Remuneration

Virgin Gold adopts a holistic approach to human resources, recognizing that multiple factors — beyond remuneration alone — contribute to employee well-being. Through our "total reward strategy," we work to balance all the factors contributing to employee satisfaction — including pay and benefits, and career development.

Principles and Objectives

Our approach to remuneration is:

  • Performance-based
  • Providing an incentive for employees to create long-term value; and
  • Aligned with the marketplace in which Virgin Gold operates.

These principles help achieve our objectives to:

  • support a merit-based performance culture, which differentiates and rewards excellent performance;
  • reward and recognize individual employee contributions;
  • attract and retain employees and motivate them to achieve results with integrity and fairness; and
  • ensure employees create sustainable long-term value for our shareholders.

Share-based awards are a key feature of our variable remuneration program and are designed to closely align the interests of employees and shareholders. We aim to remunerate employees long-term in line with the market, assuming our performance goals are met. We measure ourselves against our peer group of onshore and offshore exploration and mining companies, which is reviewed annually by management and the Remuneration Committee. The criteria used to define our peer companies for the Group as well as the divisions includes the following:

  • comparable scope and complexity of the business platform;
  • comparable business focus and mix;
  • common geographic footprint; and
  • companies with which we compete daily for business and talent.

Only by being an employer of choice can Virgin Gold attract the best and the brightest. We strive to retain talent by making our success and that of our employees a mutual goal. Over the past few years, we have greatly enhanced the career development framework to better assist employees in reaching their full potential. We also work to develop strong leaders, who are prepared to live our values, leverage opportunities, manage challenges, and coach and mentor others.