- Fold KNRQ_PRX_361617/000001/000001/i *S000001Q01* 000001 |
C9999999999 *C9999999999* IND SAM SAMPLE ------- Fold ------- Fold C16 Appointment of Proxyholder I/We being holder(s) of securities of Kinross Gold Corporation (the “Corporation”) hereby appoint: Lucas R. Crosby, or failing this person, Geoffrey P. Gold (the "Management Nominees") OR Print the name of the person you are appointing if this person is someone other than the Management Nominees listed herein. Note: If completing the appointment box above YOU MUST go to http://www.computershare.com/KinrossAGM and provide Computershare with the name and email address of the person you are appointing. Computershare will use this information ONLY to provide the appointee with a user name to gain entry to the online meeting. as my/our proxyholder with full power of substitution and to attend, act and to vote for and on behalf of the holder in accordance with the following direction (or if no directions have been given, as the proxyholder sees fit) and on all other matters that may properly come before the Annual General Meeting of shareholders of the Corporation to be held online as a virtual-only meeting via live audio webcast at https://web.lumiagm.com/429018094 on May 8, 2024 at 10:00 a.m. (Toronto time) and at any adjournment or postponement thereof. VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT OVER THE BOXES. 1. Election of Directors 01. Kerry D. Dyte For Withhold 02. Glenn A. Ives For Withhold 03. Ave G. Lethbridge For Withhold 04. Michael A. Lewis 05. Elizabeth D. McGregor 06. Catherine McLeod-Seltzer 07. Kelly J. Osborne 08. George N. Paspalas 09. J. Paul Rollinson 10. David A. Scott 2. Appointment of Auditors To approve the appointment of KPMG LLP, Chartered Accountants, as auditors of the Company for the ensuing year and to authorize the directors to fix their remuneration. For Withhold 3. Reconfirm Shareholder Rights Plan Agreement To consider and, if thought fit, to pass, an ordinary resolution reconfirming the shareholder rights plan agreement. For Against 4. Executive Compensation To consider and, if deemed appropriate, to pass an advisory resolution on Kinross’ approach to executive compensation. For Against Signature of Proxyholder I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. If no voting instructions are indicated above, and the proxy appoints the Management Nominees, this Proxy will be voted as recommended by Management. Signature(s) Date Interim Financial Statements - Mark this box if you would like to receive Interim Financial Statements and accompanying Management’s Discussion and Analysis by mail. Annual Financial Statements - Mark this box if you would like to receive the Annual Financial Statements and accompanying Management’s Discussion and Analysis by mail. If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. K N R Q 3 6 1 6 1 7 1 P I Z A R 1 9 9 9 9 9 |
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WHEN:
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Wednesday, May 8, 2024
10:00 a.m. (Toronto time) |
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WHERE:
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Holders of common shares as at the close of business on March 13, 2024 are entitled to vote at the meeting. You may vote in advance of the meeting. It is recommended that you vote by telephone or internet to ensure that your vote is received before the meeting. In order to vote by telephone or the internet, please carefully follow the instructions on the form of proxy or voting instruction form.
To be valid, proxies must be received by Kinross’ transfer agent no later than 10:00 a.m. (Toronto time) on May 6, 2024 or if the meeting is adjourned, at least 48 hours (not including Saturdays, Sundays or applicable holidays in Ontario) prior to the reconvened meeting. Kinross reserves the right to accept late proxies and to waive the proxy cut-off, with or without notice, but is under no obligation to accept or reject any particular late proxy.
You may also vote your common shares at the meeting by following the instructions on pages 18 to 20 of the circular.
This notice is not a ballot or proxy card. You cannot use this notice to vote your shares. This communication presents only an overview of the more complete proxy materials that are available to you on the internet.
If you have any questions relating to voting your common shares, please contact the company’s proxy solicitor, Kingsdale Advisors, by telephone at 1-866-851-3217 toll-free in North America or +1-437-561-5016 (call and text enabled) outside of North America or by email at contactus@kingsdaleadvisors.com.
The contents of the circular and its delivery to the shareholders of the company have been approved by the board of directors.
DATED at Toronto, Ontario this 12th day of March, 2024.
By order of the board of directors
Lucas R. Crosby
Corporate Secretary |
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Shareholders who are unable to attend the virtual meeting or vote in advance by telephone or through the internet are requested to vote by proxy so that as large a representation as possible may be had at the meeting. You may appoint a proxy to attend and vote on your behalf at the meeting. If you wish to appoint a proxy, please carefully follow the instructions in the accompanying form of proxy or voting instruction form. You will need the control number contained in the accompanying form of proxy or voting instruction form in order to vote and/or appoint a proxy.
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Internet voting
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| For non-registered (beneficial) shareholders, follow the instructions on the voting instruction form. For registered shareholders, go to www.investorvote.com | | ||||||
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Telephone voting
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Call the toll-free number shown on the form of proxy or voting instruction form
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Voting by mail or delivery
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| Complete the form of proxy or voting instruction form and return it in the envelope provided | |
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Letter to
Shareholders |
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Executive
Summary |
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Voting
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Business of
the Meeting |
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Directors
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Executive
Compensation |
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Governance
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Appendices
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May 8, 2024 | 10:00 a.m. (EDT)
Virtual only meeting via live audio webcast
Webcast link: https://web.lumiagm.com/429018094
Meeting ID: 429-018-094
Password: kinross2024
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Letter to
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Executive
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Voting
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Business of
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Directors
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Executive
Compensation |
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Governance
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Appendices
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Telephone Voting
Vote by calling the toll-free number shown on the form of proxy or voting instruction form |
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Internet Voting
Registered shareholders vote online at www.investorvote.com Non-Registered (beneficial) shareholders vote online at www.proxyvote.com OR by logging on to the website indicated on the form of proxy or voting instruction form
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Mail-in Voting
Complete the form of proxy or voting instruction form and return it in the envelope provided |
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If you have any questions relating to the meeting, please contact the company’s shareholder advisor and proxy solicitation agent Kingsdale Advisors, by telephone at 1-866-851-3217 (toll-free in North America) or 1-437-561-5016 (text and call enabled outside North America), or by email at contactus@kingsdaleadvisors.com.
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2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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Letter to
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Executive
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Voting
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Business of
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Directors
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Executive
Compensation |
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Governance
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Appendices
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Letter to
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Executive
Summary |
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Voting
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Business of
the Meeting |
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Directors
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Executive
Compensation |
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Governance
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Appendices
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Telephone Voting
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Vote by calling the toll-free number shown on the form of proxy or voting instruction form
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Internet Voting
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Registered shareholders vote online at www.investorvote.com
Non-Registered (beneficial) shareholders vote online at www.proxyvote.com OR by logging on to the website indicated on the form of proxy or voting instruction form
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Mail-in Voting
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Complete the form of proxy or voting instruction form and return it in the envelope provided
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Letter to
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Executive
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Voting
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Business of
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Directors
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Executive
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Governance
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Appendices
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Letter to
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Executive
Summary |
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Voting
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Business of
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Directors
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Executive
Compensation |
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Governance
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Appendices
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2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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Letter to
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Executive
Summary |
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Voting
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Business of
the Meeting |
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Directors
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Executive
Compensation |
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Governance
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Appendices
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Required steps & information
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Accessing the meeting
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Registered
shareholders |
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If you intend to vote at the meeting, you will need the control number located on the form of proxy or in the email notification you received. This is your Username for purposes of accessing the meeting.
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You do not need to appoint yourself as a proxyholder.
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Log in online at https://web.lumiagm.com/429018094 well in advance of the meeting start time; and
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Click “I have a login” and then enter your Username. For registered shareholders, this will be the control number on your form of proxy.
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Enter the password “kinross2024” (case sensitive).
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Follow the instructions to vote when prompted.
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Non-registered
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If you wish to vote and ask questions at the meeting, you must validly appoint yourself as proxyholder by completing both Step 1 and Step 2 as described under the subheading “Can I appoint someone other than the named proxyholders as my proxy?” above. These steps must be completed prior to the proxy deadline. Step 1 must be completed sufficiently in advance of the proxy deadline for your intermediary to act on your instructions. You may then access the meeting using the steps for proxyholders outlined below.
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Non-registered shareholders who have not duly appointed themselves as proxyholder can log in to the meeting as guests. Guests can listen to the meeting, but they cannot vote or ask questions.
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Proxyholders
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Computershare will provide each validly appointed proxyholder with a Username by e-mail after the proxy deadline has passed. This Username is different than the control number provided on your form of proxy or voting instruction form.
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This new Username will only be provided by Computershare to proxyholders who are appointed by a shareholder that has completed both Step 1 and Step 2 as described under the subheading “Can I appoint someone other than the named proxyholders as my proxy?” above.
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Failure by a shareholder to complete both Step 1 and Step 2 will mean that your proxyholder will not receive a Username and will not be able to attend and vote on your behalf at the meeting.
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Log in online at https://web.lumiagm.com/429018094 well in advance of the meeting start time; and
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Click “I have a login” and then enter your Username. For proxyholders, including non-registered shareholders who have duly appointed themselves as proxyholder, this will be the Username provided by Computershare.
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Enter the password “kinross2024” (case sensitive).
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Follow the instructions to vote when prompted.
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Guests
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Log in online at https://web.lumiagm.com/429018094 well in advance of the meeting start time.
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Click “Guest” and then complete the online form which will ask some simple questions such as your name.
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Letter to
Shareholders |
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Executive
Summary |
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Voting
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Business of
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Directors
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Executive
Compensation |
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Governance
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Appendices
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2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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Letter to
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Executive
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Voting
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Business of
the Meeting |
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Directors
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Executive
Compensation |
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Governance
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Appendices
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Letter to
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Executive
Summary |
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Voting
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Business of
the Meeting |
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Directors
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Executive
Compensation |
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Governance
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Appendices
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2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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Letter to
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Executive
Summary |
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Voting
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Business of
the Meeting |
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Directors
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Executive
Compensation |
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Governance
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Appendices
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Letter to
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Executive
Summary |
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Voting
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Business of
the Meeting |
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Directors
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Executive
Compensation |
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Governance
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Appendices
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2023 C$1, 3
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% of Total Fees2
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2022 C$1, 3
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% of Total Fees2
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Audit Fees: | | | | | | | | | | | | | | | | | | | | | | | | | |
General
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| | | | 4,668,000 | | | | | | 85% | | | | | | 4,423,000 | | | | | | 93% | | |
Securities matters
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| | | | 185,000 | | | | | | 3% | | | | | | — | | | | | | 0% | | |
Total Audit Fees
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4,853,000
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88%
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4,423,000
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93%
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Audit-Related Fees: | | | | | | | | | | | | | | | | | | | | | | | | | |
Translation services
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| | | | 151,000 | | | | | | 3% | | | | | | 137,000 | | | | | | 3% | | |
Other
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| | | | 79,000 | | | | | | 1% | | | | | | 66,000 | | | | | | 2% | | |
Total Audit-Related Fees | | | |
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230,000
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4%
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203,000
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5%
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Tax Fees: | | | | | | | | | | | | | | | | | | | | | | | | | |
Compliance | | | | | — | | | | | | 0% | | | | | | — | | | | | | 0% | | |
Planning and advice | | | | | — | | | | | | 0% | | | | | | 2,000 | | | | | | 0% | | |
Total Tax Fees | | | |
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—
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0%
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2,000
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0%
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All Other Fees4: | | | | | 444,000 | | | | | | 8% | | | | | | 109,000 | | | | | | 2% | | |
Total Fees | | | | | 5,527,000 | | | | | | 100% | | | | | | 4,737,000 | | | | | | 100% | | |
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Letter to
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Executive
Summary |
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Voting
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Business of
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Directors
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Executive
Compensation |
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Governance
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Appendices
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Letter to
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Executive
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Business of
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Directors
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Executive
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Governance
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Appendices
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Letter to
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Executive
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Voting
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Business of
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Directors
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Executive
Compensation |
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Governance
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Appendices
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Letter to
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Executive
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Voting
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Business of
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Directors
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Executive
Compensation |
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Governance
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Appendices
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Letter to
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Executive
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Voting
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Business of
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Executive
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Governance
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Appendices
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Letter to
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Executive
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Voting
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Business of
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Executive
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Appendices
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Letter to
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Executive
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Voting
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Business of
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Directors
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Governance
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Appendices
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KERRY D. DYTE (64) Independent
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2023 general meeting election voting results
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Vote Type
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For | | | 718,548,083 | | | 98.41 | |
Withheld | | | 11,588,376 | | | 1.59 | |
| Public board and committee memberships: none | |
2023 board and committee membership
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Attendance
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Board of directors | | | 7 of 7 (100%) | |
Audit and risk | | | 4 of 4 (100%) | |
Corporate governance and nominating | | | 4 of 4 (100%) | |
Securities held
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Year
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2022
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Change
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Common shares (#) | | | | | 40,500 | | | | | | 40,500 | | | | | | nil | | |
DSUs (#) | | | | | 153,714 | | | | | | 126,302 | | | | | | 27,412 | | |
Total common shares and DSUs (#) | | | | | 194,214 | | | | | | 166,802 | | | | | | 27,412 | | |
Total at-risk value of common shares and DSUs at book value (C$)1 | | | | | 1,131,824 | | | | | | 949,448 | | | | | | 182,376 | | |
Total at-risk value of common shares and DSUs at market value (C$)1 | | | | | 1,557,596 | | | | | | 920,747 | | | | | | 636,849 | | |
Meets share ownership requirement2 | | |
Yes — 192%
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Kerry D. Dyte
Calgary, Alberta, Canada
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Director since
November 8, 2017 |
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Skill/area of experience5
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Managing or leading growth
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International
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Senior officer
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Operations
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Mining or global resource industry
