The gold producer Endeavour Mining is to clawback more than $29m in pay and awards after firing its chief executive this month for alleged “serious misconduct” over allegations of a multimillion-dollar “irregular payment”.
On Thursday, Endeavour, based in London, announced that Sébastien de Montessus, who had been in charge of the company listed on the FTSE 100 since 2016, would have to give up $29.1 million (£22.9 million) in compensation.
In 2021, De Montessus was the top-earning chief executive among the FTSE 100 companies. However, for the financial years 2023 and 2024, they will not be receiving any form of compensation, including salary, pension, benefits, bonus, or share awards.
Endeavour reported a total of $17.6 million, with an additional $11.5 million being exercised by their remuneration committee through a “clawback” for 2021 and 2022.
A portion of this will be deducted from previous long-term incentive plan grants, but De Montessus will need to personally reimburse $2.7m.
According to De Montessus, he is dissatisfied with how this issue has been dealt with and feels that he has not had a chance to present his case to either the board or the remuneration committee.
Endeavour recently announced the sudden departure of De Montessus, who served as both the company’s president and CEO.
The company stated that they are looking into claims made by a whistleblower against De Montessus regarding his behavior with coworkers.
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The company Endeavour, which has four mines in west Africa, stated that their investigation into the potentially improper payment is still ongoing.
Source: theguardian.com
