People Intelligence

The mining executive,
measured.

See what a mining executive delivered: production against guidance, resource growth, study-to-decision time, unit cost and dilution. On a peer set matched by commodity, stage and scale, with the filing behind every figure. That is what turns a pay benchmark into a judgement on whether they earned it.

Executive example Board example

The question on the table

Every seat in the room,
on one record.

One record covers the non-executive chair, the committee chairs, the chief executive and the operating team alike. A report can cover the board, the executives, or both, and the question put to any of them is the same: what happened on their watch, and what were they paid for it.

Remuneration committee

Did they earn it?

Board fees and executive pay set against delivery, production against guidance, cost, growth and return, on a genuine operating peer set, ready to defend in a say-on-pay season.

Investment committee

Before you back the team

The operating record of the people running the asset, measured across every seat they have held and normalised so the figures compare, before diligence starts.

Executive search

To make the shortlist institutional

What each candidate delivered, measured across every seat they have held, under the recruiter’s own letterhead.

Where it fits your process

A primer before the decision.
A benchmark after it.

The same engine serves both ends of the holding period: a full operating record where the alternative is a report too slow or too costly to commission, and a recurring benchmark for the executives and boards you already oversee. The work of reading and normalising the filings is done before you ask, which is what makes either usable in the time a decision allows.

Pre-investment

Brief the committee in a day, not a month

Value created, capital raised, projects built, reserve growth, pay, permitting and more: nine measure groups, read seat by seat across every role each executive has held. Extracted and normalised across the filings already, so the committee spends its time on the judgement rather than on assembling the evidence.

Post-investment

Hold the team to what it is paid

An annual read on executive and board pay set against delivery, on a real operating peer set, for every company you hold a seat on.

The reports

One engine,
from a fee check to a full accountability review.

Every report is built from the same validated record and the same method. What changes is how far you go, from a single fee benchmark a director reads in a minute, to a full assessment of the executive team’s pay against what it delivered. Each worked example below is generated from live disclosure.

The core report · Executive pay & performance

Executive pay, set against delivery

The question a remuneration committee convenes to answer: is what we pay our executives justified by what they delivered? Three lenses, what they are paid, how the pay is structured, and, uniquely, pay set against production versus guidance, cost, growth and shareholder return.

This is the say-on-pay artefact, and the layer only Pulse can build, because only Pulse holds the operating record beside the pay.

Open the worked example, 7 pages →

Pay against delivery, per executive, on a matched peer set.

Entry · Board fees

Priced against its peers

“Is the board paid in line?”

The entry tier: a board’s fees against a matched cohort on one comparable basis. Worked example: Ramelius against five Australian gold producers, on a superannuation-normalised basis.

Open the PDF, 6 pages →

Individual · Track record

What happened on their watch

“What did this person deliver, every seat?”

One person, every dated seat, with the operating outcome attached: the path to the C-suite, delivery, capital and pay in one place. Produced on the individual you name.

Produced on request →

Cohort · Peer comp

Ranked against a matched set

“How does that compare to true peers?”

The full comparison, build time, permitting, resource growth, capital and pay, across a matched cohort, every measure ranked. Worked example: Richard Hyde, West African Resources.

Open the PDF, 17 pages →

Above the reports sits a Committee Grade, carrying bespoke measures and the questions to ask, reviewed by an analyst. At the top of it, a signed Authored Opinion: an analyst puts an opinion to the record and stands behind it. One engine throughout.

What gets measured

Standard, or built around
the question you are asking.

No engagement carries all twelve. The scoping conversation settles which of them carry yours, and any can be weighted against the others on your instruction. Guidance is the one dimension here that is not also a measure of the commodity price, which is why it leads the report. Each measure carries its basis, its denominator and the filing it came from, and every report closes with the questions to put to the team.

Value creation

Tenure return, split-adjusted, and excess return over a matched cohort. Drawdown and recovery.

Capital discipline and dilution

Capital raised by dated event. Dilution across the window. Value created per dollar raised. Cash at handover.

Discovery

Maiden resources declared, and when. Discovery cost per contained unit. Greenfield against brownfield. Metres drilled against metal added.

Resource stewardship

Contained-metal growth. Resource-to-reserve conversion. Replacement against depletion.

Project execution

Study-to-decision cycle time by gate. Promise against delivery. Capital evolution by gate. Construction to first production.

Permitting and the government interface

Environmental approval to mining permit. Permit granted to ground broken. Renewals against expiry. Changes to fiscal or ownership terms on ground already held.