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Investment banking/
mergers and acquisitions
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Financial literacy
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Communications, investor relations, public relations and media
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Corporate responsibility and sustainable development
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Risk management
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Governance/board
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Legal
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Letter to
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Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
GLENN A. IVES (63) Independent
|
|
2023 general meeting election voting results
|
| ||||||
Vote Type
|
| | Number of shares voted |
| | % on total number of shares voted |
|
For | | | 706,390,427 | | | 96.75 | |
Withheld | | | 23,746,032 | | | 3.25 | |
2023 board and committee membership9
|
| |
Attendance
|
|
Board of directors | | | 7 of 7 (100%) | |
Audit and risk | | | 4 of 4 (100%) | |
Human resources and compensation | | | 6 of 6 (100%) | |
Public board memberships
|
| |
Board committee memberships
|
|
Wheaton Precious Metals | | | Human resources | |
NervGen Pharma Corp. | | | Audit (Chair); Governance and nominating | |
Securities held
|
| | | | |||||||||||||||
Year
|
| |
2023
|
| |
2022
|
| |
Change
|
| |||||||||
Common shares (#) | | | | | 70,000 | | | | | | 70,000 | | | | | | nil | | |
DSUs (#) | | | | | 89,213 | | | | | | 59,289 | | | | | | 29,924 | | |
Total common shares and DSUs (#) | | | | | 159,213 | | | | | | 129,289 | | | | | | 29,924 | | |
Total at-risk value of common shares and DSUs
at book value (C$)1 |
| | | | 1,133,574 | | | | | | 934,480 | | | | | | 199,094 | | |
Total at-risk value of common shares and DSUs
at market value (C$)1 |
| | | | 1,276,888 | | | | | | 713,675 | | | | | | 563,213 | | |
Meets share ownership requirement2 | | | | | Yes — 158% | | | | | | | | | | | | | | |
| |
|
| |
| |
Glenn A. Ives
Vancouver, British Columbia, Canada
|
| |
| |
Director since
May 6, 2020 |
| |
| |
Skill/area of experience5
•
Managing or leading growth
•
International
•
Senior officer
•
Operations
•
Mining or global resource industry
•
Information technology
•
Cybersecurity competency
•
Human resources
•
Investment banking/
mergers and acquisitions
•
Financial literacy
•
Corporate responsibility and sustainable development
•
Government relations
•
Governance/board
•
Risk management
|
| |
| 34 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
AVE G. LETHBRIDGE (62) Independent
|
|
2023 meeting election voting results
|
| ||||||
Vote Type
|
| | Number of shares voted |
| | % on total number of shares voted |
|
For | | | 686,126,388 | | | 93.97 | |
Withheld | | | 44,009,182 | | | 6.03 | |
2023 board and committee membership
|
| |
Attendance
|
|
Board of directors | | | 7 of 7 (100%) | |
Corporate governance and nominating | | | 4 of 4 (100%) | |
Human resources and compensation | | | 6 of 6 (100%) | |
Public board memberships
|
| |
Board committee memberships
|
|
Algoma Steel Inc. | | |
Human resources and compensation;
Operational and capital projects |
|
Securities held
|
| | | | | | | | | | | | | | | | | | |
Year
|
| |
2023
|
| |
2022
|
| |
Change
|
| |||||||||
Common shares (#) | | | | | nil | | | | | | nil | | | | | | nil | | |
DSUs (#) | | | | | 317,811 | | | | | | 275,140 | | | | | | 42,671 | | |
Total common shares and DSUs (#) | | | | | 317,811 | | | | | | 275,140 | | | | | | 42,671 | | |
Total at-risk value of common shares and DSUs at book value (C$)1 |
| | | | 1,723,500 | | | | | | 1,439,594 | | | | | | 283,906 | | |
Total at-risk value of common shares and DSUs at market value (C$)1 |
| | | | 2,548,844 | | | | | | 1,518,773 | | | | | | 1,030,071 | | |
Meets share ownership requirement2 | | | | | Yes — 315% | | | | | | | | | | | | | | |
| |
|
| |
| |
Ave G. Lethbridge
Toronto, Ontario, Canada
|
| |
| |
Director since
May 6, 2015 |
| |
| |
Skill/area of experience5
•
Managing or leading growth
•
Senior officer
•
Operations
•
Mining or global resource industry
•
Information technology
•
Cybersecurity competency
•
Human resources
•
Financial literacy
•
Corporate responsibility and sustainable development
•
Government relations
•
Environmental and social
•
Governance/board
•
Risk management
•
Climate competency
|
| |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
35
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
MICHAEL A. LEWIS (62) Independent
|
|
2023 general meeting election voting results
|
| ||||||
Vote Type
|
| | Number of shares voted |
| | % on total number of shares voted |
|
For | | | 727,047,035 | | | 99.58 | |
Withheld | | | 3,088,536 | | | 0.42 | |
2023 board and committee membership
|
| |
Attendance4
|
|
Board of directors | | | 4 of 4 (100%) | |
Corporate governance and nominating | | | 2 of 2 (100%) | |
Corporate responsibility and technical | | | 4 of 4 (100%) | |
Public board memberships
|
| |
Board committee memberships
|
|
Portland General Electric | | | Finance (Chair); Compensation | |
NewPark Resources Inc. | | | Audit; Compensation; ESG/Governance (Chair) | |
Securities held
|
| | | | |||||||||||||||
Year
|
| |
2023
|
| |
2022
|
| |
Change
|
| |||||||||
Common shares (#) | | | | | nil | | | | | | nil | | | | | | nil | | |
DSUs (#) | | | | | 14,186 | | | | | | nil | | | | | | 14,186 | | |
Total common shares and DSUs (#) | | | | | 14,186 | | | | | | nil | | | | | | 14,186 | | |
Total at-risk value of common shares and DSUs
at book value (C$)1 |
| | | | 96,911 | | | | | | nil | | | | | | 96,911 | | |
Total at-risk value of common shares and DSUs at market value (C$)1
|
| | | | 113,772 | | | | | | nil | | | | | | 113,772 | | |
Meets share ownership requirement3 | | | | | N/A | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| |
|
| |
| |
Michael A. Lewis
Bethesda, Maryland, USA
|
| |
| |
Director since
May 10, 2023 |
| |
| |
Skill/area of experience5
•
Managing or leading growth
•
Senior officer
•
Operations
•
Financial literacy
•
Corporate responsibility and sustainable development
•
Governance/board
•
Risk management
•
Climate competency
|
| |
| 36 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
ELIZABETH D. McGREGOR (47) Independent
|
|
2023 general meeting election voting results
|
| ||||||
Vote Type
|
| | Number of shares voted |
| | % on total number of shares voted |
|
For | | | 727,136,522 | | | 99.59 | |
Withheld | | | 2,999,938 | | | 0.41 | |
2023 board and committee membership
|
| |
Attendance
|
|
Board of directors | | | 7 of 7 (100%) | |
Audit and risk | | | 4 of 4 (100%) | |
Corporate responsibility and technical | | | 6 of 6 (100%) | |
Public board memberships
|
| |
Board committee memberships
|
|
Orla Mining Ltd. | | | Audit (Chair); Compensation | |
Securities held
|
| | | | |||||||||||||||
Year
|
| |
2023
|
| |
2022
|
| |
Change
|
| |||||||||
Common shares (#) | | | | | nil | | | | | | nil | | | | | | nil | | |
DSUs (#) | | | | | 112,662 | | | | | | 78,320 | | | | | | 34,342 | | |
Total common shares and DSUs (#) | | | | | 112,662 | | | | | | 78,320 | | | | | | 34,342 | | |
Total at-risk value of common shares and DSUs at book value (C$)1 | | | | | 766,375 | | | | | | 537,891 | | | | | | 228,484 | | |
Total at-risk value of common shares and DSUs at market value (C$)1 | | | | | 903,549 | | | | | | 432,326 | | | | | | 471,223 | | |
Meets share ownership requirement2 | | | | | Yes — 112% | | | | | | | | | | | | | | |
| |
|
| |
| |
Elizabeth D. McGregor
Vancouver, British Columbia, Canada
|
| |
| |
Director since
November 6, 2019 |
| |
| |
Skill/area of experience5
•
Managing or leading growth
•
International
•
Senior officer
•
Mining or global resource industry
•
Information technology
•
Investment banking/
mergers and acquisitions
•
Financial literacy
•
Governance/board
•
Risk management
|
| |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
37
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
CATHERINE McLEOD-SELTZER (64) Independent
|
|
2023 general meeting election voting results
|
| ||||||
Vote Type
|
| | Number of shares voted |
| | % on total number of shares voted |
|
For | | | 630,271,965 | | | 86.32 | |
Withheld | | | 99,864,494 | | | 13.68 | |
2023 board and committee membership9
|
| |
Attendance
|
|
Board of directors | | | 7 of 7 (100%) | |
Corporate responsibility and technical4 | | | 2 of 2 (100%) | |
Human resources and compensation | | | 6 of 6 (100%) | |
Public board memberships
|
| |
Board committee memberships
|
|
Bear Creek Mining Corporation, Chair
|
| | Compensation; Nominating and governance | |
Lucara Diamond Corp. | | |
Audit; Corporate governance and nominating; Safety, health, environment and community relations (Chair)
|
|
Flow Capital Corp. | | | Audit; Compensation (Chair) | |
Securities held
|
| | | | |||||||||||||||
Year
|
| |
2023
|
| |
2022
|
| |
Change
|
| |||||||||
Common shares (#) | | | | | 12,296 | | | | | | 12,296 | | | | | | nil | | |
DSUs (#) | | | | | 443,306 | | | | | | 390,380 | | | | | | 52,926 | | |
Total common shares and DSUs (#) | | | | | 455,602 | | | | | | 402,676 | | | | | | 52,926 | | |
Total at-risk value of common shares and DSUs at book value (C$)1 |
| | | | 2,866,373 | | | | | | 2,514,244 | | | | | | 352,129 | | |
Total at-risk value of common shares and DSUs at market value (C$)1 |
| | | | 3,653,928 | | | | | | 2,222,772 | | | | | | 1,431,156 | | |
Meets share ownership requirement2 | | | | | Yes — 451% | | | | | | | | | | | | | | |
| |
|
| |
| |
Catherine McLeod-Seltzer
Vancouver, British Columbia, Canada
|
| |
| |
Director since
October 26, 2005 |
| |
| |
Skill/area of experience5
•
Managing or leading growth
•
International
•
Senior officer
•
Operations
•
Mining or global resource industry
•
Financial literacy
•
Investment banking/
mergers and acquisitions
•
Communications, investor relations, public relations and media
•
Corporate responsibility and sustainable development
•
Government relations
•
Governance/board
•
Environmental and social
•
Risk management
|
| |
| 38 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
KELLY J. OSBORNE (67) Independent
|
|
2023 general meeting election voting results
|
| ||||||
Vote Type
|
| | Number of shares voted |
| | % on total number of shares voted |
|
For | | | 721,132,144 | | | 98.77 | |
Withheld | | | 9,003,427 | | | 1.23 | |
2023 board and committee membership
|
| |
Attendance
|
|
Board of directors | | | 7 of 7 (100%) | |
Corporate responsibility and technical | | | 6 of 6 (100%) | |
Corporate governance and nominating | | | 4 of 4 (100%) | |
| Public board and committee memberships: none | |
Securities held
|
| | | | |||||||||||||||
Year
|
| |
2023
|
| |
2022
|
| |
Change
|
| |||||||||
Common shares (#) | | | | | nil | | | | | | nil | | | | | | nil | | |
DSUs (#) | | | | | 417,258 | | | | | | 360,519 | | | | | | 56,739 | | |
Total common shares and DSUs (#) | | | | | 417,258 | | | | | | 360,519 | | | | | | 56,739 | | |
Total at-risk value of common shares and DSUs at book value (C$)1 |
| | | | 2,356,530 | | | | | | 1,979,034 | | | | | | 377,496 | | |
Total at-risk value of common shares and DSUs at market value (C$)1 |
| | | | 3,346,409 | | | | | | 1,990,065 | | | | | | 1,356,344 | | |
Meets share ownership requirement2 | | | | | Yes — 413% | | | | | | | | | | | | | | |
| | | |
| |
|
| |
| |
Kelly J. Osborne
Horseshoe Bay, Texas, USA
|
| |
| |
Director since
May 6, 2015 |
| |
| |
Skill/area of experience5
•
Managing or leading growth
•
International
•
Senior officer
•
Operations
•
Mining or global resource industry
•
Financial literacy
•
Investment banking/
mergers and acquisitions
•
Communications, investor relations, public relations and media
•
Corporate responsibility and sustainable development
•
Government relations
•
Governance/board
•
Environmental and social
•
Risk management
•
Climate competency
|
| |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
39
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
GEORGE N. PASPALAS (62) Independent
|
|
2024 board committee membership: Corporate responsibility and technical |
|
Public board memberships
|
| |
Board committee memberships
|
|
MAG Silver Corp. | | | none | |
Mr. Paspalas does not own any common shares or DSUs in the company.3 | | |||
| | | | |
| | | ||
|
| |
|
| |
| |
George N. Paspalas
Vancouver, British Columbia, Canada
|
| |
| |
Director since
January 1, 2024 |
| |
| |
Skill/area of experience5
•
Managing or leading growth
•
International
•
Senior officer
•
Operations
•
Mining, global resource industry
•
Investment banking/
mergers and acquisitions
•
Communications, investor relations, public relations and media
•
Risk management
•
Environmental and social
•
Governance/board
|
| |
| 40 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
J. PAUL ROLLINSON (62) Chief Executive Officer Not Independent
|
|
2023 general meeting election voting results
|
| ||||||
Vote Type
|
| | Number of shares voted |
| | % on total number of shares voted |
|
For | | | 727,009,549 | | | 99.57 | |
Withheld | | | 3,126,732 | | | 0.43 | |
2023 board and committee membership6
|
| |
Attendance
|
|
Board of directors | | | 7 of 7 (100%) | |
Public board memberships
|
| |
Board committee memberships
|
|
Sylvamo Corporation | | | Management development and compensation | |
Securities held
|
| | | | ||||||||||||
Year
|
| |
2023
|
| |
2022
|
| |
Change
|
| ||||||
Common shares (#) | | |
2,971,401
|
| | | | 2,742,947 | | | | | | 228,454 | | |
RSUs (#) | | |
1,930,078
|
| | | | 1,531,913 | | | | | | 398,165 | | |
Total common shares and RSUs (#) | | |
4,901,479
|
| | | | 4,274,860 | | | | | | 626,619 | | |
Total at-risk value of common shares and RSUs at book value (C$)1,7 |
| |
30,406,325
|
| | | | 28,861,719 | | | | | | 1,544,606 | | |
Total at-risk value of common shares at market value (C$)1 |
| |
23,830,636
|
| | | | 15,141,067 | | | | | | 8,689,569 | | |
Total at-risk value of RSUs at market value (C$)1,7 | | |
15,479,226
|
| | | | 8,456,160 | | | | | | 7,023,066 | | |
Total at-risk value of common shares and RSUs at market value (C$)1,7 |
| |
39,309,862
|
| | | | 23,597,227 | | | | | | 15,712,635 | | |
Meets share ownership requirement2 | | |
Yes — 378%
|
| | | | | | | | | | | | |
Options held
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Date granted
|
| |
Expiry date
|
| |
Exercise
price |
| |
Options
granted and vested |
| |
Total
unexercised |
| |
At-risk value
of options unexercised |
| |||||||||||||||
| | | | | | | | |
(C$)
|
| |
(#)
|
| |
(#)
|
| |
(C$)8
|
| ||||||||||||
18/02/19 | | | | | 18/02/26 | | | | | | 4.59 | | | | | | 453,050 | | | | | | 453,050 | | | | | | 1,553,962 | | |
Total | | | | | | | | | | | | | | | | | 453,050 | | | | | | 453,050 | | | | | | 1,553,962 | | |
| |
|
| |
| |
J. Paul Rollinson
Toronto, Ontario, Canada
|
| |
| |
Director since
August 1, 2012 |
| |
| |
Skill/area of experience5
•
Managing or leading growth
•
International
•
Senior officer
•
Operations
•
Mining or global resource industry
•
Investment banking/
mergers and acquisitions
•
Financial literacy
•
Communications, investor relations, public relations and media
•
Corporate responsibility and sustainable development
•
Government relations
•
Environmental and social
•
Risk management
•
Governance/board
|
| |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
41
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
DAVID A. SCOTT (62) Independent
|
|
2023 general meeting election voting results
|
| ||||||
Vote Type
|
| | Number of shares voted |
| | % on total number of shares voted |
|
For | | | 727,634,078 | | | 99.66 | |
Withheld | | | 2,502,381 | | | 0.34 | |
2023 board and committee membership9
|
| |
Attendance
|
|
Board of directors | | | 7 of 7 (100%) | |
Audit and risk | | | 4 of 4 (100%) | |
Corporate responsibility and technical | | | 5 of 6 (83%) | |
| Public board and committee memberships: none | |
Securities held
|
| | | | |||||||||||||||
Year
|
| |
2023
|
| |
2022
|
| |
Change
|
| |||||||||
Common shares (#) | | | | | 20,000 | | | | | | 20,000 | | | | | | nil | | |
DSUs (#) | | | | | 159,129 | | | | | | 116,962 | | | | | | 42,167 | | |
Total common shares and DSUs (#) | | | | | 179,129 | | | | | | 136,962 | | | | | | 42,167 | | |
Total at-risk value of common shares and DSUs at book value (C$)1 | | | | | 1,198,463 | | | | | | 917,919 | | | | | | 280,544 | | |
Total at-risk value of common shares and DSUs at market value (C$)1 | | | | | 1,436,615 | | | | | | 756,030 | | | | | | 680,585 | | |
Meets share ownership requirement2 | | | | | Yes — 177% | | | | | | | | | | | | | | |
| |
|
| |
| |
David A. Scott
Toronto, Ontario, Canada
|
| |
| |
Director since
May 8, 2019 |
| |
| |
Skill/area of experience5
•
Managing or leading growth
•
International
•
Senior officer
•
Mining or global resource industry
•
Investment banking/
mergers and acquisitions
•
Financial literacy
•
Communications, investor relations, public relations and media
•
Risk management
•
Governance/board
|
| |
| 42 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
43
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| | | |
Committees
|
| ||||||||||||
| | | |
Audit and risk
committee |
| |
Corporate
governance and nominating committee |
| |
Corporate
responsibility and technical committee |
| |
Human resource
and compensation committee |
| |
Special
committee |
|
| Ian Atkinson | | | | | | | | |
✓
|
| |
✓
|
| | | |
| Kerry Dyte | | |
✓
|
| |
Chair
|
| | | | | | | | | |
| Glenn Ives | | |
Chair
|
| | | | | | | |
✓
|
| |
✓
|
|
| Ave Lethbridge | | | | | |
✓
|
| | | | |
Chair
|
| | | |
| Michael Lewis | | | | | |
✓
|
| |
✓
|
| | | | | | |
| Elizabeth McGregor | | |
✓
|
| | | | |
✓
|
| | | | | | |
| Catherine McLeod-Seltzer | | | | | | | | | | | |
✓
|
| |
Chair
|
|
| Kelly Osborne | | | | | |
✓
|
| |
Chair
|
| | | | | | |
| David Scott | | |
✓
|
| | | | |
✓
|
| | | | |
✓
|
|
| 44 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Skill / area of experience
|
| |
Directors with
significant skills or experience |
|
Managing or leading growth — experience driving strategic direction and leading growth of an organization | | |
10
|
|
International — experience working in a major organization that has business in one or more international jurisdictions | | |
8
|
|
Senior officer — experience as a CEO or other senior officer of a publicly listed company or major organization | | |
10
|
|
Operations — experience as a senior operational officer of a publicly listed company or major organization or production or exploration experience with a leading mining or resource company | | |
8
|
|
Mining or global resource industry — experience in the mining industry, combined with a strong knowledge of market participants | | |
9
|
|
Information technology — experience in information technology with major implementations of management systems | | |
3
|
|
Cybersecurity competency — knowledge and understanding of emerging cybersecurity and technology risks with training for, or experience navigating through, large-scale cyber incidents that may impact Kinross | | |
2
|
|
Human resources — strong understanding of compensation, benefit and pension programs, with specific expertise in executive compensation programs, organizational/personal development and training | | |
2
|
|
Investment banking/mergers and acquisitions — experience in investment banking, finance or in major mergers and acquisitions | | |
8
|
|
Financial literacy — senior financial officer of a publicly listed company or major organization or experience in financial accounting and reporting, and corporate finance (familiarity with internal financial controls, IFRS and/or US GAAP) | | |
9
|
|
Communications, investor relations, public relations and media — experience in or a strong understanding of communications, public media and investor relations | | |
6
|
|
Corporate responsibility and sustainable development — understanding and experience with corporate responsibility practices and the constituents involved in sustainable development practices | | |
7
|
|
Government relations — experience in, or a strong understanding of, the workings of government and public policy in Canada and internationally | | |
5
|
|
Risk management — knowledge and understanding of current risk management and risk control principles and practices; and/or previous experience in dealing with some or all of the major risk exposures that the Company faces | | |
10
|
|
Climate competency — experience in climate-related governance and oversight, or a comprehensive understanding of the key issues, risks and opportunities emerging from climate-related change in the context of mining operations | | |
3
|
|
Environmental and social — extensive knowledge in, and experience managing, a broad range of environmental and social issues in the context of mining operations
|
| |
5
|
|
Governance/board — experience as a board member of a major organization | | |
10
|
|
Legal — experience as a lawyer either in private practice or in-house with a publicly listed company or major organization | | |
1
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
45
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| | |
2023 fees
(C$) |
|
Board Chair1 | | |
$250,000
|
|
Board member (including Board Chair1) | | |
$270,000
|
|
Chair — special committee1 | | |
$50,000
|
|
Chair — audit and risk committee | | |
$50,000
|
|
Chair — corporate responsibility and technical, corporate governance and nominating or human resources and compensation committees | | |
$30,000
|
|
Member (excluding the Chair) — special committee | | |
$40,000
|
|
Member (excluding the Chair) — audit and risk committee | | |
$20,000
|
|
Member (excluding the Chair) — corporate responsibility and technical2, corporate governance and nominating or human resources and compensation committees2
|
| |
$15,000
|
|
| 46 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Name
|
| |
Eligible share
holdings C$1, 2 |
| |
Exceeds/
(shortfall of) share ownership requirement by C$ |
| |
Required level
of ownership C$ |
| |
Multiple of
board retainer |
| |
Met current
requirement |
| |||||||||||||||
I. Atkinson | | | | | 1,984,886 | | | | | | 1,174,886 | | | | | | 810,000 | | | | | | 7.35 | | | | | | Yes | | |
K. Dyte | | | | | 1,557,596 | | | | | | 747,596 | | | | | | 810,000 | | | | | | 5.77 | | | | | | Yes | | |
G. Ives | | | | | 1,276,888 | | | | | | 466,888 | | | | | | 810,000 | | | | | | 4.73 | | | | | | Yes | | |
A. Lethbridge | | | | | 2,548,844 | | | | | | 1,738,844 | | | | | | 810,000 | | | | | | 9.44 | | | | | | Yes | | |
M. Lewis3 | | | | | 113,772 | | | | | | (696,228) | | | | | | 810,000 | | | | | | 0.42 | | | | | | N/A | | |
E. McGregor | | | | | 903,549 | | | | | | 93,549 | | | | | | 810,000 | | | | | | 3.35 | | | | | | Yes | | |
C. McLeod-Seltzer | | | | | 3,653,928 | | | | | | 2,843,928 | | | | | | 810,000 | | | | | | 13.53 | | | | | | Yes | | |
K. Osborne | | | | | 3,346,409 | | | | | | 2,536,409 | | | | | | 810,000 | | | | | | 12.39 | | | | | | Yes | | |
D. Scott | | | | | 1,436,615 | | | | | | 626,615 | | | | | | 810,000 | | | | | | 5.32 | | | | | | Yes | | |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
47
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Name
|
| |
Board
Membership Retainer in US$ |
| |
Independent
Chair Retainer in US$ |
| |
Committee
Chair Retainer in US$ |
| |
Committee
Member Fees in US$ |
| |
Travel
Fee in US$1 |
| |
Total
Fees Earned in US$2 |
| |
2023 Total
DSUs value vested or earned in US$3 |
| |
Value of all
outstanding DSUs as at Dec 31, 2023 in US$4 |
| ||||||||||||||||||||||||
I. Atkinson | | | | | 204,147 | | | | | | N/A | | | | | | N/A | | | | | | 26,765 | | | | | | 9,073 | | | | | | 239,985 | | | | | | 173,549 | | | | | | 1,500,772 | | |
K. Dyte | | | | | 204,147 | | | | | | N/A | | | | | | 22,683 | | | | | | 15,122 | | | | | | 7,561 | | | | | | 249,513 | | | | | | 166,224 | | | | | | 932,110 | | |
G. Ives | | | | | 204,147 | | | | | | N/A | | | | | | 37,805 | | | | | | 41,586 | | | | | | 9,073 | | | | | | 292,611 | | | | | | 181,457 | | | | | | 540,981 | | |
A. Lethbridge | | | | | 204,147 | | | | | | N/A | | | | | | 22,683 | | | | | | 11,342 | | | | | | N/A | | | | | | 238,172 | | | | | | 258,754 | | | | | | 1,927,181 | | |
M. Lewis6 | | | | | 131,237 | | | | | | N/A | | | | | | N/A | | | | | | 14,520 | | | | | | 6,049 | | | | | | 151,806 | | | | | | 86,023 | | | | | | 86,023 | | |
E. McGregor | | | | | 204,147 | | | | | | N/A | | | | | | N/A | | | | | | 26,464 | | | | | | 7,561 | | | | | | 238,172 | | | | | | 208,247 | | | | | | 683,174 | | |
C. McLeod-Seltzer | | | | | 204,147 | | | | | | 189,025 | | | | | | 37,805 | | | | | | N/A | | | | | | N/A | | | | | | 430,977 | | | | | | 320,939 | | | | | | 2,688,173 | | |
K. Osborne | | | | | 204,147 | | | | | | N/A | | | | | | 22,683 | | | | | | 11,342 | | | | | | 7,561 | | | | | | 245,733 | | | | | | 344,061 | | | | | | 2,530,220 | | |
D. Scott | | | | | 204,147 | | | | | | N/A | | | | | | N/A | | | | | | 56,708 | | | | | | N/A | | | | | | 260,855 | | | | | | 255,697 | | | | | | 964,946 | | |
TOTAL | | | | | 1,764,413 | | | | | | 189,025 | | | | | | 143,659 | | | | | | 203,849 | | | | | | 46,878 | | | | | | 2,347,824 | | | | | | 1,994,951 | | | | | | 11,853,580 | | |
| 48 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
49
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
|
| |
|
| |
|
| |
|
|
| Kerry D. Dyte | | | Glenn A. Ives (Chair) | | | Elizabeth D. McGregor | | | David A. Scott | |
| 50 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
51
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
|
| |
|
| |
|
| |
|
|
| Kerry D. Dyte (Chair) | | | Ave G. Lethbridge | | | Michael A. Lewis | | | Kelly J. Osborne | |
| 52 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
53
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
|
| |
|
| |
|
| |
|
| |
|
|
| Ian Atkinson | | | Michael A. Lewis | | | Elizabeth D. McGregor | | | Kelly J. Osborne (Chair) | | | David A. Scott | |
| 54 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
55
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
|
| |
|
| |
|
| |
|
|
| Ian Atkinson | | | Glenn A. Ives | | | Ave G. Lethbridge (Chair) | | | Catherine McLeod-Seltzer | |
| 56 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
57
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
|
| |
|
| |
|
|
| Glenn A. Ives | | | Catherine McLeod-Seltzer (Chair) | | | David A. Scott | |
| 58 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
The board’s human resources and compensation committee (the committee) oversees Kinross’ executive compensation program and is tasked with ensuring it is aligned with shareholder interests and company performance.
