- Including a bonus of 1.6 billion FCFA to be paid in 2023
- A one-off bonus of 6 billion FCFA to be paid in 2021
- A cash portion of 900 million FCFA of the bonus received for 2022
- Shares worth 9.4 billion FCFA
Endeavour Mining announced on 4 January 2024 that it had terminated the appointment of Sébastien de Montessus as president, chief executive officer and executive director of Endeavour Mining with immediate effect. He was recruited to this position in 2016.
On 18 January 2024, the Group published a press release in which it specified the total value that Sébastien de Montessus lost in this dismissal. The total value of the remuneration lost and recovered is 29.1 million dollars (approximately 18 billion FCFA).
In accordance with Sébastien de Montessus’ service contract and the Directors’ Remuneration Policy, he will no longer receive any salary, pension or benefits for the period following his termination date and will not receive any annual bonus for the period following his termination date. He will not receive any salary, pension or benefits for the period following his termination date and will not receive any annual bonus for the financial years 2023 or 2024. On the date of termination, his 717,397 shares lapsed in their entirety. This loss is valued at 17.6 million USD (approximately 10.7 billion FCFA) and includes Montessus’s annual bonus for 2023, which amounted to approximately 2 million USD (1.6 billion FCFA), and the allocation of shares worth 15.6 million USD (9.4 billion FCFA).
The press release goes on to say that the Remuneration Committee has exercised its discretion to recover the entire exceptional bonus of 6 billion FCFA awarded to de Montessus in 2021 and the 900 million FCFA cash portion of the bonus received for 2022.
The total value of the compensation lost and recovered from Sébastien de Montessus is 18 billion FCFA (29.1 million USD).
Full details will be disclosed in the Directors’ Remuneration Report in the Company’s Annual Report and Accounts and in the Company’s Employee Remuneration Report.
Synthèse de Pierre Balma
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