Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
Each company listed discloses IREN in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named IREN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| William Roberts | $964,350 | $0 | $69,695,744 | $0 | $1,968,000 | $0 | $19,650 | $72,647,744 |
| Co-Chief Executive Officer | ||||||||
| Belinda Nucifora | 303,363 | 0 | 1,611,511 | 0 | 387,216 | 0 | 19,317 | 2,321,407 |
| Former Chief Financial Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| William Roberts | $72,647,744 | — | — | — |
| Belinda Nucifora | 2,321,407 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| William Roberts | RSU | — | — | — | 354,297 | — | $4,000,013 |
| Belinda Nucifora | PSU | — | 4,494 | 8,987 | — | 17,974 | 109,641 |
| Daniel Roberts | RSU | — | — | — | 1,844,862 | — | 11,899,360 |
| Daniel Roberts | RSU | — | — | — | 2,400,000 | — | 20,496,000 |
| William Roberts | RSU | — | — | — | 1,844,862 | — | 11,899,360 |
| Belinda Nucifora | RSU | — | — | — | 75,000 | — | 483,750 |
| Daniel Roberts | RSU | — | — | — | 984,094 | — | 8,000,026 |
| William Roberts | RSU | — | — | — | 1,844,862 | — | 19,666,229 |
| Daniel Roberts | RSU | — | — | — | 1,844,862 | — | 19,666,229 |
| William Roberts | RSU | — | — | — | 984,094 | — | 8,000,026 |
| Belinda Nucifora | RSU | — | — | — | 19,364 | — | 218,620 |
| William Roberts | RSU | — | — | — | 2,400,000 | — | 20,496,000 |
| Daniel Roberts | RSU | — | — | — | 354,297 | — | 4,000,013 |
| Belinda Nucifora | RSU | — | — | — | 75,000 | — | 799,500 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| William Roberts | $64,061,628 | $0 | $0 | 0.0% |
| Belinda Nucifora | 1,501,870 | 109,641 | 0 | 6.8% |
| Daniel Roberts | 64,061,628 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Roberts | RSU | 529,275 | — | $7,711,537 |
| Roberts | RSU | 271,546 | — | 3,956,425 |
| Belinda Nucifora | RSU | 75,000 | — | 1,092,750 |
| Belinda Nucifora | RSU | 16,022 | — | 233,441 |
| Belinda Nucifora | RSU | 17,974 | — | 261,881 |
| Roberts | RSU | 354,297 | — | 5,162,107 |
| Belinda Nucifora | RSU | 19,364 | — | 282,133 |
| Roberts | RSU | 489,009 | — | 7,124,861 |
| Roberts | RSU | 984,094 | — | 14,338,250 |
| Roberts | RSU | 2,400,000 | — | 34,968,000 |
| Roberts | RSU | 1,844,862 | — | 26,879,639 |
| Roberts | RSU | 475,444 | — | 6,927,219 |
| Roberts | RSU | 45,844 | — | 667,947 |
| Belinda Nucifora | RSU | 64,085 | — | 933,718 |
| Belinda Nucifora | RSU | 43,297 | — | 630,837 |
| Belinda Nucifora | RSU | 22,214 | — | 323,658 |
Our executive compensation programs are designed to attract, motivate and retain the talent that can deliver strong returns on shareholder investments through a highly motivated culture focused on innovation, operational excellence and continued growth.
| CEO STI target (% of salary) | 100% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | FW Cook |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2025 | 2025-11-19 | 215,574,890 | 29,396,834 | 3,897,710 | 88% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2025 | 2025-11-19 | 88%a |
a. Voting standard not stated in the filing.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | 993 : 1 |
|---|---|
| CEO total compensation | $72,647,744 |
| Median employee compensation | $73,186 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| David BartholomewIndependent · Board Chair · Audit and Risk · Compensation (Chair) | $112,780 | $202,509 | $0 | $0 | $7,220 | $322,509 |
| Michael AlfredIndependent · Audit and Risk · Compensation | 110,000 | 135,006 | 0 | 0 | — | 245,006 |
| Sunita ParasuramanIndependent · Audit and Risk (Chair) · Compensation | 80,000 | 135,006 | 0 | 0 | — | 215,006 |
| Christopher GuzowskiIndependent · Audit and Risk · Compensation | 60,000 | 135,006 | 0 | 0 | — | 195,006 |
| William RobertsEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Daniel RobertsEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $20,000 |
|---|---|
| Annual equity retainer | $135,006 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $362,780 |
| Equity awards (grant-date value) | $607,527 |
| All other compensation | $7,220 |
| Total cost of the board | $977,527 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies IREN Ltd names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including IREN Ltd.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Hut 8 | 2025 | Asher Genoot | $550,000 | $238,248,457 | $0 | $0 | $239,909,042 |
| 2 | IREN Ltd | 2025 | William Roberts | 964,350 | 69,695,744 | 0 | 1,968,000 | 72,647,744 |
| 3 | CleanSpark | 2025 | S. Matthew Schultz | 862,917 | 37,098,637 | 0 | 0 | 44,901,507 |
| 4 | TeraWulf | 2025 | Paul Prager | 1,000,372 | 23,151,000 | 0 | 0 | 39,411,005 |
| 5 | MARA Holdings | 2025 | Fred Thiel | 978,500 | 19,518,868 | 0 | 2,201,625 | 27,053,236 |
| 6 | Cipher Mining | 2025 | Rodney Tyler Page | 825,000 | 12,479,623 | 0 | 0 | 14,968,623 |
| 7 | Galaxy Digital | 2025 | Michael Novogratz | 500,000 | 1,102,265 | 3,078,086 | 0 | 7,651,727 |