On behalf of the committee, I am pleased to provide an overview of the company’s performance and the board’s executive compensation decisions for 2023.
2023 PERFORMANCE HIGHLIGHTS
To determine executive compensation, we begin by assessing the company’s annual performance. The company’s performance in 2023 improved over the prior two years, with Kinross delivering strong results in several key areas, including:
•
Total Shareholder Return (TSR): Shareholder returns increased significantly, with one-year TSR of 48%, ranking 3rd among our peers, and five-year TSR of 98%.
|
| |
Ave G. Lethbridge
|
|
| 60 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
61
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 62 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
63
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 64 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Year
|
| |
Votes “for” (%)
|
| |||
2011 | | | | | 95.67 | | |
2012 | | | | | 78.47 | | |
2013 | | | | | 78.34 | | |
2014 | | | | | 74.75 | | |
2015 | | | | | 94.11 | | |
2016 | | | | | 88.76 | | |
2017 | | | | | 93.93 | | |
2018 | | | | | 92.75 | | |
2019 | | | | | 75.44 | | |
2020 | | | | | 92.70 | | |
2021 | | | | | 88.67 | | |
2022 | | | | | 90.61 | | |
2023 | | | | | 91.03 | | |
|
Our shareholder engagement program for compensation and governance was initiated in 2014 when we contacted shareholders who had holdings totaling, in aggregate, over one-third of our issued and outstanding shares as well as the two proxy advisory firms. Based on the success of our inaugural program and the constructive dialogue achieved between key shareholders and Kinross management and the board, we have made this systematic outreach process an annual event, and have expanded it to cover more shareholders and include ESG as a discussion topic. Since we initiated the program in 2014, shareholder support has been strong for our executive compensation program and practices, reaching over 91% in 2023 (for 2022 fiscal year) and averaging approximately 90% over the last nine years.
|
| |
|
|
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|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 66 | | |
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
67
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| Reviewed “risk” in Kinross’ global compensation programs | | |||
| Objective | | | Assess whether compensation plans might incent or motivate inappropriate risk-taking, or cause executives to take actions that could have a significant negative impact on the company. | |
| Process | | |
The human resources and compensation committee reviewed Kinross’ compensation programs, practices, and documentation in the context of:
•
incentive plan performance measures, compensation plan funding, incentive plan performance periods, pay mix, goal setting and leverage, controls, and processes;
•
Canadian Securities Administrators’ examples of potential situations that could encourage an executive officer to expose the company to inappropriate or excessive risks; and
•
key business risks.
As part of the risk review process, Internal Audit reviewed the materials prepared and provided comments prior to the materials being presented to the committee.
|
|
| Outcome | | |
The human resources and compensation committee has reviewed Kinross’ compensation programs and practices and has not identified any compensation programs or practices that could motivate decision makers, individually or collectively, to take actions that could have a significant negative impact on the organization. Furthermore, the human resources and compensation committee is comfortable that Kinross’ key business risks and related performance measures are appropriately considered in our incentive plans.
|
|
| Stress-tested the senior leadership team’s compensation | | |||
| Objective | | |
Consider a range of performance outcomes, and how these would affect compensation payable to ensure rewards are appropriate under various scenarios.
|
|
| Process | | |
The human resources and compensation committee reviewed possible combinations of compensation outcomes to determine the range of potential realized compensation under the current plans and alignment to performance, as follows:
•
base salary fixed at current levels;
•
short-term incentive payouts at various possible levels of achievement (50% of target, at target, and maximum);
•
all outstanding long-term incentive awards at a range of possible future values:
•
share prices ranging from approximately −75% up to +182% of current share prices; and
•
RPSUs vesting at 50%, 100% and 150% of granted units.
In addition, the human resources and compensation committee reviewed the variation in the mix of equity realizable under different share price scenarios.
|
|
| Outcome | | |
The human resources and compensation committee is satisfied that the range of possible outcomes delivered by Kinross’ compensation programs is appropriate and provides for alignment with performance. In addition, the committee is comfortable that the potential range of realized gains on outstanding long-term incentive awards is aligned to the creation of shareholder value. Our compensation plans are capped at the date of grant, so maximum compensation amounts are quantifiable in advance of making decisions about short-term incentive payouts and equity grants.
|
|
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Letter to
Shareholders |
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Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| Reviewed realizable pay | | |||
| Objective | | | Understand actual compensation outcomes for the CEO relative to peers and review the effectiveness of the executive compensation program in aligning pay to performance. | |
| Process | | |
The human resources and compensation committee reviewed a range of realized and realizable pay calculations as follows:
•
Reviewed both realized pay and realizable pay for the CEO calculated using: Equilar, ISS, Conference Board Working Group, CalPERS, and Securities and Exchange Commission (SEC) “compensation actually paid” methodologies;
•
Compared realized/realizable pay and performance to the peer group over a three-year period (2020-2022); and
•
Considered several different readily available performance measures: net income, revenue growth, total shareholder returns, and change in operating cash flow.
|
|
| Outcome | | |
The human resources and compensation committee is satisfied that realizable pay over the three-year period when considered relative to peers demonstrated pay for performance alignment. Over the three-year period realizable pay showed fairly strong alignment to relative TSR performance.
|
|
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|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Services provided
|
| |
2023
(US$)1 |
| |
Services provided
|
| |
2022
(US$)1 |
|
Executive compensation-related fees
|
| |
$64,770
|
| |
Executive compensation-related fees
|
| |
$84,975
|
|
Competitive benchmarking analysis for the NEOs | | | | | | Competitive benchmarking analysis for the NEOs and independent directors | | | | |
Assistance with drafting of proxy disclosure | | | | | | Assistance with drafting of proxy disclosure | | | | |
Governance updates | | | | | | Governance updates | | | | |
Attendance at human resources and compensation committee meetings
|
| | | | |
Attendance at human resources and compensation committee meetings
|
| | | |
Other fees — Mercer | | |
$18,255
|
| | Other fees — Mercer | | |
$18,628
|
|
Published surveys, industry data, market benchmark | | | | | | Published surveys, industry data, market benchmark | | | | |
Other fees — affiliated organizations | | |
$1,503,496
|
| | Other fees — affiliated organizations | | |
$1,246,902
|
|
Marsh Canada Limited — insurance brokerage fees | | | | | | Marsh Canada Limited — insurance brokerage fees | | | | |
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2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
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Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
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|
|
|
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Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
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2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| | | | | | | | |
Revenue (US$ millions)
|
| |
Market Cap (US$ millions)
|
| ||||||
Company (TSX or NYSE Ticker Symbol) |
| |
Industry
(GICS) |
| |
Scope of Operations2
|
| | 5 Year Average (2018-2022)1 |
| |
20221
|
| | 5 Year Average (2018-2022)1 |
| |
2022
Average1 |
|
Agnico Eagle Mines Ltd (AEM)
|
| | Gold | | | Canada, Finland, Mexico, Australia | | | $3,478 | | | $5,741 | | | $15,607 | | | $21,620 | |
AngloGold Ashanti Limited (AU)
|
| | Gold | | |
Australia, Brazil, Tanzania, Ghana, Dominican Republic of Congo (DRC), Guinea
|
| | $3,964 | | | $4,501 | | | $8,211 | | | $7,465 | |
B2 Gold Corporation (BTO)
|
| | Gold | | | Mali, Namibia, Philippines | | | $1,498 | | | $1,733 | | | $4,180 | | | $3,927 | |
Barrick Gold Corporation (ABX)
|
| | Gold | | |
United States, Tanzania, Canada, Democratic Republic of Congo, Mali, Papua New Guinea, Dominican Republic, Cote D’Ivoire, Argentina, Saudi Arabia, Zambia, and Chile
|
| | $10,511 | | | $11,013 | | | $30,635 | | | $33,210 | |
Cameco Corporation (CCO)
|
| |
Coal &
Consumable Fuels |
| | Canada and Kazakhstan | | | $1,395 | | | $1,436 | | | $6,360 | | | $9,901 | |
Endeavour Mining PLC (EDV)
|
| | Gold | | | Burkina Faso, Côte d’Ivoire, Senegal | | | $1,604 | | | $2,508 | | | $3,690 | | | $5,365 | |
First Quantum Minerals Ltd. (FM)
|
| | Copper | | | Zambia, Mauritania, Turkey, Spain, Finland, Australia, Panama | | | $5,588 | | | $7,626 | | | $11,191 | | | $16,267 | |
Gold Fields Limited (GFI)
|
| | Gold | | | Australia, Ghana, Peru, South Africa | | | $3,584 | | | $4,287 | | | $7,041 | | | $9,598 | |
Lundin Mining Co. (LUN)
|
| | Copper | | | Brazil, Chile, Portugal, Sweden, United States | | | $2,406 | | | $3,041 | | | $4,883 | | | $5,500 | |
Newcrest Mining Limited (NCM)3
|
| | Gold | | | Canada, Australia, Papua New Guinea | | | $4,002 | | | $4,207 | | | $14,263 | | | $13,443 | |
Newmont Corporation (NEM)
|
| | Gold | | |
Canada, United States, Ghana, Australia, Suriname, and Peru
|
| | $10,525 | | | $11,915 | | | $37,594 | | | $45,582 | |
Northern Star Resources LTD (NST)
|
| | Gold | | | Australia and United States | | | $1,569 | | | $2,710 | | | $6,751 | | | $7,315 | |
Pan American Silver Corp. (PAAS)
|
| | Silver | | | Canada, Peru, Bolivia, Mexico | | | $1,320 | | | $1,495 | | | $4,628 | | | $4,310 | |
SSR MINING INC (SSRM)
|
| | Gold | | | Turkey, United States, Canada, Argentina | | | $901 | | | $1,148 | | | $3,043 | | | $3,642 | |
Teck Resources Limited (TECK/B)
|
| |
Diversified
Metals & Mining |
| | Canada, Peru, Chile, United States | | | $9,774 | | | $13,313 | | | $13,250 | | | $18,680 | |
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|
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Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
2023 Compensation mix — President and CEO1,2
|
| ||||||
Paul Rollinson
|
| |
Actual (US$)
|
| |||
Base salary | | | | | 1,187,077 | | |
Short-term incentive | | | | | 2,069,966 | | |
Equity — RPSUs | | | | | 1,893,388 | | |
Equity — RSUs | | | | | 1,549,136 | | |
Total equity | | | | | 3,442,524 | | |
Total “at-risk” compensation | | | | | 5,512,490 | | |
2023 Average compensation mix — Other NEOs1,2
|
| ||||||
Other NEOs (excluding CEO)
|
| |
Actual (US$)
|
| |||
Base salary | | | | | 437,253 | | |
Short-term incentive | | | | | 541,790 | | |
Equity — RPSUs | | | | | 559,569 | | |
Equity — RSUs | | | | | 457,830 | | |
Total equity | | | | | 1,017,399 | | |
Total “at-risk” compensation | | | | | 1,559,189 | | |
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2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
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|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Name
|
| |
Eligible share holdings 1,2,3
|
| |
2023 share ownership
|
| |||||||||||||||||||||
| | |
Value of
RSUs (US$) |
| |
Value of
RPSUs (US$) |
| |
Value of
common shares (US$) |
| |
Value of
total (US$) |
| |
Required
multiple of average salary |
| |
Required
value4 (US$) |
| |
Holdings
multiple of average salary |
| |
Multiple of
requirement met |
| |
Deadline to
meet requirement5 |
|
| | |
# of RSUs
|
| |
# of RPSUs
|
| |
# of common
shares |
| |
# of total
|
| | | | | | | | | | | | | | | |
J. Paul Rollinson | | |
$2,814,945
|
| |
$6,119,951
|
| |
$18,018,349
|
| |
$26,953,245
|
| |
6x
|
| |
$7,122,464
|
| |
22.7x
|
| |
3.8
|
| |
n/a
|
|
| | |
464,212
|
| |
1,009,239
|
| |
2,971,401
|
| |
4,444,852
|
| | | | | | | | | | | | | |
(met deadline)
|
|
Andrea S. Freeborough | | |
$735,541
|
| |
$1,598,467
|
| |
$1,558,841
|
| |
$3,892,849
|
| |
3x
|
| |
$1,372,322
|
| |
8.5x
|
| |
2.8
|
| |
n/a
|
|
| | |
121,298
|
| |
263,603
|
| |
257,068
|
| |
641,969
|
| | | | | | | | | | | | | |
(met deadline)
|
|
Geoffrey P. Gold | | |
$1,206,302
|
| |
$2,631,295
|
| |
$7,126,881
|
| |
$10,964,478
|
| |
3x
|
| |
$1,905,373
|
| |
17.3x
|
| |
5.8
|
| |
n/a
|
|
| | |
198,931
|
| |
433,926
|
| |
1,175,292
|
| |
1,808,149
|
| | | | | | | | | | | | | |
(met deadline)
|
|
Claude J.S. Schimper | | |
$622,150
|
| |
$1,203,634
|
| |
$129,992
|
| |
$1,955,776
|
| |
3x
|
| |
$1,323,175
|
| |
4.4x
|
| |
1.5
|
| |
October 1, 2024
|
|
| | |
102,599
|
| |
198,491
|
| |
21,437
|
| |
322,527
|
| | | | | | | | | | | | | | | |
William D. Dunford | | |
$347,593
|
| |
$143,637
|
| |
$161,567
|
| |
$652,797
|
| |
3x
|
| |
$706,118
|
| |
2.8x
|
| |
0.9
|
| |
September 1, 2026
|
|
| | |
57,321
|
| |
23,687
|
| |
26,644
|
| |
107,652
|
| | | | | | | | | | | | | | | |
| | |
Eligible shareholdings1, 2 — Market Value
|
| |||||||||||||||||||||||||||||||||
Name
|
| |
Value of
common shares (US$) |
| |
Value of
RSUs (US$) |
| |
Value of
common shares + RSUs (US$) |
| |
Value of
RPSUs (US$) |
| |
Value of
total (US$) |
| |
Holdings multiple
of average salary |
| ||||||||||||||||||
J. Paul Rollinson | | | | $ | 18,018,349 | | | | | $ | 2,814,945 | | | | | $ | 20,833,294 | | | | | $ | 6,119,951 | | | | | $ | 26,953,245 | | | | | | 22.7x | | |
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Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Name
|
| |
Value of common shares
(US$) |
| |
Value of total direct compensation
(US$) |
| |
Holdings multiple
of total direct compensation |
| |||||||||
J. Paul Rollinson | | | | $ | 18,018,349 | | | | | $ | 6,699,567 | | | | | | 2.7x | | |
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|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
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2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
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|
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|
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Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 80 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Component
|
| |
Form
|
| |
Period
|
| |
How we determine the award
|
|
Total Direct Compensation | | |||||||||
Base salary | | | Cash | | | One year | | | Based on role, market comparators, internal equity, individual experience, and performance. | |
Short-term Incentive | | | Cash | | | One year | | |
Target award is established based on market comparators and internal equity.
Actual awards are based on company and individual performance, and consider overall pay mix guidelines.
|
|
Long-term incentive1
|
| |
Restricted
share units (RSUs) |
| |
Three years; vest in thirds over
three years |
| |
Target grant value based on market comparators and internal equity.
Actual grant value may be above or below target based primarily on company and individual performance.
The human resources and compensation committee determines the mix of equity to be granted to NEOs for each calendar year. For the 2023 grant (granted in February 2024), RSUs made up 45% of the SLT’s annual long-term incentive award (one-third cash-settled and two-thirds equity-settled).
|
|
| Restricted performance share units (RPSUs) | | |
Three years; vest at end of three years, based on performance relative to targets
|
| |
Target grant value based on market comparators and internal equity.
Actual grant value may be above or below target grant value based primarily on company and individual performance.
The final number of shares vested is based on company performance relative to performance measures. For the 2023 grant (granted in February 2024), these measures were: relative total shareholder return, production, and attributable all-in sustaining cost per gold equivalent ounce sold3.
For the 2023 grant, RPSUs made up 55% of the SLT’s annual long-term incentive award. RPSUs are 100% equity-settled.
|
| ||
Benefit & Retirement Plans | | |||||||||
Employee benefits and perquisites
|
| |
Benefits and perquisites
|
| |
Ongoing
|
| |
Based on market comparators.
Includes life, accidental death & dismemberment, critical illness and disability insurance, health & dental coverage, benefit reimbursement plan, security services, and other benefits.
|
|
| Employee share purchase plan | | | Continuous based on eligibility requirements | | | Employees, including NEOs, may contribute up to 10% of their base salary. 50% of the participant’s contribution is matched by the company on a quarterly basis and total contributions are used to purchase company shares. | | ||
Retirement plans | | |
Executive
retirement allowance plan (ERAP)2 |
| | Ongoing | | |
Based on market comparators.
15% or 18% of base salary and target bonus for the senior leadership team.
|
|
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|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Named Executive Officer
|
| |
2024 Base Salary
(C$) |
| |||
J. Paul Rollinson | | | | | 1,700,000 | | |
Andrea S. Freeborough | | | | | 650,000 | | |
Geoffrey P. Gold | | | | | 900,000 | | |
Claude J.S. Schimper | | | | | 650,000 | | |
William D. Dunford | | | | | 510,000 | | |
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Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
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|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 84 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
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85
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Key strategic area
|
| |
Rationale
|
| |
Metric
|
|
ESG
|
| |
How the company acts with regard to health & safety, environment, social & governance (ESG) matters determines our ‘license to operate’, and thus could significantly impact our operations. This metric reinforces our responsibility to our employees and communities regarding safety and sustainability, and the requirement for senior leadership to set the tone for the organization.
|
| |
Corporate responsibility performance metric: incorporates leading and lagging measures for health and safety, environment, and community relations, each of which determines about one third of the total metric. In the case of a fatality, there is an automatic 5% deduction from the total company score.
