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How much does Bill Beament take home?

Just how much does Bill Beament, the highest-paid Executives in Northern Star Resources (NST), take home? 

Beament is expected to receive a high base salary and he is substantially rewarded when the mining company does well. As the Executive Chairman of the Perth-based gold miner, he is still rewarded even when NST performs poorly. Beament’s large base salary does not give much incentive for him to work extra hard in the interest of shareholders and to make wise decisions for the company.

How much has Beament been earning?

Bill Beament’s base salary has increased from $699,991 in FY2018 to $725,000 in FY2019, while there was a 74% decrease in his long service leave remuneration.

Based on NST’s FY2019 annual report, there was a 31% significant increase in Beament’s ‘other benefits’, including private health insurance, Directors & Officers insurance and parking, telephone allowance, and salary continuance insurance. 

Details of Bill Beament’s statutory remuneration disclosures with reference to the Corporations Act and Australian Accounting Standards are:

Base Salary$725,000$699,991
Long Service Leave$12,916$49,240
Pogo Bonus$160,000
Other benefits$17,350$11,931
Performance rights$2,230,704$1,208,904
Performance shares$182,699
Post-employment benefits$30,000$30,000

Due to Beament’s massive insider selling, there was a 68% decrease to his shareholding from 1 July 2018 to 30 June 2019. He reduced his fully paid ordinary shareholding from $9,743,588 to $3,141,793

Market observers and shareholders are still wary about Beament’s insider selling, 

2019 AGM makes these earning look small?

Key announcements have created much dissent with 41% of shareholders voting against Beament remuneration. Key agenda items were 

  • Beament received a$28M windfall in performance rights.
  • Beament’s salary increased 90%
  • Beament can earn around $7,200.000, with other incentives, in FY2020

Online forums, such as Australia’s leading online chat forum Hot Copper, has seen robust discussion dividing Beament critics and supporters. This is probably inline with the 41% dissention amongst shareholders. It will be very interesting to watch were 2020 takes Northern Star and it’s Bill Beament lead team. The market can be cruel if they don’t see the growth they want!

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