Operational delivery

Production against the guidance the company opened on, and the revision path behind it. Cost guidance against delivered. Unit cost trajectory. Production growth.

Pay and alignment

Disclosed pay by seat, ranked within one disclosure regime and compared across regimes on cash only. Pay against tenure return on a mining peer set. Performance-related share. Holding as a multiple of fixed pay.

Insider conduct

On-market purchases against option exercises. Options granted and strike against market. Net insider position.

Governance

Seats and concurrent directorships. Tenure length and the turnover pattern around the seat. Departures against disclosure. Remuneration voting.

Safety and environment

Injury frequency, fatalities, emissions.

Career path and prior delivery

The pre-executive seats. The projects run before company accountability, and whether those landed on time and on budget.

Method

How a figure gets
onto the page.

The moment a report sets pay against the delivery of a named executive it becomes a publisher, so every figure has to survive being challenged by the person it describes. The method is built to be defended, not just delivered.

Outcomes read from filings, not surveyed

Licensed data resolves who a person is and which seats they held. Every operating outcome and every pay figure on top of that is read from the company’s own filings, extracted, typed and normalised so a figure disclosed one way in one circular and another way in the next can sit in the same column. An analyst checks it before it lands. No figure here is a survey aggregate or a self-reported estimate.

Every figure carries a date and a source

One click reaches the original document and the day the number was true. Nothing on the page is unsourced, and vintages are never mixed.

Peers are built on operating scale

Cohorts are matched on commodity, development stage and size before market value, not the revenue-and-GICS bands that mix a producer with a developer.

Facts are kept apart from characterisation

The report states measured outcomes in a stated window, with their basis and sample size, and more than one window where a single one would mislead. The judgement stays with the reader. Where you want a call rather than a measure, it comes as a signed Authored Opinion from a named analyst, never buried in the data.

The ladder

From a fee check
to a signed opinion.

Modular, not sequential. A report is scoped at the tier the decision needs and no engagement runs the whole ladder: the first three are generated and source-linked, and the two above them exist only where a named analyst has reviewed the record and is willing to sign for it.

Fee benchmark

Board and executive pay against a matched cohort.

Pay & performance

What they are paid, set against what they delivered.

Peer comp

The full record, ranked across the cohort.

Committee grade

Bespoke measures and the questions to ask.

Authored opinion

The top tier. A named analyst puts an opinion to the record, with a recommendation where you want one, and signs it.

Scope

What the report is,
and what it is not.

It measures what happened on a named executive’s watch in a stated window, and cites the source behind every figure. Everything below is what it does not do.

The report itself does not issue a verdict. It sets pay beside measured delivery in a stated window and cites the source of each. It does not say a person is good or bad, or that they caused an outcome. Where you want that call made and signed, it is a separate Authored Opinion.
It does not rank on a single window. A three-year return flatters an executive who re-rated inside it and penalises one who re-rated before it, so more than one window is always shown.
It does not publish a grade without its components. A single graded verdict on an executive arrives only once a human management diligence stands behind it. Until then the measures are shown, not collapsed into a letter.
It does not speak to anyone. No interviews, no backchannel referencing, no read on character. Everything here comes from the record, which is what makes it repeatable and what lets you run it without approaching the person. Reference checking answers a different question, and the section below is where the two meet.
It does not replace integrity diligence. It sits after the screen that clears a person, and prices the record they left. It is a complement, not a substitute.
It shows the denominator. Every rate is shown over its denominator: three of four scored years, one of three, and the years excluded and why. A short record is not evidence of anything, so the count it rests on sits beside it.

The two layers

The record answers questions.
It also raises them.

Pulse measures what disclosure can prove. What it cannot reach is character, judgement under pressure, and how someone is regarded by the people who worked for them. That is human-led referencing, whether you buy it from a specialist firm or do it yourself, and it is a different discipline. The two are stronger together, which is why every report closes with the questions to take into the second one.

On its own

Where nothing else would be commissioned

On a smaller cheque, or an M&A process moving in days, a full management diligence is never commissioned at all. The record is the diligence you get, and it arrives in a day rather than in weeks.

Before the referencing

As the brief for the people who do the talking

Who to ask about what: which build slipped and which did not, which raising diluted, which seat changed hands straight after a regulatory event. And who to ask, drawn from the people who held seats alongside them and the windows where those tenures overlapped.

Into the grade

Where the two halves meet

The qualitative findings come back and sit against the measures. A single graded verdict on a person only becomes defensible at that point, which is why nothing here publishes one before it.