ESG initiatives: an assessment of performance on delivery on our key ESG commitments including diversity, equity and inclusion, climate goals, and governance.
|
|
Operational and financial performance
|
| |
Annual operational performance determines financial success over the short- and long-term. Rather than measuring financial outcomes that are largely determined by gold price, the focus is on the two key drivers within the company’s control that determine revenue and cash flow, namely production and cost.
|
| |
Delivering against guidance: measures how well we deliver on our commitments to the market against the key publicly reported operational and financial metrics: production, all-in sustaining cost, and capital.
Total cost: supports a continued focus on managing our costs, which is critical to maintaining profitable operations in a volatile gold price environment.
|
|
Balance sheet
|
| |
A strong balance sheet is critical to enable us to proactively manage our business and invest in both organic and inorganic growth projects. A strong balance sheet allows us to withstand industry cycle volatility.
|
| |
Attributable free cash flow per share: measures our ability to manage costs, judiciously allocate capital, increase margins and maintain a strong liquidity position.
|
|
Shareholder returns
|
| |
Inclusion of shareholder returns is intended to reinforce alignment with shareholders in the cash compensation that executives receive. The use of a relative measure helps mitigate against gold price volatility.
|
| |
Relative total shareholder returns: measured over a one-year period, compared to our performance peer group.
|
|
Building for the future
|
| |
A key responsibility of management is making capital allocation decisions for the long term benefit of the company and shareholders. This metric is intended to assess the outcome of those capital allocation decisions, other strategic decisions, and to capture other items which affect the value of our assets and the company.
|
| |
Deliver targeted strategic accomplishments: an assessment of performance on delivery on capital investments and key initiatives that are critical for advancing the company’s organic growth agenda, reducing costs, and continuing to position the company well for the future. May include increasing reserves, mine life extensions, M&A, etc.
|
|
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2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Safety & ESG
|
| |
Operational Excellence
|
| | Financial Strength and Flexibility |
| |
Long term Value
|
|
•
Ensure safety is our number one priority across the entire organization
•
Continue to advance our ESG strategy and work towards our 2030 greenhouse gas (GHG) reduction goals
|
| |
•
Deliver on our 2023 public guidance
•
Effectively manage costs in an inflationary environment
•
Ensure our assets are optimized and delivering consistently
|
| |
•
Focus on free cash flow in operating decisions
•
Continue to effectively manage and strengthen balance sheet
•
Return capital to shareholders through share buyback program and quarterly dividend
|
| |
•
Advance and deliver key projects
•
Continue to advance exploration studies and permitting
•
Continue to focus on improving and maintaining positive government relations
|
|
|
Corporate Responsibility Performance Metric
|
| | The 2023 target was set in line with the 2022 target and actual result, recognizing that the company has already achieved a very high level of performance and that we want to incent maintaining or exceeding such a level, while recognizing that this, in itself, is a significant accomplishment. |
| | |
|
20%
|
| |
|
ESG initiatives
|
| | Initiatives in this category vary from year to year. For 2023, targets were based on the completion of the Tasiast solar plant, climate studies, diversity strategy and supply chain governance. |
| | |
|
5%
|
| |
|
Delivering against guidance
|
| | 2023 targets were aligned to 2023 guidance for production, attributable all-in sustaining cost and capital, in line with the approach in 2022. | | | |
|
15%
|
| |
|
Total cost
|
| | The 2023 range was similar to that in 2022, with the target aligned to the 2023 budget. | | | |
|
10%
|
| |
|
Attributable free cash flow per share
|
| | 2023 target was aligned to the 2023 budget. Targets were differentiated for different gold price scenarios in order to ensure that management is rewarded for factors within their control. | | | |
|
10%
|
| |
|
Relative TSR
|
| | The 2023 target was set above the median of the performance group, in line with the 2022 target. | | | |
|
10%
|
| |
| Deliver targeted strategic accomplishments | | |
As the projects/initiatives and the associated metrics included in this category vary substantially from year to year, the targeted number of points to be achieved may also vary. For 2023, the number of points required as a percentage of maximum points was the same as that established in 2022.
|
| | | | 30% | | |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
87
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
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|
Key Strategic Area |
| |
Measure
|
| |
Weight
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Actual performance
|
| |
Rating
|
| ||||||
ESG
|
| |
Corporate Responsibility
Performance Metric (CRPM): Safety, Environment & Community Metrics (see next page for details) |
| | | | 20% | | | |
80 points
|
| |
88 points
|
| |
97 points
|
| |
Exceeded target:
91.9 points |
| | | | 115% | | |
|
ESG initiatives:
1. Climate studies 2. Diversity, Equity and Inclusion (DEI) strategy 3. Supply chain governance 4. Tasiast solar plant |
| | | | 5% | | | | 1. Deliver at least one climate study that triggers GHG reduction 2. DEI strategy in process of being implemented, majority of sites successful on their objectives 3. Completed initial steps on supply chain governance initiative in compliance with Bill S-211 4. Tasiast solar plant completed within expected cost, behind schedule, expected to produce close to 10% of site’s power |
| | 1. Deliver at least two climate studies that trigger >1% GHG reduction 2. DEI strategy implemented; sites meet expectations on objectives 3. On plan on supply chain governance initiative, in compliance with Bill S-211 4. Tasiast solar plant completed on schedule, within expected cost, expected to produce close to 20% of site’s power |
| | 1. Deliver at least two climate studies that trigger > 2% GHG reduction 2. DEI strategy implemented; sites exceed expectation on objectives 3. Ahead of plan on supply chain governance initiative, in compliance with Bill S-211 4. Tasiast solar plant completed ahead of schedule, at expected cost, expected to produce greater than 20% of site’s power |
| |
Exceeded target:
1. Two climate studies completed contributing to savings of 84 kt tCO2e (2.2% in GHG savings over 3 years) 2. Developed a meaningful DEI strategy; sites met expectations on their objectives 3. On track to publish our report in compliance with Bill S-211 in 2024 4. Tasiast solar plant completed in Q4, under budget, expected to produce approximately 20% of site’s power |
| | | | 110% | | | ||
Operational
and Financial Performance |
| |
Deliver against 2023 guidance:
Production: 2.1Moz +/−5% AISC1: $1,320 per ounce +/−5% Capital: $1,000M +/−5% |
| | | | 15% | | | |
Both production and
AISC1 marginally miss guidance; capital over guidance |
| |
Both production and
AISC1 are within guidance; capital in line with or under guidance |
| |
Strongly beat guidance on both production and AISC1; capital in line with or under guidance
|
| |
Exceeded target:
Production: 2.15Moz AISC1: $1,316 Capital: $1,055M |
| | | | 130% | | |
|
Total cost4:
Manage costs (production cost before allocations, other operating cost and overhead) |
| | | | 10% | | | | 4% over budget | | | On budget | | | 4% under budget | | |
Below target:
Total cost was over budget4 |
| | | | 65% | | | ||
Balance Sheet
|
| |
Attributable free cash flow per share2
Achieve our budget |
| | | | 10% | | | | 22 cents per share below budget | | | On budget, with targets differentiated by gold price |
| | 16 cents per share above budget | | |
Exceeded target:
46 cents per share |
| | | | 140% | | |
Shareholder Returns
|
| |
Relative total shareholder returns (TSR)3
Relative ranking vs. performance peer group |
| | | | 10% | | | | 25th percentile | | | Above median | | |
1st rank and positive
absolute TSR |
| |
Exceeded target:
3rd rank and TSR of 43% (48% without averaging period)3 |
| | | | 135% | | |
Building for the Future
|
| |
Deliver targeted strategic accomplishments:
•
Tasiast and Paracatu asset value
•
Great Bear project
•
Three-year production guidance
•
Advancement of key projects and permitting
•
Exploration
In addition, bonus/penalty points could be assessed in four areas: M&A transaction; stakeholder engagement; people and organization; material change in value of asset. Total points are calculated as a % of maximum points
|
| | | | 30% | | | |
25% of maximum points
|
| |
50% of maximum points
|
| |
>85% of maximum points
|
| |
Exceeded target:
59% of maximum points: Outperformed on Great Bear and other key projects, exploration initiatives; and our future production outlook; achieved target on Paracatu and Tasiast future value as well as on our permitting goals. A penalty point was assessed to recognize challenges at Fort Knox related to cost pressures. |
| | | | 110% | | |
Total | | | | | | | | 100% | | | | | | | | | | | | | | | | | | 115% | | |
| 88 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
First Priority
|
| |
Indicator
|
| |
Metric
|
| |
Maximum
Points |
|
Health and Safety
(34 points) |
| |
Lagging Indicators
|
| |
Total Reportable Injury Frequency Rate (TRIFR)
|
| |
8
|
|
| Lost days severity rate | | |
10
|
| |||||
|
Proactive Drivers of Safety
|
| |
Field safety engagements by management (per employee)
|
| |
6
|
| ||
| Workplace hazards identified and corrected (per employee) | | |
6
|
| |||||
| Safety excellence program (number of sites) | | |
4
|
| |||||
Environment
(33 points) |
| |
Lagging Indicators
|
| |
Environmental incidents
|
| |
15
|
|
|
Proactive Drivers of Environment
|
| |
Water balance accuracy
|
| |
6
|
| ||
| Reclamation | | |
4
|
| |||||
| Risk and audit | | |
2
|
| |||||
| Environmental training (% of site workforce) | | |
6
|
| |||||
Community Relations
(33 points) |
| |
Lagging Indicators
|
| |
Community incidents
|
| |
9
|
|
| Community and media feedback | | |
6
|
| |||||
|
Proactive Drivers of Community Relations
|
| |
Stakeholder engagement (# engaged and compliance to plan)
|
| |
6
|
| ||
| Local content (# of employees and business partners from local jurisdictions) | | |
9
|
| |||||
| Community and corporate contributions | | |
3
|
| |||||
Maximum Points | | | | | |
100
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
89
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| ESG | | | | |
| Operational & Financial Performance and Balance Sheet | | | | |
| 90 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| Building for the Future & Shareholder Returns | | | | |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
91
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Year
|
| |
Company
performance multiplier |
| |||
2013 | | | | | 110% | | |
2014 | | | | | 95% | | |
2015 | | | | | 100% | | |
2016 | | | | | 107% | | |
2017 | | | | | 118% | | |
2018 | | | | | 97% | | |
2019 | | | | | 109% | | |
2020 | | | | | 120% | | |
2021 | | | | | 70% | | |
2022 | | | | | 70% | | |
2023 | | | | | 115% | | |
| 92 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
|
| | J. Paul Rollinson — President and Chief Executive Officer | |
|
Mr. Rollinson joined Kinross in September 2008 as the Executive Vice-President, New Investments, and subsequently assumed the role of Executive Vice-President, Corporate Development. He was promoted to Chief Executive Officer in August 2012.
The following summarizes Mr. Rollinson’s performance in 2023. Individual performance factors for the CEO are recommended by the human resources and compensation committee and approved by the board.
|
|
Objective
|
| |
Accomplishments
|
|
Strategy and capital decisions
Develop and refine company strategy in light of current conditions to deliver long-term value to shareholders. Make capital decisions in line with strategy, including:
•
decisions on key projects / expansion opportunities;
•
making decisions on possible acquisitions;
•
determining the best allocation of resources to existing mines and future projects;
•
maximizing the value of existing resources.
|
| |
•
Oversaw several strategic reviews
•
Oversaw the development of the Manh Choh project, including permits being received ahead of schedule and a successful groundbreaking event with the local community and political figures including the Governor of Alaska
•
Oversaw the development of a growth strategy for Chile
•
Oversaw the successful advancement of the company’s exploration strategy with notable successes at Great Bear, Curlew, and Round Mountain
•
Oversaw the decision to pause the enhanced share buyback in favour of debt repayment, which was favourably received by the market
•
Oversaw the refinancing of the 2024 notes, obtaining a favourable rate during a volatile period in the debt markets
•
Obtained Board approval to proceed with Phase S at Round Mountain
•
Oversaw the completion of the Tasiast solar facility
|
|
Leadership and culture
Successfully lead the company through challenging times, aligning the organization to current realities and company strategy:
•
consistent focus on our First Priorities;
•
demonstrate leadership to the global organization through communication of company direction and challenges;
•
maintain morale and continue to reinforce Kinross values and culture.
|
| |
•
Provided strong leadership to take the organization back to operating success, achieving the favourable end of both production and cost guidance
•
Supported the organization’s new approach to Health & Safety and helped to embed the culture and systems necessary for success
•
Made SLT changes to further optimize company leadership and set up for future success
•
Kinross recognised as one of Toronto’s Best Employers for the 6th consecutive year, being recognized for excellent leadership development programs and culture
•
Announced winners for our 15th Annual Living Our Values Awards and held successful event in Toronto
•
Advanced Inclusion and Diversity through development of a comprehensive strategy, using input from employees and leaders within the organization
•
Oversaw the development of a set of Leadership Principles, and held a Leadership Forum with the company’s top leaders
•
Continued to enhance leadership communications within the organization
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
93
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Objective
|
| |
Accomplishments
|
|
External stakeholders
Effectively manage external stakeholders. Continue to enhance perception of company value. Build and maintain positive relationships with key governments and other stakeholders. Specific steps include:
•
engaging with stakeholders regarding company strategy, direction, options, and results;
•
reinforcing key messages in the market;
•
maintaining and continuing to enhance credibility with stakeholders;
•
identifying and seeking out new investors as appropriate;
•
maintaining effective working relationships with governments, environmental groups, and related stakeholders.
|
| |
•
Continued to effectively manage government relations in key jurisdictions:
•
Have sustained positive relations in Mauritania following significant efforts at CEO level and below to foster relationships
•
Continued engagement with Ontario and Canadian government officials, including with the Premier, regarding Great Bear permitting
•
Held over 150 investor meetings/events with over 100 different firms
•
Engaged with peers in the Energy sector to advance power strategy at Great Bear
•
Oversaw donations strategy, including continued support for organizations which address the issue of homelessness in the Greater Toronto Area (GTA), as well as to support education in our operating regions through a new scholarship endowment for Alaska Native women and the refurbishment of a school in Paracatu
•
Oversaw roll-out of a holistic ESG strategy and continued to act as a champion for responsible mining practices
•
Oversaw publication of the 2022 ESG & Sustainability Report and Climate Report
•
Kinross continues to be highly rated on several sustainability indexes including S&P CSA, MSCI, Refinitiv, Moody’s ESG, and Sustainalytics, and won numerous awards for safety and environment
•
Developed strong relationships with local First Nations partners in Ontario, and oversaw signing of Advanced Exploration Agreement
|
|
Board interaction
Maintain a productive two-way relationship with the Board, thereby assisting them in carrying out their obligations to shareholders, through:
•
transparent communications;
•
engaging the Board at appropriate times for decision-making.
|
| |
•
Successfully recruited, onboarded, and integrated two new Board members
•
Regular communications with the Board (outside of regular meetings)
•
Supported external Board evaluation process
•
Aligned with Board on future strategic direction at Strategy Offsite
•
Continued leading performance on Globe and Mail’s Board Games as one of the top ranked mining companies
|
|
2023 STI Individual Performance Rating: 120% | |
| 94 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
|
| | Andrea S. Freeborough, Executive Vice-President and Chief Financial Officer | |
|
Ms. Freeborough joined Kinross in August 2009, as Vice-President, Corporate Controller. In 2013, Ms. Freeborough took on additional responsibility as Vice-President, Finance, and in March 2017, Ms. Freeborough took on the role of Vice-President, Investor Relations and Corporate Development. Ms. Freeborough was appointed to the senior leadership team in the role of Senior Vice-President and Chief Financial Officer effective May 1, 2019. In June 2021, Ms. Freeborough took on oversight of Investor Relations in addition to her existing portfolio, and in October 2021, Ms. Freeborough was promoted to Executive Vice-President and Chief Financial Officer. In 2023, following the departure of the former Chief Technical Officer, Ms. Freeborough took on oversight of Supply Chain.
The following summarizes Ms. Freeborough’s performance in 2023 and the resulting compensation decisions, as recommended by the CEO and approved by the human resources and compensation committee, and the Kinross board of directors.
|
|
| 2023 Objectives | | |||
| Ms. Freeborough’s objectives for 2023 included providing leadership and oversight to Kinross’ finance, IT, investor relations, and supply chain functions; strengthening relationships with key stakeholders; managing liquidity and financing for the company including oversight of capital allocation decisions; managing credit rating agency relationships; overseeing financial reporting and taxation; enhancing overall company reporting and control processes. | | |||
| 2023 Accomplishments | | |||
|
Finance / Treasury
•
Effectively managed the balance sheet, improving the company’s financial position and liquidity
•
Oversaw the refinancing of the 2024 Senior Notes, with a favourable rate obtained in a difficult and volatile market environment
•
Effectively managed relationships with credit rating agencies, managing reviews immediately prior to issuance of the 2033 Senior Notes
•
Recommended and oversaw early repayment of Tasiast loan, leading to significant interest cost savings going forward
•
Led capital allocation decisions, including the decision to pause the share buyback in favour of debt repayment, which was received favourably by the market
•
Continued evaluating and managing the quarterly dividend program
•
Oversight of insurance program, including renewal of all programs with a positive outcome for the company, and reclamation bonding program
Financial Reporting / Accounting / Audit
•
Led the advancement of the company’s multi-year Finance Transformation Project, starting with the implementation of the OneStream Enterprise Performance Management system for financial consolidations and reporting
•
Oversaw and completed competitive external audit tender process in line with corporate governance best practices
•
Oversaw internal operational audits of the company’s US heap leach pads
|
| |
IT
•
Maintained significant focus on cybersecurity, which continues to be a heightened risk
Financial Planning & Analysis
•
Played a significant role in continuing to enhance the strategic business planning process, supporting Kinross Technical Services and Operations
•
Continued to effectively surface focus areas for operations
Tax
•
Actively managed various VAT and other tax matters globally
Investor Relations
•
Led and represented Kinross at industry conferences, presentations, and over 150 investor interactions
•
Led successful analyst/investor site visit to Tasiast
•
Led ramp up of marketing strategy targeting institutional and retail investors
•
Managed messaging around key matters such as capital allocation
Leadership
•
Continued significant succession planning to ensure the ongoing development of internal bench strength for key roles
•
Took on oversight of the Supply Chain function
Other Noteworthy contributions
•
Led M&A support on various projects including inbound expressions of interest
|
|
| 2023 STI Individual Performance Rating: 120% | |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
95
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
|
| | Geoffrey P. Gold, Executive Vice-President, Corporate Development, External Relations and Chief Legal Officer |
|
|
Mr. Gold joined Kinross in May 2006, as Senior Vice-President and Chief Legal Officer. In 2008, he was promoted to Executive Vice-President and Chief Legal Officer. In the subsequent years, he took on responsibility for a number of additional portfolios, including human resources (from 2013 through 2015) and corporate office services (from 2013 through 2016), as well as corporate development, security, and global lands. In 2016, he assumed the role of Executive Vice-President, Corporate Development, External Relations and Chief Legal Officer, with responsibility for corporate development, government and investor relations, communications, global security, global lands, and legal. In March 2024 Mr. Gold was appointed to the role of President.
The following summarizes Mr. Gold’s performance in 2023 and the resulting compensation decisions, as recommended by the CEO and approved by the human resources and compensation committee, and the Kinross board of directors.
|
|
| 2023 Objectives | | |||
|
Mr. Gold’s objectives for 2023 included: providing leadership to corporate development, legal, government relations, communications and global security; leading and executing various corporate development transactions and/or opportunities; overseeing and implementing various global governance, compliance, and key litigation and regulatory initiatives; overseeing and leading management support on various board and board committee governance initiatives; overseeing the corporate secretarial, global lands and security functional areas.
|
| |||
| 2023 Accomplishments | | |||
|
Corporate Development / Strategy
•
Oversaw strategic reviews of potential acquisitions and divestitures
•
Assisted in development of corporate strategy working with the CEO
•
Optimized Junior Equity Investment portfolio
Government Relations
•
Mauritania: continued to successfully work with the government to maintain and enhance relations
•
Canada/U.S.: obtained strong support at the provincial level for the Great Bear project and established strong connections at the Impact Assessment Agency to ensure a smooth transition into the Federal permitting process; achieved strong stakeholder support for the Manh Choh project
•
Brazil: enhanced local government relationship and ensured a robust strategy is in place regarding Phase 11
Communications
•
Oversaw implementation of enhanced Town Hall format
•
Oversaw communications related to Kinross 30th Anniversary
•
Assisted with Shareholder Engagement and disclosure in governance area
•
Provided support on internal and external communications campaigns
Legal and Governance
•
Provided guidance, oversight, and support on sensitive matters and on key litigation matters, including:
•
Legal leadership and oversight on all corporate development initiatives
•
Legal leadership on Notes refinancing
•
Legal leadership on various matters in Mauritania, Kettle River, Brazil and Chile
|
| |
Legal and Governance (continued)
•
Provided legal leadership on AEX Agreement negotiations with First Nations Partners at Great Bear
•
Provided legal leadership and oversight on key governance matters and best practices including:
•
Proxy/governance disclosure and maintenance of best practices leading to Kinross being one of the highest ranked mining companies in the Globe & Mail Board Games
•
Oversight of board and corporate policy amendments
•
Played a key role in sourcing and onboarding two new directors
Global Security
•
Conducted and provided guidance on several successful investigations with legal and compliance
Community Relations / ESG / Major Permitting
•
Oversaw ESG efforts, including preparation for compliance with Bill S-211
•
Oversaw development of simplified Social Performance Standards
•
Oversaw development of permitting strategy in Chile and at Great Bear
Great Bear
•
Finalized commercial terms of the AEX Agreement with First Nations Partners
•
Assisted CEO with development of relationships with the Chiefs of our First Nations Partners
|
|
| 2023 STI Individual Performance Rating: 120% | |
| 96 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
|
| | Claude J.S. Schimper, Executive Vice-President and Chief Operating Officer | |
|
Mr. Schimper joined Kinross in April 2010 as Vice-President and General Manager, Kupol. In July 2014, he was promoted to Regional Vice-President, Russia, providing oversight and leadership to our offices, mines, and projects in Russia. In May 2019, his title was changed to Senior Vice-President Operations, Russia in recognition of the additional accountabilities as a result of the departure of the Chief Operating Officer. Mr. Schimper was also appointed to the Leadership Advisory Team in 2019. In October 2021, Mr. Schimper was appointed to the senior leadership team in the newly created role of Executive Vice-President, Russia and West Africa Operations, reporting directly to the President and CEO, and took on oversight and accountability for operations in West Africa in addition to operations in Russia. In July 2022, following the departure of our Chief Technical Officer, Mr. Schimper was appointed to Executive Vice-President and Chief Operating Officer and took on oversight of global operations and health and safety.
The following summarizes Mr. Schimper’s performance in 2023 and the resulting compensation decisions, as recommended by the CEO and approved by the human resources and compensation committee, and the Kinross board of directors.
|
|
| 2023 Objectives | | |||
| Mr. Schimper’s objectives for 2023 included providing leadership and oversight over all of Kinross’ global operations including maintaining strong performance on global health and safety; delivering operational cash flow and meeting guidance on production, cost and sustaining capital; progressing continuous improvement; and making certain appropriate leadership is in place at all operations. | | |||
| 2023 Accomplishments | | |||
|
First Priorities
•
Made significant progress in rolling out Safety Excellence Program across the organization
•
Continued with Global Safety Learning Forum to reinforce people-centric and progressive H&S philosophy through closer links between sites and corporate, greater information sharing and the standardization of effective practices
•
H&S metrics strong across sites
•
Maintained low injury frequency rates that were in line with three-year averages
Operations
•
Production and AISC both finished at the favourable end of our guidance ranges — a significant achievement following two challenging years
•
Made a number of leadership changes to set up for future success including new GMs at Tasiast, La Coipa, and Round Mountain
•
At Tasiast:
•
Record production achieved in 2023
•
Made a number of changes to help overcome the commissioning challenges at the plant; throughputs improved throughout the year and the 24k project is now complete
•
Carried out enhanced training and upskilling programs to better prepare the local workforce to successfully handle the challenges of the operation
•
Continued with work on a cultural shift to enhance sense of ownership among Tasiast employees
|
| |
Operations (continued)
•
At La Coipa:
•
Significant improvements made at site — throughput improved progressively through the year, with Q4 reaching the design level of approximately 13ktpd
•
At Paracatu:
•
Delivered according to plan
•
Strong continuous improvement culture has led to operational enhancements
•
Successful Board of Directors visit
•
At the US sites:
•
Operational improvements across all sites
•
Set up for expected positive free cash flow going forward
Leadership and Organization
•
Acted as the global inclusion and diversity champion, participated in Kinross diversity events as well as representing Kinross externally, and member of the Global Inclusion and Diversity Council
•
Advocate for Breast Cancer Awareness month and Movember, increasing participation across all sites in these initiatives
•
Took on oversight of Global Maintenance and Continuous Improvement following departure of Ned Jalil, former Chief Technical Officer
|
|
| 2023 STI Individual Performance Rating: 125% | |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
97
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
|
| | William D. Dunford, Senior Vice-President, Technical Services | |
|
Mr. Dunford joined Kinross more than 16 years ago, and has held increasingly senior technical and operational roles, including as the Vice-President and General Manager of Kupol prior to its sale in 2022 and most recently as Vice-President, Mining Operations, overseeing Kinross’ Corporate Mine Planning, Geotechnical, Strategic Business Planning, Maintenance, Continuous Improvement, and Business Performance Management functions. Mr. Dunford was appointed to the senior leadership team in the role of Senior Vice-President, Technical Services in September 2023 and is responsible for the leadership of our technical services disciplines as well as our strategic business planning and business performance management team.
The following summarizes Mr. Dunford’s performance in 2023 and the resulting compensation decisions, as recommended by the President and CEO and approved by the human resources and compensation committee, and the Kinross board of directors.
|
|
| 2023 Objectives | | |||
| Mr. Dunford’s objectives for 2023 included: providing oversight and leadership for technical services, environmental and tailings teams; providing assurance of reserves and resources; providing support and technical guidance for due diligence efforts; overseeing Kinross’ annual strategic business planning cycle; prior to being appointed to the senior leadership team, providing oversight and leadership for Kinross’ global continuous improvement and innovation program and energy strategy functions. | | |||
| 2023 Accomplishments | | |||
|
Environment and Tailings
•
No major spills or incidents
•
Continued to ensure strong governance of tailings facility management through internal inspections and regular review by and dialogue with Kinross’ Tailings Review Panel, the Engineers of Record, and the site tailings teams
•
Supported Paracatu team with compliance work
•
Progressed environmental studies and permitting efforts in Chile at both La Coipa and Lobo-Marte
SBP and Business Performance Management
•
Enhanced the strategic business planning process across the company through a focus on increased accountability, collaboration, and transparency
•
Led transition to a probabilistic approach to mine and production planning for all sites, improving quality of and confidence in production budgets and guidance
•
Developed enhanced approach to risk and opportunity analysis across the operations with regular collaboration between Kinross Technical Services (KTS) and site teams
•
Created monthly Business Performance Management (BPM) collaboration between KTS and site teams to monitor progress versus Strategic Business Plan and budget on key KPIs and provide technical support to mitigate variance where needed
•
Re-structured process for assessing longer dated pipeline projects across the company to ensure timely progress of the best opportunities
Leadership and Organization
•
Re-structured KTS department to support improved technical rigour without increasing department labour costs
•
Re-structured Technical Valuations function leading to improved technical support for corporate development activities
Operations Support
•
Alaska: KTS mine planning team identified opportunity to de-risk mine plan execution through transfer of additional haul trucks from Round Mountain; KTS geology team provided significant support and oversite for ore control practices at Manh Choh; KTS metallurgy team provided support for Fort Knox mill modifications for Manh Choh ore
|
| |
Operations Support (continued)
•
Round Mountain: Completed geotechnical study and optimized the mine design at Phase W, increasing confidence in 2023-2024 mine plan. Led optimization of mine design for Phase S, resulting in lower strip, lower capex, higher margin execution plan. Led strategic assessment, mine plan optimization, and initiation of studies and exploration decline for Phase X Underground. Provided strategic assessment and developed study plan for Gold Hill Underground
•
Bald Mountain: Drove near term extension to mine plan pulling in low capex, low risk, quick payback pits to leverage the Mooney 8 heap leach pad
•
Paracatu: Supported site team in revision of strategic business plan to prioritize medium term cashflow through pit design optimization
•
La Coipa: KTS team provided significant support in improving ore control procedures, understanding positive geological reconciliation, and supporting optimization of key mill KPIs
•
Tasiast: KTS team supported site team in driving significantly improved geological reconciliation, improving mill recoveries after challenges in 2022, and executing on 24k expansion and Tasiast Solar power plant construction
Projects Support
•
Great Bear: KTS drove drilling and technical work leading to a meaningful increase in the underground resource at Great Bear, and provided extensive support across all disciplines to progress the advanced exploration decline and main project studies
•
Curlew: KTS worked closely with the site team to refocus drilling efforts on finding higher potential margin zones within the orebody and progressed a mine plan optimization
•
Chile: KTS worked extensively on strategic options in Chile to improve understanding of project economics, risks, and opportunities, start developing a strategy and path forward for both the La Coipa oxides and Lobo-Marte, and support study and permitting efforts across all strategic options in the region
•
Project Pipeline: Completed high level assessments of economics and key risks and opportunities of longer dated pipeline projects to prioritize and progress pipeline projects on a timely basis
|
|
| 2023 STI Individual Performance Rating: 120% | |
| 98 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Named
Executive Officer |
| |
Title
|
| |
Company
results × 75% weight |
| |
+
|
| |
Individual
results × 25% weight |
| |
=
|
| |
Total
performance multiplier |
| |
2023
STI Target1 |
| |
Calculated
2023 STI (US$)2 |
| |
Actual
2023 STI (US$)2 |
| ||||||||||||||||||
J. Paul Rollinson
|
| |
President & CEO
|
| | |
|
115%
|
| | | | | | |
|
120%
|
| | | | | | |
|
116%
|
| | | |
|
150%
|
| | | |
|
2,069,966
|
| | | |
|
2,069,966
|
| |
Andrea S. Freeborough
|
| |
EVP &
Chief Financial Officer |
| | |
|
115%
|
| | | | | | |
|
120%
|
| | | | | | |
|
116%
|
| | | |
|
90%
|
| | | |
|
478,597
|
| | | |
|
478,597
|
| |
Geoffrey P. Gold
|
| |
EVP, Corporate
Development, External Relations & Chief Legal Officer |
| | |
|
115%
|
| | | | | | |
|
120%
|
| | | | | | |
|
116%
|
| | | |
|
140%
|
| | | |
|
1,033,665
|
| | | |
|
950,4943
|
| |
Claude J.S. Schimper
|
| |
EVP &
Chief Operating Officer |
| | |
|
115%
|
| | | | | | |
|
125%
|
| | | | | | |
|
118%
|
| | | |
|
90%
|
| | | |
|
479,746
|
| | | |
|
479,746
|
| |
William D. Dunford4
|
| |
SVP,
Technical Services — SLT (Sep. 1, 2023 to Dec. 31 2023) |
| | |
|
115%
|
| | | | | | |
|
120%
|
| | | | | | |
|
116%
|
| | | |
|
75%
|
| | | |
|
113,977
|
| | | |
|
113,977
|
| |
| | | | | | | | |||||||||||||||||||||||||||||||||||||||
| | | | | |
Company
results × 50% weight |
| |
+
|
| |
Individual
results × 50% weight |
| |
=
|
| |
Total
performance multiplier |
| |
2023
STI Target1 |
| |
Calculated
2023 STI (US$)2 |
| |
Actual
2023 STI (US$)2 |
| ||||||||||||||||||
| | | VP, Mining Operations (Jan. 1, 2023 to Aug. 31, 2023) |
| | | | 115% | | | | | | | | | 120% | | | | | | | | | 118% | | | | | | 45% | | | | | | 144,345 | | | | | | 144,345 | | |
| | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 258,322 | | | | | | 258,322 | | |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
99
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Key Strategic Area
|
| |
Measure
|
| |
Target
|
| |
Weighting
|
|
ESG (25%)
|
| |
Corporate responsibility performance metric (leading and lagging measures for health and safety, environment, and community relations)
|
| |
In line with 2023 target
|
| |
20%
|
|
| ESG Initiatives | | |
•
Achieve GHG reductions through energy efficiency projects
•
Achieve key actions in the DEI strategy
•
Develop supplier due diligence program
|
| |
5%
|
| ||
Operational and Financial Performance (25%)
|
| |
Delivering against guidance
|
| |
Aligned with 2024 annual guidance on attributable production, attributable all-in sustaining cost, and attributable capital expenditures
|
| |
15%
|
|
| Total cost | | | Aligned with 2024 total cost budget (production cost before allocations, other operating costs, and overhead) | | |
10%
|
| ||
Balance Sheet (10%)
|
| | Attributable free cash flow per share | | |
Aligned with 2024 attributable free cash flow budget with targets differentiated for different gold price scenarios so that management is rewarded for factors within their control
|
| |
10%
|
|
Shareholder Returns (10%)
|
| | Relative total shareholder returns (TSR) | | | Above median rank relative to the performance peer group | | |
10%
|
|
Building for the Future (30%)
|
| | Deliver targeted strategic accomplishments | | |
Points required as a percentage of maximum points is in line with 2023 target and is based on an assessment of key initiatives focusing on the advancement and delivery of capital projects, mine life extension, increasing resources and reserves, exploration, and cost optimization
|
| |
30%
|
|
| 100 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
101
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| | |
Weightings
|
| ||||||||||||
Component
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
|
RPSUs | | |
55%
|
| |
55%
|
| |
55%
|
| |
55%
|
| |
55%
|
|
RSUs | | |
45%
|
| |
45%
|
| |
45%
|
| |
45%
|
| |
45%
|
|
Options | | |
0%
|
| |
0%
|
| |
0%
|
| |
0%
|
| |
0%
|
|
Measure
|
| |
Weighting
|
| |
Rationale
|
|
Relative TSR
|
| |
50%
|
| |
As a direct link to the interests of shareholders, we assess relative TSR performance over three calendar years. We compare Kinross’ performance to that of the companies in our performance peer group, made up solely of gold companies who face the same commodity cycle and are similar in size and complexity.
While both our RPSU and short-term incentive plans include relative TSR, the TSR measure in the RPSU plan is a longer-term measure covering three full calendar years, while that included in the short-term incentive plan is a one-year measure.
|
|
Production
|
| |
25%
|
| |
We recognize that TSR represents shareholder value over time, but TSR alone has limited ability to incent behaviour as it is often affected by factors outside an executive’s control. In a volatile commodity business, cash flow is an important performance metric, but is largely driven by gold price (a factor outside management’s control). However, two key inputs to cash flow that lie within management’s control are production and all-in sustaining cost. Therefore 50% of the outcome on our RPSUs is determined based on these key operational metrics.
|
|
All-in Sustaining Cost
|
| |
25%
|
|
| 102 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Performance over three-year vesting period
|
| |
Percent of units that will vest
|
| ||||||
|
Maximum
150%1 |
| |
Target
100% |
| |
Threshold
0% |
| ||
Relative total shareholder return (RTSR) ranking
Total Shareholder Return performance over the three calendar years ranked against the performance peer group, as follows: Alamos, Agnico-Eagle; AngloGold Ashanti; B2Gold; Barrick; Centerra; Eldorado, Endeavour; Gold Fields; IAMGOLD; New Gold; Newmont; Northern Star, SSR Mining; S&P/TSX Gold Index. Performance of each peer company is assessed on the applicable U.S. stock exchange. The TSR for each company (including Kinross) and the index will be calculated for the three-year period, and Kinross’ percentile within that group is determined. The human resources and compensation committee has discretion to adjust the RTSR measure in the event of a material change in the companies included in the peer group during the three-year time frame.
|
| |
90th percentile
and positive absolute TSR |
| |
Above median
|
| |
Below 20th
percentile |
|
Production
Target is to meet the three-year total production guidance for attributable gold equivalent ounces. Production results utilized for the RPSU calculation may vary from the figure publicly disclosed as part of Kinross’ annual reporting as a result of: adjustments to offset the impacts of positive or negative changes to material assumptions (i.e. gold to silver price ratio); and adjustments to reflect certain material operational and business changes that were unplanned at the time that the RPSU target was set. The HRCC can make other discretionary adjustments relating to extraordinary events.
|
| |
+7% and still
within target range on attributable all-in sustaining cost |
| |
Three-year total
production guidance for attributable gold equivalent ounces2 |
| |
−10%
|
|
All-in sustaining cost (AISC) per gold equivalent ounce sold
Target is to meet the expected three-year weighted average attributable all-in sustaining cost per gold equivalent ounce sold established through Kinross’ strategic business planning process (SBP). Attributable all-in sustaining cost results utilized for the RPSU calculation may vary from the figure publicly disclosed as part of Kinross’ annual reporting as a result of: adjustments to offset the impacts of positive or negative changes to material assumptions (inflation, gold price, royalties, foreign exchange rates and oil price); and adjustments to reflect certain material operational and business changes that were unplanned at the time that the RPSU target was set. The HRCC can make other discretionary adjustments relating to extraordinary events.
|
| |
−10%
|
| |
Expected
three-year weighted average AISC range as determined by the 2023 SBP3 |
| |
+10%
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
103
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Measures
|
| |
Weighting
|
| |
Target
|
| |
Years
|
| | Actual performance |
| |
Score
|
|
Relative total shareholder return
|
| | 50% | | |
Three-year TSR ranking vs. performance peers2
Threshold1: 9th rank Target1: 4th-5th rank Maximum1: 1st and positive absolute TSR |
| | 2021-2023 | | |
4th rank
|
| | 100% | |
Production (attributable gold equivalent ounces) for RPSUs3
|
| | 25% | | |
Performance against expected 3-year production as established by the strategic business plan
Threshold1: 9% below target Target1: 6.9M ounces Maximum1: 6% above target |
| | 2021-2023 | | |
6.19M
ounces |
| | 0% | |
All-in sustaining cost per gold equivalent ounce sold (“AISC”) for compensation purposes4
|
| |
25%
|
| |
Performance against expected 3-year weighted average AISC3 as established by the strategic business plan
Threshold1: 10% above target Target1: $1,025 Maximum1: 10% below target |
| |
2021-2023
|
| | $1,123 | | |
53.5%
|
|
Weighted average
|
| | | | | | | | | | | | | | 63% | |
| 104 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Reconciliation
|
| |
2023
|
| |
2022
|
| |
2021
|
|
Production (attributable gold equivalent ounces)5 | | |
2,153,020
|
| |
1,957,237
|
| |
2,067,549
|
|
Adjustment for compensation purposes: | | | | | | | | | | |
Ratio of gold to silver price | | |
10,824
|
| |
5,907
|
| |
(2,834)
|
|
Production (attrib. gold equivalent ounces) for RPSUs
|
| |
2,163,844
|
| |
1,963,144
|
| |
2,064,716
|
|
Reconciliation
|
| |
2023 (US$)
|
| |
2022 (US$)
|
| |
2021 (US$)
|
|
Attributable AISC disclosed in MD&A5 | | |
$1,316
|
| |
$1,271
|
| |
$1,138
|
|
Adjustments for compensation purposes: | | | | | | | | | | |
Gold price | | |
$(17)
|
| |
$(15)
|
| |
$(15)
|
|
Oil price | | |
$(9)
|
| |
$(20)
|
| |
$(5)
|
|
Inflation6 | | |
$(172)
|
| |
$(138)
|
| |
$(26)
|
|
Foreign exchange | | |
$46
|
| |
$4
|
| |
$9
|
|
AISC for compensation purposes (for RPSUs) | | |
$1,164
|
| |
$1,102
|
| |
$1,101
|
|
Compensation year
|
| |
Year
vested |
| |
Vesting
% |
| ||||||
2008 | | | | | 2012 | | | | | | 37% | | |
2009 | | | | | 2013 | | | | | | 45% | | |
2010 | | | | | 2014 | | | | | | 58% | | |
2011 | | | | | 2015 | | | | | | 70% | | |
2012 | | | | | 2016 | | | | | | 67% | | |
2013 | | | | | 2017 | | | | | | 82% | | |
2014 | | | | | 2018 | | | | | | 118% | | |
2015 | | | | | 2019 | | | | | | 113% | | |
2016 | | | | | 2020 | | | | | | 115% | | |
2017 | | | | | 2021 | | | | | | 98% | | |
2018 | | | | | 2022 | | | | | | 88% | | |
2019 | | | | | 2023 | | | | | | 41% | | |
2020 | | | | | 2024 | | | | | | 63% | | |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
105
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 106 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
107
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Named Executive Officer
|
| |
Title
|
| |
Total Direct
Compensation (US$) |
| |
Pay Mix
|
| ||||||||||||
|
At-Risk
Pay |
| |
Equity
|
| |||||||||||||||||
J. Paul Rollinson | | | President & Chief Executive Officer1 | | | | $ | 6,699,568 | | | | | | 82% | | | | | | 51% | | |
Andrea S. Freeborough
|
| | EVP & Chief Financial Officer | | | | $ | 1,855,493 | | | | | | 75% | | | | | | 50% | | |
Geoffrey P. Gold | | |
EVP, Corporate Development, External Relations & Chief Legal Officer1
|
| | | $ | 3,142,277 | | | | | | 80% | | | | | | 50% | | |
Claude J.S. Schimper | | | EVP & Chief Operating Officer | | | | $ | 1,931,458 | | | | | | 77% | | | | | | 52% | | |
William D. Dunford | | | SVP, Technical Services | | | | $ | 1,056,537 | | | | | | 81% | | | | | | 56% | | |
| 108 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
109
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| Company contributions | | |
The company makes notional contributions of 15% of base salary and short-term incentive target bonus, accrued quarterly, beginning on the executive’s membership date, and continuing throughout the executive’s employment, including during any severance period following a change of control. Following 60 months of continuous service as a member of the ERAP, the executive receives an additional 3% notional contribution of base salary and short-term incentive target bonus accrued quarterly.
As security for all non-U.S. taxpayer members of the ERAP, the company pays for the cost of an annual letter of credit, which together with refundable tax is sufficient to cover the total accrued benefits of such non-U.S. taxpayer members under the plan.
|
|
|
Membership and Eligibility
|
| |
Membership is determined by eligibility for the plan which is based on the nomination of one or more executives by the company. The eligible individual is required to take certain actions to complete membership.
|
|
| Employee contributions | | | None — the company covers all contributions and costs. | |
| Interest | | | Interest is calculated and compounded on the allocations to the ERAP using a rate equal to the average annual yield for Government of Canada bonds on the last business day of the prior quarter. | |
| Vesting | | |
For executives who were members prior to May 1, 2015, benefits accrued in a month vest at the end of that month except for the additional 3% contribution which vests at a rate of 50% per month. For new executives who become members after May 1, 2015, all benefits vest at a rate of 50% at the end of each month. When a member has 96 or more months of continuous service, benefits will vest at 100% at the end of the month in which they are accrued.
|
|
| Benefit on termination | | |
The accrued allocation and accumulated interest are paid out to the executive following the termination of his or her employment, including any eligible severance period. An executive, who is not a U.S. taxpayer, may elect (prior to termination) to receive this amount as either a lump sum payable in one or two installments, or in consecutive monthly payments over a period of up to 18 months following his or her termination date. Interest continues to be added to the outstanding balance during any such payment period.
|
|
| Benefit on death (before termination or retirement) | | | The accrued allocation and accumulated interest are paid out as a lump sum to the named beneficiary of the executive, or to the estate. | |
| 110 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Name
|
| |
Accumulated value
at start of year |
| |
Compensatory
|
| |
Non-compensatory
|
| |
Accumulated value
at year end |
| ||||||||||||
| | |
(US$)
|
| |
(US$)
|
| |
(US$)
|
| |
(US$)
|
| ||||||||||||
J. Paul Rollinson | | | | | 6,101,347 | | | | | | 534,185 | | | | | | 212,178 | | | | | | 6,847,710 | | |
Andrea S. Freeborough | | | | | 860,649 | | | | | | 130,370 | | | | | | 63,023 | | | | | | 1,054,042 | | |
Geoffrey P. Gold | | | | | 4,001,397 | | | | | | 285,806 | | | | | | 138,133 | | | | | | 4,425,336 | | |
Claude J.S. Schimper | | | | | 663,142 | | | | | | 129,293 | | | | | | -500,8482 | | | | | | 291,587 | | |
William D. Dunford | | | | | 101,762 | | | | | | 34,561 | | | | | | 24,505 | | | | | | 160,827 | | |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
111
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Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
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| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
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| 112 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
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Year1
|
| |
Value as of December 31, 2023
(C$ millions) |
| |
Value of C$100
|
| |||||||||||||||||||||||||||||||||
|
Total direct
compensation awarded (C$ millions)2 |
| |
A
Realized pay3 |
| |
B
Realizable pay4 |
| |
A+B=C
Current value |
| |
Period
|
| |
To CEO
($)5 |
| |
To
shareholders ($)6 |
| ||||||||||||||||||||
2018 | | | | | 7.5 | | | | | | 8.5 | | | | | | 1.6 | | | | | | 10.0 | | | |
12/31/2017-12/31/2023
|
| | | | 135 | | | | | | 148 | | |
2019 | | | | | 8.0 | | | | | | 6.2 | | | | | | 0.0 | | | | | | 6.2 | | | |
12/31/2018-12/31/2023
|
| | | | 77 | | | | | | 182 | | |
2020 | | | | | 8.8 | | | | | | 5.4 | | | | | | 3.0 | | | | | | 8.5 | | | |
12/31/2019-12/31/2023
|
| | | | 96 | | | | | | 130 | | |
2021 | | | | | 7.8 | | | | | | 3.8 | | | | | | 4.8 | | | | | | 8.6 | | | |
12/31/2020-12/31/2023
|
| | | | 111 | | | | | | 86 | | |
2022 | | | | | 7.8 | | | | | | 3.3 | | | | | | 7.6 | | | | | | 10.9 | | | |
12/31/2021-12/31/2023
|
| | | | 140 | | | | | | 109 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Average
|
| | | | 112 | | | | | | 131 | | |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
113
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| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
|
| |
Total
compensation for NEOs (US$) |
| |
Total
compensation for NEOs as a % of operating earnings1, 2 |
| |
Total
compensation for NEOs as a % of total equity2 |
| |||||||||
20233 | | | | | 17,218,337 | | | | | | 2.05% | | | | | | 0.28% | | |
20224 | | | | | 15,650,429 | | | | | | 3.35% | | | | | | 0.27% | | |
Change (2022 to 2023) | | | | | 1,567,908 | | | | | | −1.30% | | | | | | 0.01% | | |
|
| |
2023
(US$ millions) |
| |
2022
(US$ millions) |
| ||||||
Operating earnings | | | | | 801.4 | | | | | | 117.7 | | |
Add back: impairment charges (reversals) | | | | | 38.9 | | | | | | 350.0 | | |
Operating earnings before impairment charges (reversals) | | | | | 840.3 | | | | | | 467.7 | | |
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2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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Letter to
Shareholders |
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Executive
Summary |
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Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Name and
Principal Position |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Non-equity incentive
|
| | | | | | | | | | | | | | | | | | | |||||||||
|
Year
|
| |
Salary
|
| |
Share-based
Awards2, 4 |
| |
Option-based
Awards3, 4 |
| |
Annual
Incentive Plans5 |
| |
Long-term
Incentive Plans |
| |
Pension
Value6 |
| |
All Other
Compensation7 |
| |
Total
Compensation |
| |||||||||||||||||||||||||||||
| | | | | | |
(US$)
|
| |
(US$)
|
| |
(US$)
|
| |
(US$)
|
| |
(US$)
|
| |
(US$)
|
| |
(US$)
|
| |
(US$)
|
| ||||||||||||||||||||||||||
J. Paul Rollinson
President and CEO |
| | | | 2023 | | | | | | 1,187,077 | | | | | | 3,442,524 | | | | | | 0 | | | | | | 2,069,966 | | | | | | n/a | | | | | | 534,185 | | | | | | 312,030 | | | | | | 7,545,783 | | |
| | | 2022 | | | | | | 1,159,131 | | | | | | 3,315,115 | | | | | | 0 | | | | | | 1,251,861 | | | | | | n/a | | | | | | 521,609 | | | | | | 296,929 | | | | | | 6,544,645 | | | ||
| | | 2021 | | | | | | 1,238,417 | | | | | | 3,541,871 | | | | | | 0 | | | | | | 1,337,490 | | | | | | n/a | | | | | | 557,287 | | | | | | 317,412 | | | | | | 6,992,477 | | | ||
Andrea S. Freeborough
Executive Vice-President & Chief Financial Officer |
| | | | 2023 | | | | | | 457,441 | | | | | | 919,456 | | | | | | 0 | | | | | | 478,597 | | | | | | n/a | | | | | | 130,370 | | | | | | 63,539 | | | | | | 2,049,402 | | |
| | | 2022 | | | | | | 446,671 | | | | | | 866,543 | | | | | | 0 | | | | | | 345,724 | | | | | | n/a | | | | | | 127,301 | | | | | | 61,836 | | | | | | 1,848,075 | | | ||
| | | 2021 | | | | | | 453,560 | | | | | | 925,815 | | | | | | 0 | | | | | | 300,651 | | | | | | n/a | | | | | | 121,743 | | | | | | 64,872 | | | | | | 1,866,642 | | | ||
Geoffrey P. Gold
Executive Vice-President, Corporate Development, External Relations & Chief Legal Officer |
| | | | 2023 | | | | | | 635,124 | | | | | | 1,556,659 | | | | | | 0 | | | | | | 950,494 | | | | | | n/a | | | | | | 285,806 | | | | | | 128,015 | | | | | | 3,556,098 | | |
| | | 2022 | | | | | | 620,172 | | | | | | 1,426,396 | | | | | | 0 | | | | | | 764,052 | | | | | | n/a | | | | | | 279,077 | | | | | | 132,463 | | | | | | 3,222,160 | | | ||
| | | 2021 | | | | | | 662,592 | | | | | | 1,484,207 | | | | | | 0 | | | | | | 753,235 | | | | | | n/a | | | | | | 298,167 | | | | | | 109,127 | | | | | | 3,307,327 | | | ||
Claude J.S. Schimper
Executive Vice-President & Chief Operating Officer |
| | | | 2023 | | | | | | 453,660 | | | | | | 998,052 | | | | | | 0 | | | | | | 479,746 | | | | | | n/a | | | | | | 129,293 | | | | | | 156,583 | | | | | | 2,217,334 | | |
| | | 2022 | | | | | | 421,588 | | | | | | 885,960 | | | | | | 0 | | | | | | 398,239 | | | | | | n/a | | | | | | 120,113 | | | | | | 859,348 | | | | | | 2,685,248 | | | ||
| | | 2021 | | | | | | 314,435 | | | | | | 883,456 | | | | | | 0 | | | | | | 426,343 | | | | | | n/a | | | | | | 63,541 | | | | | | 1,735,285 | | | | | | 3,423,060 | | | ||
William D. Dunford
Senior Vice-President & Chief Technical Officer |
| | | | 2023 | | | | | | 202,786 | | | | | | 595,429 | | | | | | 0 | | | | | | 258,322 | | | | | | n/a | | | | | | 34,561 | | | | | | 758,622 | | | | | | 1,849,720 | | |
| | | 2022 | | | | | | 184,748 | | | | | | 307,973 | | | | | | 0 | | | | | | 76,901 | | | | | | n/a | | | | | | 26,349 | | | | | | 935,620 | | | | | | 1,531,590 | | | ||
| | | 2021 | | | | | | 174,325 | | | | | | 116,083 | | | | | | 0 | | | | | | 75,973 | | | | | | n/a | | | | | | 24,659 | | | | | | 518,357 | | | | | | 909,397 | | |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
115
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Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Year
|
| |
Grant Date
|
| |
Grant Date
Fair Value (C$) |
| |
Accounting
Fair Value (C$) |
| ||||||
2023 | | |
February 26, 2024
|
| | | | 6.79 | | | | | | 6.73 | | |
2022 | | |
February 27, 2023
|
| | | | 5.04 | | | | | | 4.92 | | |
2021 | | |
February 28, 2022
|
| | | | 7.04 | | | | | | 7.03 | | |
Assumption
|
| |
February 26, 2024
|
| |
February 27, 2023
|
| |
February 28, 2022
|
| |
February 22, 2021
|
| ||||||||||||
Share price (C$) | | | | | 6.79 | | | | | | 5.04 | | | | | | 7.04 | | | | | | 8.79 | | |
Kinross beta versus the peer group | | | | | 1.049 | | | | | | 1.109 | | | | | | 1.137 | | | | | | 1.076 | | |
Average peer group volatility | | | | | 99.70% | | | | | | 51.80% | | | | | | 47.50% | | | | | | 49.00% | | |
Kinross volatility | | | | | 42.10% | | | | | | 53.90% | | | | | | 52.40% | | | | | | 50.50% | | |
Risk-free interest rate | | | | | 4.45% | | | | | | 4.52% | | | | | | 1.76% | | | | | | 0.22% | | |
Dividend yield | | | | | 2.41% | | | | | | 3.31% | | | | | | 2.17% | | | | | | 1.83% | | |
Fair value of RPSU (C$/RPSU) | | | | | 6.65 | | | | | | 4.69 | | | | | | 6.53 | | | | | | 8.36 | | |
| 116 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
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Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Executive
|
| | | | | | | | | | |
Share-based awards
|
| | | | | | | | |
Number of units awarded
|
| ||||||||||||||||||||||||||||||
|
Year included in
compensation |
| |
Grant date
|
| |
RSUs
|
| |
RPSUs
|
| |
Total
|
| |
Option-based
awards |
| | |
RSUs
|
| |
RPSUs
(at target) |
| |
Options
|
| ||||||||||||||||||||||||||
|
(US$)
|
| |
(US$)
|
| |
(US$)
|
| |
(US$)
|
| | |
(#)
|
| |
(#)
|
| |
(#)
|
| ||||||||||||||||||||||||||||||||
J. Paul Rollinson
|
| | | | 2023 | | | |
February 26, 2024
|
| | | | 1,549,136 | | | | | | 1,893,388 | | | | | | 3,442,524 | | | | | | 0 | | | | | | | 301,746 | | | | | | 376,734 | | | | | | 0 | | |
| | | 2022 | | | |
February 27, 2023
|
| | | | 1,491,802 | | | | | | 1,823,313 | | | | | | 3,315,115 | | | | | | 0 | | | | | | | 400,911 | | | | | | 527,019 | | | | | | 0 | | | ||
| | | 2021 | | | |
February 28, 2022
|
| | | | 1,593,842 | | | | | | 1,948,029 | | | | | | 3,541,871 | | | | | | 0 | | | | | | | 287,016 | | | | | | 378,195 | | | | | | 0 | | | ||
Andrea S. Freeborough
|
| | | | 2023 | | | |
February 26, 2024
|
| | | | 413,755 | | | | | | 505,701 | | | | | | 919,456 | | | | | | 0 | | | | | | | 80,593 | | | | | | 100,621 | | | | | | 0 | | |
| | | 2022 | | | |
February 27, 2023
|
| | | | 389,944 | | | | | | 476,598 | | | | | | 866,543 | | | | | | 0 | | | | | | | 104,796 | | | | | | 137,759 | | | | | | 0 | | | ||
| | | 2021 | | | |
February 28, 2022
|
| | | | 416,617 | | | | | | 509,198 | | | | | | 925,815 | | | | | | 0 | | | | | | | 75,024 | | | | | | 98,857 | | | | | | 0 | | | ||
Geoffrey P. Gold
|
| | | | 2023 | | | |
February 26, 2024
|
| | | | 700,497 | | | | | | 856,163 | | | | | | 1,556,659 | | | | | | 0 | | | | | | | 136,446 | | | | | | 170,354 | | | | | | 0 | | |
| | | 2022 | | | |
February 27, 2023
|
| | | | 641,878 | | | | | | 784,518 | | | | | | 1,426,396 | | | | | | 0 | | | | | | | 172,500 | | | | | | 226,761 | | | | | | 0 | | | ||
| | | 2021 | | | |
February 28, 2022
|
| | | | 667,893 | | | | | | 816,314 | | | | | | 1,484,207 | | | | | | 0 | | | | | | | 120,273 | | | | | | 158,481 | | | | | | 0 | | | ||
Claude S.J. Schimper
|
| | | | 2023 | | | |
February 26, 2024
|
| | | | 449,124 | | | | | | 548,929 | | | | | | 998,052 | | | | | | 0 | | | | | | | 87,483 | | | | | | 109,223 | | | | | | 0 | | |
| | | 2022 | | | |
February 27, 2023
|
| | | | 398,682 | | | | | | 487,278 | | | | | | 885,960 | | | | | | 0 | | | | | | | 107,143 | | | | | | 140,846 | | | | | | 0 | | | ||
| | | 2021 | | | |
February 28, 2022
|
| | | | 264,445 | | | | | | 323,211 | | | | | | 587,656 | | | | | | 0 | | | | | | | 47,622 | | | | | | 62,749 | | | | | | 0 | | | ||
| | | 2021 | | | |
November 19, 2021
|
| | | | 0 | | | | | | 295,800 | | | | | | 295,800 | | | | | | 0 | | | | | | | 0 | | | | | | 43,154 | | | | | | 0 | | | ||
William D. Dunford
|
| | | | 2023 | | | |
February 26, 2024
|
| | | | 267,943 | | | | | | 327,486 | | | | | | 595,429 | | | | | | 0 | | | | | | | 52,191 | | | | | | 65,161 | | | | | | 0 | | |
| | | 2022 | | | |
February 27, 2023
|
| | | | 78,020 | | | | | | 63,835 | | | | | | 141,855 | | | | | | 0 | | | | | | | 20,968 | | | | | | 18,452 | | | | | | 0 | | | ||
| | | 2022 | | | |
November 18, 2022
|
| | | | 166,117 | | | | | | 0 | | | | | | 166,117 | | | | | | 0 | | | | | | | 40,323 | | | | | | 0 | | | | | | 0 | | | ||
| | | 2021 | | | |
February 28, 2022
|
| | | | 63,846 | | | | | | 52,237 | | | | | | 116,083 | | | | | | 0 | | | | | | | 11,498 | | | | | | 10,142 | | | | | | 0 | | |
Name
|
| |
Type of perquisite
|
| |
Value (US$)
|
| |
% of total perquisites
|
| ||||||
J. Paul Rollinson
|
| |
Additional disability coverage
|
| | | | 88,106 | | | | | | 35% | | |
| Additional life insurance and AD&D coverage | | | | | 62,859 | | | | | | 25% | | | ||
Andrea S. Freeborough | | | Benefit reimbursement plan | | | | | 45,366 | | | | | | 71% | | |
Geoffrey P. Gold | | | Benefit reimbursement plan | | | | | 45,366 | | | | | | 40% | | |
Claude J.S. Schimper
|
| |
Benefit reimbursement plan
|
| | | | 45,366 | | | | | | 38% | | |
| Housing benefit | | | | | 38,727 | | | | | | 32% | | | ||
William D. Dunford
|
| |
Benefit reimbursement plan
|
| | | | 45,366 | | | | | | 51% | | |
| Housing benefit | | | | | 43,769 | | | | | | 49% | | |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
117
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|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Name
|
| |
Grant date
|
| |
Option-based awards
|
| | |
Share-based awards — As of December 31, 2023
|
| |||||||||||||||||||||||||||||||||
|
Number of
securities underlying unexercised options |
| |
Option
exercise price1 |
| |
Option
expiration date2 |
| |
Value of
unexercised in-the- money options3 |
| | |
Number of
shares or units of shares that have not vested 4 |
| |
Market or payout
value of share-based awards that have not vested1,5 |
| |
Market or payout
value of vested share-based awards not paid out or distributed |
| |||||||||||||||||||||||
|
(#)
|
| |
(US$)
|
| |
(US$)
|
| | |
(#)
|
| |
(US$)
|
| |
(US$)
|
| ||||||||||||||||||||||||||
J. Paul Rollinson | | |
February 18, 2019
|
| | | | 453,050 | | | | | | 3.47 | | | |
February 18, 2026
|
| | | | 1,174,951 | | | | | | | 1,810,763 | | | | | | 10,980,326 | | | | | | 0 | | |
Andrea S. Freeborough
|
| |
February 19, 2018
|
| | | | 19,037 | | | | | | 3.74 | | | |
February 19, 2025
|
| | | | 44,189 | | | | | | | 473,114 | | | | | | 2,868,930 | | | | | | 0 | | |
|
February 18, 2019
|
| | | | 21,500 | | | | | | 3.47 | | | |
February 18, 2026
|
| | | | 55,759 | | | | ||||||||||||||||||||
Geoffrey P. Gold | | |
February 19, 2018
|
| | | | 653 | | | | | | 3.74 | | | |
February 19, 2025
|
| | | | 1,516 | | | | | | | 775,648 | | | | | | 4,703,472 | | | | | | 0 | | |
Claude J.S. Schimper | | |
—
|
| | | | — | | | | | | — | | | |
—
|
| | | | — | | | | | | | 390,247 | | | | | | 2,366,425 | | | | | | 0 | | |
William D. Dunford | | |
—
|
| | | | — | | | | | | — | | | |
—
|
| | | | — | | | | | | | 86,930 | | | | | | 527,139 | | | | | | 0 | | |
Name
|
| |
Option-based
awards — Value vested during the year |
| |
Share-based
awards1, 2 — Value vested during the year |
| |
Non-equity incentive
plan compensation2 — Value earned during the year |
| |||||||||
|
(US$)
|
| |
(US$)
|
| |
(US$)
|
| |||||||||||
J. Paul Rollinson | | | | | 0 | | | | | | 1,548,902 | | | | | | 2,069,966 | | |
Andrea S. Freeborough | | | | | 0 | | | | | | 395,420 | | | | | | 478,597 | | |
Geoffrey P. Gold | | | | | 0 | | | | | | 645,418 | | | | | | 950,494 | | |
Claude J.S. Schimper | | | | | 0 | | | | | | 247,694 | | | | | | 479,746 | | |
William D. Dunford | | | | | 0 | | | | | | 147,676 | | | | | | 258,322 | | |
| 118 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Name
|
| |
Number of options
exercised and sold |
| |
Grant
price1 |
| |
Share price on
exercise date1 |
| |
Value realized1
|
| ||||||||||||
|
(US$)
|
| |
(US$)
|
| |
(US$)
|
| |||||||||||||||||
J. Paul Rollinson
|
| | | | 404,268 | | | | | | 3.83 | | | | | | 5.33 | | | | | | 608,278 | | |
| | | 444,185 | | | | | | 3.74 | | | | | | 6.05 | | | | | | 1,024,338 | | | ||
| | | 404,577 | | | | | | 3.15 | | | | | | 3.79 | | | | | | 255,982 | | | ||
Andrea S. Freeborough
|
| | | | 19,549 | | | | | | 3.15 | | | | | | 3.86 | | | | | | 13,894 | | |
| | | 18,637 | | | | | | 3.83 | | | | | | 6.06 | | | | | | 41,711 | | | ||
Geoffrey P. Gold
|
| | | | 57,759 | | | | | | 3.74 | | | | | | 5.67 | | | | | | 111,363 | | |
| | | 59,886 | | | | | | 3.47 | | | | | | 5.35 | | | | | | 112,294 | | | ||
Claude J.S. Schimper | | | | | 10,621 | | | | | | 3.47 | | | | | | 5.02 | | | | | | 16,463 | | |
William D. Dunford | | | | | 0 | | | | | | 0.00 | | | | | | 0.00 | | | | | | 0 | | |
Plan category
|
| |
Number of securities to be
issued upon exercise of outstanding options and RSUs2 |
| |
Weighted-average exercise
price of outstanding options and RSUs3 C$ |
| |
Number of securities remaining
available for future issuance under equity compensation plans4, 5 |
| |||||||||
Equity compensation plans approved by security holders | | | | | 7,707,270 | | | | | | 4.68 | | | | | | 35,251,337 | | |
Equity compensation plans not approved by security holders |
| | | | Nil | | | | | | N/A | | | | | | N/A | | |
Total | | | | | 7,707,270 | | | | | | 4.68 | | | | | | 35,251,337 | | |
| | |
Restricted Share Plan
|
| |
Share Option Plan
|
| |
Share Purchase Plan
|
| |||||||||||||||||||||||||||
| | |
No.
|
| |
% of
Out-standing Shares |
| |
No.
|
| |
% of
Out-standing Shares |
| |
No.
|
| |
% of
Out-standing Shares |
| ||||||||||||||||||
Maximum shares issuable | | | | | 50,000,000 | | | | | | 4.072 | | | | | | 31,166,667 | | | | | | 2.538 | | | | | | 5,666,666 | | | | | | 0.462 | | |
Shares issued to date | | | | | 25,576,658 | | | | | | 2.083 | | | | | | 13,141,948 | | | | | | 1.070 | | | | | | 5,156,120 | | | | | | 0.420 | | |
Shares issuable under outstanding awards | | | | | 6,848,100 | | | | | | 0.558 | | | | | | 859,170 | | | | | | 0.070 | | | | | | N/A | | | | | | N/A | | |
Shares available for future awards | | | | | 17,575,242 | | | | | | 1.431 | | | | | | 17,165,549 | | | | | | 1.398 | | | | | | 510,546 | | | | | | 0.042 | | |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
119
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| Weighted average exercise price of all outstanding options under all plans: | | |
C$4.68
|
|
| Weighted average remaining term of all outstanding options under all plans: | | |
1.64 years
|
|
| Aggregate number of full-value awards that have not vested or earned | | |
RSUs: 2,757,413
|
|
| | |
RPSUs: 4,090,688
|
|
| | | Restricted Share Plan |
| | Share Option Plan |
| | Share Purchase Plan |
|
Maximum number of common shares reserved for issuance, as of December 31, 2023 | | | 50,000,000 | | | 31,166,667 | | | 5,666,666 | |
Percent of common shares outstanding (approximate) | | | 4.07% | | | 2.54% | | | 0.46% | |
Maximum number of common shares authorized for issuance to any one insider and such insider’s associates under each plan within a one-year period | | | 5% of the total common shares then outstanding | | | None | | |||
Maximum number of common shares reserved for issuance to any one person under each plan | | | 5% of the total common shares then outstanding | | | None | | |||
Maximum number of common shares authorized for issuance to insiders, at any time, under all compensation arrangements of the company
|
| |
10% of total common shares outstanding
|
| | | | |||
Maximum number of common shares issued to insiders under all compensation arrangements of the company within a one-year period
|
| |
10% of total common shares then outstanding
|
| | | |
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Overhang1 | | | | | | | | | | | | | | | | | | | |
The total number of options available for issuance, plus all options outstanding that have not yet been exercised,
expressed as a percentage of the total number of issued and outstanding common shares of the company at the end of the fiscal year. |
| | | | 1.47% | | | | | | 1.88% | | | | | | 1.49% | | |
Dilution1 | | | | | | | | | | | | | | | | | | | |
Options issued but not exercised, expressed as a percentage of issued and outstanding common shares of the company at the end of the fiscal year.
|
| | | | 0.07% | | | | | | 0.59% | | | | | | 0.30% | | |
| | |
Restricted Share Plan1
|
| |
Share Option Plan2
|
| |
Share Purchase Plan3
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||||||||||||||
Burn Rate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The number of awards granted each year, expressed as
a percentage of the weighted average number of outstanding common shares of the company at the end of the fiscal year. |
| | | | 0.32% | | | | | | 0.25% | | | | | | 0.21% | | | | | | 0% | | | | | | 0.81% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | |
| 120 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
121
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| Eligibility | | | Eligible individuals include employees of the company and designated affiliates and individuals who provide consulting, technical, management, or other services to Kinross or a designated affiliate and who spend or will devote a significant amount of time or attention to Kinross pursuant to a contract with such individuals or the individual’s employer. Non-employee directors are not eligible to participate in this plan. |
|
| Restricted period | | |
Equity-settled RSUs: At least one-third of the RSUs in a particular grant are restricted until the first anniversary of the grant, one-third until the second anniversary of the grant, and one-third until the third anniversary of the grant.
Cash-settled RSUs: The vesting for cash-settled RSUs is the same as that for equity-settled RSUs, except in the case of annual compensation grants, which are granted in February with respect to the prior year. For these grants, the final third vests in December of the second year after grant to comply with Canada Revenue Agency rules.
RPSUs: RPSUs generally vest on the third anniversary of the grant.
|
|
| Vesting | | |
Equity-settled RSUs, including RPSUs: A performance multiplier will be determined for RPSUs before the vesting. Each RSU or RPSU is exercisable for one common share, without additional consideration, after the expiry of a restricted period established at the time of grant. Holders also have the option of forfeiting shares otherwise receivable in exchange for the company paying taxes on the holder’s behalf.
Cash-settled RSUs: a payment will be calculated using a volume-weighted average share price for the five trading days immediately preceding the vesting date multiplied by the number of vested restricted share units.
|
|
| Deferred payment date | | | Canadian participants may elect to determine a deferred payment date for equity-settled awards, however they must give the company at least 60 days written notice before the restricted period expires. If a Canadian participant chooses to change a deferred payment date, written notice must be given to the company not later than 60 days before the deferred payment date to be changed. | |
| Assignment | | | RSUs and RPSUs are not assignable. | |
| Retirement or termination | | |
During the restricted period: Any RSUs (including RPSUs) will automatically terminate on retirement or termination, unless otherwise determined by the human resources and compensation committee. The human resources and compensation committee may exercise discretion to abbreviate the restricted period due to a participant’s termination of employment. However, for equity-settled awards, such discretion can be applied to no more than 10% of common shares authorized for issuance under the Restricted Share Plan, the Share Purchase Plan and the Share Option Plan.
After the restricted period and before any deferred payment date: Kinross will immediately issue the common shares issuable on the vesting of equity-settled RSUs to the participant.
|
|
| Death or disability | | | In the event of death or total disability, any RSUs and target RPSUs held by the deceased or disabled participant will immediately vest. | |
| Change of control | | |
All outstanding RSUs and RPSUs will become vested (at target), notwithstanding the restricted period or any deferred payment date.
Change of control includes, among other things:
•
a merger transaction with another entity as a result of which less than 50% of the outstanding common shares of the successor corporation would be held by the shareholders;
•
a sale of assets of the company that have an aggregate book value of more than 30% of the book value of the assets of the company; or
•
the acquisition by any person, entity or group of persons or entities acting jointly, resulting in any such person(s) or entity(ies) becoming a control person of the company.
|
|
| Dividends | | |
When normal cash dividends are paid to holders of common shares, participants holding RSUs (including RPSUs) subject to a restricted period will be credited with dividend equivalents in the form of additional RSUs. The number of such additional RSUs will be calculated by multiplying the amount of the dividend declared and paid per common share by the number of RSUs recorded in the participant’s account on the record date for the dividend payment, and dividing by either:
•
for equity-settled RSUs, the closing price of the common shares on the TSX on dividend payment date; or
•
for cash-settled RSUs, the volume weighted average share price for the five trading days immediately following the dividend payment date.
RSUs credited to a participant’s account as dividend equivalents will be subject to the same restricted period as the RSUs to which they relate.
|
|
| Number of shares under the plan | | |
The number of shares which may be issued under the Restricted Share Plan in the aggregate and in respect of any fiscal year is limited under the terms of the Restricted Share Plan and cannot be increased without shareholder and regulatory approval.
RSUs which terminate prior to the lapse of the restricted period or are settled in cash do not reduce the number of shares which may be issued under the Restricted Share Plan.
|
|
| 122 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
123
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| Eligibility | | |
Eligible individuals include employees of the company and designated affiliates and individuals who provide consulting, technical, management or other services to Kinross or a designated affiliate and who spend or will devote a significant amount of time or attention to Kinross pursuant to a contract with such individuals or the individual’s employer. Non-employee directors are not eligible to participate in this plan.
|
|
| Vesting | | |
Options become exercisable in thirds: one-third on the first anniversary of the grant, one-third on the second anniversary of the grant, and one-third on the third anniversary of the grant. The human resources and compensation committee reserves the right to determine when the participant’s options become exercisable within the term of the option.
|
|
| Expiry | | | Options expire after seven years. However, for options which are scheduled to expire during a corporate trading blackout period applicable to the particular option holder, the term of the option will not expire until the 10th business day following the expiry of the blackout period applicable to the particular option holder. | |
| Exercise price | | |
The exercise price for each common share is determined by the human resources and compensation committee at the time of grant, but is not less than the closing price of the common shares of the company listed on the TSX on the trading day preceding the day on which the option is granted.
|
|
| Assignment | | | Options are not assignable. | |
|
Retirement or termination
|
| |
Options already exercisable: Generally these options must be exercised within 60 days, subject to human resources and compensation committee discretion, as noted below.
Options not yet exercisable: Generally any options will be automatically terminated, subject to human resources and compensation committee discretion, as noted below.
The human resources and compensation committee reserves the right to determine the extent to which any options may be exercised or cease to be exercisable. The maximum number of options whose exercisability may be accelerated at the discretion of the human resources and compensation committee in connection with the termination of employment of a participant is limited to no more than 10% of the common shares authorized for issuance under the Share Option Plan, Share Purchase Plan and Restricted Share Plan.
|
|
| Death | | | Any option held by the deceased at the date of death will become immediately exercisable, in whole or in part, by the deceased’s estate for a period ending on the earlier of the expiration of 12 months and the expiration of the option period. | |
| Change of control | | |
All outstanding options vest and become exercisable immediately. Change of control includes, among other things:
•
a merger transaction with another entity as a result of which less than 50% of the outstanding common shares of the successor corporation would be held by the shareholders;
•
a sale of assets of the company that have an aggregate book value of more than 30% of the book value of the assets of the company; or
•
the acquisition by any person, entity or group of persons or entities acting jointly resulting in any such person(s) or entity(ies) becoming a control person of the company.
|
|
| Number of options under the plan | | | The number of options which may be issued under the Share Option Plan in the aggregate and in respect of any fiscal year is limited under the terms of the Share Option Plan and cannot be increased without shareholder and regulatory approval. | |
| 124 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
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|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
125
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
| Eligibility | | | Full-time and part-time employees, including officers, whether directors or not, of the company or any designated affiliate. | |
| Purchase price | | |
Newly-issued treasury shares: The purchase price is the weighted average closing price for the twenty (20) consecutive trading days prior to the end of the quarter.
Shares purchased on the open market: The average price paid for all shares purchased.
Trading prices are the prices of the company common shares on the TSX for participants employed by a Canadian entity, or on the NYSE for participants not employed by a Canadian entity.
|
|
| Holding period | | | All shares acquired by participants under the plan are subject to a six-month holding period. | |
| Contribution changes | | |
Employees can reduce, increase, or suspend their contributions, with changes effective as of the beginning of the first calendar quarter following 60-days’ notice. Employees may not make a change more than once within any six (6) month period.
|
|
| Assignment | | | ESPP shares are not assignable. | |
| Termination | | |
Contributions which have not been used to purchase shares: Employee contributions are returned to the employee, and company matching contributions returned to the company.
Shares subject to the holding period: These shares are released to the employee after the expiry of the holding period.
|
|
| Death, disability or retirement | | | In the event of death, total disability, or retirement, ESPP shares will be distributed to the employee or the estate immediately. | |
| Change of control | | |
All shares subject to the holding period will be immediately deliverable to the participant. Employee contributions already withheld will be matched, with shares issued for the aggregate contribution.
Change of control includes, among other things:
•
a merger transaction with another entity as a result of which less than 50% of the outstanding common shares of the successor corporation would be held by the shareholders;
•
a sale of assets of the company that have an aggregate book value of more than 30% of the book value of the assets of the company; or
•
the acquisition by any person, entity or group of persons or entities acting jointly resulting in any such person(s) or entity(ies) becoming a control person of the company.
|
|
| Number of shares under the plan | | | The number of shares which may be issued under the ESPP in the aggregate and in respect of any fiscal year is limited under the terms of the ESPP and cannot be increased without shareholder and regulatory approval. | |
| 126 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Type of termination |
| |
Severance
|
| | Short-term incentive |
| |
Options1
|
| |
RSUs / RPSUs1
|
| |
Benefits
|
| | Retirement plan |
|
Retirement | | | None | | | Prorated incentive paid based on date of retirement | | |
Vested options must be exercised within 60 days; unvested options are forfeited
|
| |
All RSUs / RPSUs subject to a restricted period are forfeited, and those subject solely to a deferred payment date are settled for common shares
|
| | None | | |
Accrued retiring allowance or pension, or value of savings plan account, payable, as applicable
|
|
Death | | | None | | | Prorated incentive paid based on date of death | | |
All unvested options vest, can be exercised until the earlier of 12 months and original expiry
|
| | All RSUs / RPSUs are immediately vested | | |
Health and dental benefits continue for eligible dependents for 2 years
|
| |
Accrued retiring allowance or pension, or value of savings plan account, payable to surviving beneficiary or estate, as applicable
|
|
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
127
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Provision
|
| | Termination without cause or resignation following triggering event |
| | Termination or triggering event following change of control |
|
Lump sum severance payment equal to the aggregate of: | | |
two times for Mr. Rollinson, Ms. Freeborough, Mr. Gold, Mr. Schimper, and Mr. Dunford:
•
base salary, and
•
the greater of the target and average bonus paid in the two prior fiscal years (or, if employed for less than two years, the previous year’s bonus, or if none, the target bonus)
plus:
•
the greater of the target and average bonus paid in the two prior fiscal years, prorated to the date of termination, in respect of the final year of employment.
|
| |
three times for Mr. Rollinson and Mr. Gold, and two times for Ms. Freeborough, Mr. Schimper, and Mr. Dunford:
•
base salary, and
•
the greater of the target and average bonus paid in the two prior fiscal years (or, if employed for less than two years, the previous year’s bonus, or if none, the target bonus)
plus:
•
the greater of the target and average bonus paid in the two prior fiscal years, prorated to the date of termination, in respect of the final year of employment.
|
|
Reimbursement for legal and financial counselling services:
|
| |
up to C$10,000
(up to C$25,000 for Mr. Rollinson)
|
| |
up to C$10,000
(up to C$25,000 for Mr. Rollinson)
|
|
Benefits: | | |
continue for two years or, alternatively, a lump sum payment in lieu of benefits equal to:
•
30% of salary for Mr. Gold;
•
20% of salary for Ms. Freeborough, Mr. Schimper, and Mr. Dunford; and
•
a lump sum payment of C$500,000 for Mr. Rollinson.
|
| |
continue for three years for Mr. Rollinson and Mr. Gold, and two years for Ms. Freeborough, Mr. Schimper, and Mr. Dunford or, alternatively, a lump sum payment in lieu of benefits equal to:
•
30% of salary for Mr. Gold;
•
20% of salary for Ms. Freeborough, Mr. Schimper, and Mr. Dunford; and
•
a lump sum payment of C$750,000 for Mr. Rollinson.
|
|
Executive retirement allowance plan (ERAP): | | |
lump sum equal to the present value of two years of ERAP contributions for Mr. Rollinson, Ms. Freeborough, Mr. Gold, Mr. Schimper, and Mr. Dunford.
|
| |
lump sum equal to the present value of three years of ERAP contributions for Mr. Rollinson and Mr. Gold, and two years for Ms. Freeborough, Mr. Schimper, and Mr. Dunford.
|
|
RSUs, RPSUs, and options:
|
| |
Mr. Rollinson: 50% of all outstanding RSUs and options, and 50% of all RPSUs which would otherwise have vested during the ensuing two years, would vest immediately on termination, and the balance on the first anniversary of termination, subject to potential forfeiture2.
Mr. Gold, Ms. Freeborough, Mr. Schimper, and Mr. Dunford3: all equity which would otherwise have vested during the ensuing two years will be permitted to vest in normal course (not accelerated); and the executives will be permitted to exercise vested options at any time from vest through the date which is the earlier of: (a) 60 days after the end of the severance period or (b) the expiry date based on the original term of the option. All such equity will remain subject to the recoupment policy.
|
| | All outstanding RSUs, RPSUs, and options vest immediately and remain in effect until their normal expiry. | |
| 128 | | |
2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Name
|
| |
Estimated incremental value of termination as of December 31, 20231
|
| ||||||||||||||||||||||||||||||
| Compensation component |
| |
Termination
without cause |
| |
Termination
following change of control |
| |
Retirement /
resignation2 |
| |
Death /
change of control3 |
| |
Termination
with cause |
| |||||||||||||||||
J. Paul Rollinson
|
| |
Severance payment
|
| | | | 5,935,387 | | | | | | 8,903,080 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
| Accelerated vesting of equity | | | | | 243,213 | | | | | | 692,998 | | | | | | 0 | | | | | | 692,998 | | | | | | 0 | | | ||
| Benefits / ERAP | | | | | 1,432,560 | | | | | | 2,116,515 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | ||
| Total | | | | | 7,611,159 | | | | | | 11,712,593 | | | | | | 0 | | | | | | 692,998 | | | | | | 0 | | | ||
Andrea S. Freeborough
|
| |
Severance payment
|
| | | | 1,738,274 | | | | | | 1,738,274 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
| Accelerated vesting of equity | | | | | 0 | | | | | | 181,120 | | | | | | 0 | | | | | | 181,120 | | | | | | 0 | | | ||
| Benefits / ERAP | | | | | 393,714 | | | | | | 393,714 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | ||
| Total | | | | | 2,131,989 | | | | | | 2,313,108 | | | | | | 0 | | | | | | 181,120 | | | | | | 0 | | | ||
Geoffrey P. Gold
|
| |
Severance payment
|
| | | | 3,175,621 | | | | | | 4,763,431 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
| Accelerated vesting of equity | | | | | 0 | | | | | | 296,387 | | | | | | 0 | | | | | | 296,387 | | | | | | 0 | | | ||
| Benefits / ERAP | | | | | 752,181 | | | | | | 1,016,984 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | ||
| Total | | | | | 3,927,802 | | | | | | 6,076,803 | | | | | | 0 | | | | | | 296,387 | | | | | | 0 | | | ||
Claude J.S. Schimper
|
| |
Severance payment
|
| | | | 1,723,908 | | | | | | 1,723,908 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
| Accelerated vesting of equity | | | | | 0 | | | | | | 212,145 | | | | | | 0 | | | | | | 212,145 | | | | | | 0 | | | ||
| Benefits / ERAP | | | | | 348,949 | | | | | | 348,949 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | ||
| Total | | | | | 2,072,858 | | | | | | 2,285,003 | | | | | | 0 | | | | | | 212,145 | | | | | | 0 | | | ||
William D. Dunford4
|
| |
Severance payment
|
| | | | 893,143 | | | | | | 893,143 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
| Accelerated vesting of equity | | | | | 0 | | | | | | 36,584 | | | | | | 0 | | | | | | 36,584 | | | | | | 0 | | | ||
| Benefits / ERAP | | | | | 36,293 | | | | | | 36,293 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | ||
| Total | | | | | 929,436 | | | | | | 966,020 | | | | | | 0 | | | | | | 36,584 | | | | | | 0 | | |
| 2024 MANAGEMENT INFORMATION CIRCULAR KINROSS GOLD | | |
129
|
|
|
|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
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Letter to
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Letter to
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Executive
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Date
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Topic
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Presented/Hosted by
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Attended by
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January 2023
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Mining Audit Committee Roundtable: Insights for Audit Committee Chairs
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KPMG LLP
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Elizabeth McGregor
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| Tech Savvy Boards — 2023 Tech Trends | | | Deloitte LLP | | | Kerry Dyte | | ||
| Charting the Future of Canadian Governance and Tech Savvy Boards | | | Deloitte LLP | | | Kerry Dyte Catherine McLeod-Seltzer |
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| Navigating Rising Expectations for Canadian Boards | | | Institute of Corporate Directors | | | Kelly Osborne | |
| 138 | | |
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Letter to
Shareholders |
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Executive
Summary |
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Voting
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Business of
the Meeting |
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Directors
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Executive
Compensation |
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Governance
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Appendices
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Date
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Topic
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Presented/Hosted by
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Attended by
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February 2023
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Securities Laws Updates and Trends Heading Into Proxy Season
|
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Institute of Corporate Directors
|
| |
Glenn Ives
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| Geopolitics: Implications for Boards of the Shifting Landscape in Europe | | | Deloitte LLP | | |
Glenn Ives
Ave Lethbridge Elizabeth McGregor Catherine McLeod-Seltzer |
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Precious Light at the End of the Political-Economy
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| | Wheaton Precious Metals | | | Glenn Ives | | ||
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Audit Committee Practices Report: Priorities and Committee Composition
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| | Deloitte LLP | | | Elizabeth McGregor | | ||
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Sustainability disclosure standards — is your organization ready?
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| | Ernst & Young LLP | | | Elizabeth McGregor | | ||
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The Boards Role in Leveraging Human Capital
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| | Institute of Corporate Directors | | | Kelly Osborne | | ||
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Security Laws Trends and Updates heading into Proxy Season
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| | Benette Jones LLP | | | Kelly Osborne | | ||
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The Year Ahead — Energy Transition, Public Policy & Government
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| | CIBC Capital Markets | | |
Catherine McLeod-Seltzer
|
| ||
| Zero Carbon Should Be the New Norm | | | CIBC Capital Markets | | |
Catherine McLeod-Seltzer
|
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| Presentation on Current Corporate Governance Issues | | | Osler, Hoskin & Harcourt LLP | | |
Kerry Dyte
Glenn Ives Ave Lethbridge Catherine McLeod-Seltzer Kelly Osborne |
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March 2023
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Technology Trends for Boards
|
| |
Deloitte LLP
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| |
Glenn Ives
Ave Lethbridge Catherine McLeod-Seltzer |
|
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Climate and Social Oversight: An Integrated Approach to ESG
|
| | Institute of Corporate Directors | | | Kerry Dyte | | ||
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Board Oversight of Cyber Risk: What You Don’t Know Can Hurt You
|
| | Institute of Corporate Directors | | | Glenn Ives | | ||
|
Climate Change & Biodiversity Risks and Opportunities
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| | Competent Boards | | | Ave Lethbridge | | ||
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Climate Disclosure Requirements and Reporting and Regulatory Trends
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| | Competent Boards | | | Ave Lethbridge | | ||
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The 2023 Federal Budget — Assessing the Impact
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| | CIBC Capital Markets | | |
Catherine McLeod-Seltzer
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| ||
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Precious Metals Outlook in an Uncertain World
|
| | Canaccord Genuity | | |
Catherine McLeod-Seltzer
|
| ||
| Tech Savvy Boards — Risk & Cybersecurity | | | Deloitte LLP | | |
Catherine McLeod-Seltzer
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Putting humans at the centre of ESG transformations
|
| | Ernst & Young LLP | | | Elizabeth McGregor | |
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Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
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Date
|
| |
Topic
|
| |
Presented/Hosted by
|
| |
Attended by
|
|
April 2023
|
| |
China and Russia: the new balance of power
|
| |
The Economist
|
| |
Glenn Ives
|
|
| Supply, Demand, and Inflation: A Deep Dive for Boards | | | Deloitte LLP | | | Glenn Ives Ave Lethbridge Catherine McLeod-Seltzer |
| ||
| The impact of bank failures on markets and the economy | | | Deloitte LLP | | | Glenn Ives | | ||
| Tech-savvy boards: Perspectives and insights on technology | | | Deloitte LLP | | | Elizabeth McGregor | | ||
| New Climate Disclosure Standards — an Update for Boardrooms | | | Institute of Corporate Directors | | | Kelly Osborne | | ||
| Employment and Labour Law Insights | | | Osler, Hoskin & Harcourt LLP | | | Ave Lethbridge | | ||
| Responding to Stakeholder Expectations for Responsible Investment and Insurance | | | Competent Boards | | | Ave Lethbridge | | ||
| Climate Governance: Ensuring Accountability at the Board Level | | | Competent Boards | | | Ave Lethbridge | | ||
| Charting the Future of Canadian Governance: Raising the Bar on Risk Management | | | Deloitte LLP | | |
Catherine McLeod-Seltzer
|
| ||
| Securing Canada’s Energy Future | | | CIBC Capital Markets | | |
Catherine McLeod-Seltzer
|
| ||
May 2023
|
| |
Overview of the Capital Investment System
|
| |
Kinross
|
| |
Kerry Dyte
Glenn Ives Ave Lethbridge Michael Lewis Elizabeth McGregor Catherine McLeod-Seltzer Kelly Osborne David Scott |
|
| Mining Forum — Vancouver | | | The Canadian Public Accountability Board | | |
Glenn Ives
Elizabeth McGregor |
| ||
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Stakeholder Capitalism in the Canadian Context
|
| |
Canadian Collision of
Good Governance |
| | Ave Lethbridge | | ||
|
Strategic Implementation Guide to Achieve Net Zero
|
| | Competent Boards | | | Ave Lethbridge | | ||
|
Financial Reporting Developments Series for Public Companies — IFRS reporting
|
| | Ernst & Young LLP | | |
Ave Lethbridge
Elizabeth McGregor |
| ||
|
Driving Outperformance from Digital Transformation Lessons from the Boardroom
|
| | Deloitte LLP | | | Ave Lethbridge | | ||
|
New Climate Disclosure Standards: Impact on Boardrooms
|
| | Institute of Corporate Directors | | | Elizabeth McGregor | | ||
| ESG: Beyond Compliance to Strategic Opportunity for Boards | | | Institute of Corporate Directors | | | Kerry Dyte | | ||
| Pioneers of Climate Change and Nature Action in Business | | | Competent Boards | | | Ave Lethbridge | | ||
| Setting Corporate Incentive Targets and Evaluating Performance in Uncertain Times | | | Hugessen Consulting | | |
Catherine McLeod-Seltzer
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|
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Letter to
Shareholders |
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Executive
Summary |
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Voting
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| |
Business of
the Meeting |
| |
Directors
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| |
Executive
Compensation |
| |
Governance
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| |
Appendices
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Date
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| |
Topic
|
| |
Presented/Hosted by
|
| |
Attended by
|
|
June 2023
|
| |
Thorny Topics for Audit Committees
|
| |
Deloitte LLP
|
| |
Glenn Ives
Ave Lethbridge Elizabeth McGregor |
|
| Ukraine at war: the counter-offensive | | | The Economist | | | Glenn Ives | | ||
| Ethics Conference — Navigating Grey Areas | | | CPA, Ontario | | | Glenn Ives | | ||
| Trends and Insights from the 2023 Proxy Season: TSX60 Executive Compensation | | | Hugessen Consulting | | |
Ave Lethbridge
Catherine McLeod-Seltzer |
| ||
| Second Quarter Economic Update with Stephen Poloz | | | Osler, Hoskin & Harcourt LLP | | | Ave Lethbridge | | ||
| Annual Conference | | | Institute of Corporate Directors | | | Glenn Ives Ave Lethbridge Kelly Osborne |
| ||
| IFRS Institute webcast | | | KPMG LLP | | | Elizabeth McGregor | | ||
| Shareholder Activism in Canada | | | Deloitte LLP | | |
Catherine McLeod-Seltzer
|
| ||
| Putting Reconciliation into Practice | | | Deloitte LLP | | |
Catherine McLeod-Seltzer
|
| ||
July 2023
|
| |
Introducing the First ISSB Standards: Understanding what they mean for companies around the globe
|
| |
KPMG LLP
|
| |
Kerry Dyte
Elizabeth McGregor |
|
| Mining Audit Committee Roundtable | | | KPMG LLP | | | Elizabeth McGregor | | ||
| Audit Committee Update session | | | Deloitte LLP | | | Glenn Ives | | ||
| Mining Minds | | | PwC LLP | | |
Elizabeth McGregor
Catherine McLeod-Seltzer |
| ||
| British Columbia Mine Report | | | PwC LLP | | |
Catherine McLeod-Seltzer
|
| ||
August 2023 | | | OECD Pillar One and Pillar Two: Coming into focus | | | Deloitte LLP | | | Elizabeth McGregor | |
September 2023
|
| |
The Climate Challenge, the role of the Chair
|
| |
Deloitte LLP
|
| |
Glenn Ives
Ave Lethbridge |
|
|
Disaster in the Boardroom — Six Dysfunctions Everyone should Understand
|
| | Deloitte LLP | | | Glenn Ives | | ||
| The Evolving Fraud Landscape | | | The Canadian Public Accountability Board | | | Glenn Ives | | ||
| Economic Update | | | Deloitte LLP | | | Glenn Ives | | ||
| OEA Ontario Energy Conference | | | Ontario Energy Association | | | Ave Lethbridge | | ||
| Navigating the Changing Executive Compensation Landscape | | | Meridian | | | Ave Lethbridge | | ||
| IFRS Institute: Financial Reporting in Uncertain Times | | | KPMG LLP | | | Elizabeth McGregor | | ||
| 2023 America Mining and Metals Forum | | | Ernst & Young LLP | | | Glenn Ives Ave Lethbridge Elizabeth McGregor |
| ||
| Gold mining industry — orientation and training |
| | Boston Consulting Group | | | Michael Lewis | |
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Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
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| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
Date
|
| |
Topic
|
| |
Presented/Hosted by
|
| |
Attended by
|
|
October 2023
|
| |
Key Questions for the HR Committee
|
| |
Institute of Corporate Directors
|
| |
Glenn Ives
|
|
| Talent and the Board | | | Deloitte LLP | | | Glenn Ives Ave Lethbridge |
| ||
| Digital Tsunami: Generative AI | | | Deloitte LLP | | | Kerry Dyte Glenn Ives |
| ||
| Board Risk Education Workshop | | | Directors Global Risk Consulting Inc. | | | Ave Lethbridge | | ||
| Boosting Your Board Leadership Effectiveness: Relationship Management Strategies to Galvanize your Directors & CEO | | | Institute of Corporate Directors | | |
Catherine McLeod-Seltzer
|
| ||
| Israel-Hamas Update | | | Royal Bank of Canada | | |
Catherine McLeod-Seltzer
|
| ||
| The Importance of Indigenous Economic Reconciliation | | | CIBC Capital Markets | | |
Catherine McLeod-Seltzer
|
| ||
| CEO/Director Symposium | | | Deloitte LLP | | | Glenn Ives | | ||
| Audit Committee Update | | | Deloitte LLP | | | Glenn Ives | | ||
November 2023
|
| |
Federal Impact Assessment Act Supreme Court of Canada decision
|
| |
Cassels Brock & Blackwell LLP
|
| |
Glenn Ives
Catherine McLeod-Seltzer |
|
| Corporate Governance with Evan Epstein | | | Deloitte LLP | | |
Catherine McLeod-Seltzer
|
| ||
| Navigating AI From the Boardroom | | | Institute of Corporate Directors | | | Kerry Dyte Ave Lethbridge |
| ||
| The World Ahead 2024 | | | The Economist | | | Glenn Ives | | ||
| The Role of the Board Chair on Climate Strategy | | | Deloitte LLP | | | Glenn Ives | | ||
| 19th Annual Mining Executive and Director Forum | | | KPMG LLP | | | Elizabeth McGregor | | ||
| Geopolitics in the Year Ahead: The US, Europe & Asia in 2024 | | | Deloitte LLP | | |
Catherine McLeod-Seltzer
|
| ||
December 2023
|
| |
Navigating the ESG Landscape
|
| |
Competent Boards
|
| |
Kerry Dyte
Glenn Ives Ave Lethbridge Elizabeth McGregor |
|
| Sustainability Reporting — Navigating evolving expectations | | | Deloitte LLP | | | Glenn Ives | | ||
|
Charting the Future of Canadian Governance
|
| | Deloitte LLP | | | Glenn Ives | | ||
| Audit Committee Forum & Roundtable | | | Egon Zender | | | Glenn Ives | | ||
| Common Threats 2024 | | | Wheaton Precious Metals | | | Glenn Ives | | ||
| Anti-Bribery & Anti-Corruption and Conflicts of Interest | | | Kinross | | |
Kerry Dyte
Glenn Ives Ave Lethbridge Michael Lewis Elizabeth McGregor Catherine McLeod-Seltzer Kelly Osborne David Scott |
| ||
| The Role of Boards in Overseeing Culture | | | Institute of Corporate Directors | | | Glenn Ives | |
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Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
|
|
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|
| |
Letter to
Shareholders |
| |
Executive
Summary |
| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
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Letter to
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Executive
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| |
Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
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Letter to
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Executive
Summary |
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Voting
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Business of
the Meeting |
| |
Directors
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| |
Executive
Compensation |
| |
Governance
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Appendices
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| 148 | | |
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Letter to
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Executive
Summary |
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Voting
|
| |
Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
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Appendices
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Letter to
Shareholders |
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Executive
Summary |
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Voting
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Business of
the Meeting |
| |
Directors
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Executive
Compensation |
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Governance
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Appendices
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Letter to
Shareholders |
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Executive
Summary |
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Voting
|
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Business of
the Meeting |
| |
Directors
|
| |
Executive
Compensation |
| |
Governance
|
| |
Appendices
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