| 8 | Riot Platforms | 2025 | Jason Les | 1,584,337 | 0 | 0 | 1,827,581 | 3,460,222 |
| 9 | DigitalOcean | 2025 | Padmanabhan Srinivasan | 600,000 | 0 | 0 | 588,000 | 1,210,795 |
| — | Core Scientific | — | — | — | — | — | — | not in coverage universe |
| — | CoreWeave | — | — | — | — | — | — | not in coverage universe |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| IREN Ltd | 200% | PSU 67 · RSU 33 | Yes — Relative TSR vs NQUSS Index | FW Cook |
| Cipher Mining | 200% | RSU 50 · PSU 50 | Yes — Relative TSR vs S&P Americas SmallCap Software & Services Index | Semler Brossy |
| CleanSpark | 647% | RSU 60 · PSU 40 | No | Compensia Inc. |
| Core Scientific | not disclosed | not disclosed | not disclosed | not disclosed |
| CoreWeave | not disclosed | not disclosed | not disclosed | not disclosed |
| DigitalOcean | 98% | PSU 65 · RSU 35 | No | Compensia |
| Galaxy Digital | not disclosed | RSU 100 | not disclosed | Semler Brossy |
| Hut 8 | 200% | PSU 100 | No | Compensia, Inc. |
| MARA Holdings | 100% | PSU 67 · RSU 33 | Yes — Relative TSR | Compensia |
| Riot Platforms | 125% | RSU 50 · PSU 50 | Yes — TSR relative to RUSSELL 3000 Index | Compensia Inc. |
| TeraWulf | not disclosed | not disclosed | No | Lyons, Benenson & Company Inc. |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, William Roberts | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “Summary Compensation Table” · page 31. As printed: 72,647,744. Filing ↗machine: t151 · r2 · c19 · span 512166–512176 |
| 2 | Section 01, Belinda Nucifora | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “Summary Compensation Table” · page 31. As printed: 2,321,407. Filing ↗machine: r8 · c19 · span 531096–531106 |
| 3 | Section 03, William Roberts RSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “NEO &” · grants of plan-based awards table. Filing ↗machine: t130 · r2 · c4 · span 388458–388467 |
| 4 | Section 03, Belinda Nucifora PSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t159 · r17 · c22 · span 625061–625068 |
| 5 | Section 03, Daniel Roberts RSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “IREN&” · grants of plan-based awards table. Filing ↗machine: t153 · r2 · c7 · span 544234–544244 |
| 6 | Section 03, Daniel Roberts RSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “LTIP. &” · grants of plan-based awards table. Filing ↗machine: t159 · r6 · c22 · span 583509–583519 |
| 7 | Section 03, William Roberts RSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “IREN&” · grants of plan-based awards table. Filing ↗machine: t153 · r2 · c7 · span 544234–544244 |
| 8 | Section 03, Belinda Nucifora RSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t159 · r19 · c22 · span 631823–631830 |
| 9 | Section 03, Daniel Roberts RSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “NEO &” · grants of plan-based awards table. Filing ↗machine: t130 · r2 · c7 · span 389002–389011 |
| 10 | Section 03, William Roberts RSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “LTIP. &” · grants of plan-based awards table. Filing ↗machine: t159 · r7 · c22 · span 587060–587070 |
| 11 | Section 03, Daniel Roberts RSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “LTIP. &” · grants of plan-based awards table. Filing ↗machine: t159 · r7 · c22 · span 587060–587070 |
| 12 | Section 03, William Roberts RSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “NEO &” · grants of plan-based awards table. Filing ↗machine: t130 · r2 · c7 · span 389002–389011 |
| 13 | Section 03, Belinda Nucifora RSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t159 · r16 · c22 · span 621460–621467 |
| 14 | Section 03, William Roberts RSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “LTIP. &” · grants of plan-based awards table. Filing ↗machine: t159 · r6 · c22 · span 583509–583519 |
| 15 | Section 03, Daniel Roberts RSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “NEO &” · grants of plan-based awards table. Filing ↗machine: t130 · r2 · c4 · span 388458–388467 |
| 16 | Section 03, Belinda Nucifora RSU | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t159 · r18 · c22 · span 628606–628613 |
| 17 | Section 07, pay ratio | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “CEO Pay Ratio”. As printed: 993 : 1. Filing ↗machine: span 865307–865310 |
| 18 | Section 08, David Bartholomew | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “Director Compensation”. As printed: 322,509. Filing ↗machine: t206 · r2 · c13 · span 880320–880327 |
| 19 | Section 08, Michael Alfred | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “Director Compensation”. As printed: 245,006. Filing ↗machine: t206 · r3 · c13 · span 883148–883155 |
| 20 | Section 08, Sunita Parasuraman | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “Director Compensation”. As printed: 215,006. Filing ↗machine: t206 · r5 · c13 · span 888012–888019 |
| 21 | Section 08, Christopher Guzowski | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “Director Compensation”. As printed: 195,006. Filing ↗machine: t206 · r4 · c13 · span 885886–885893 |
| 22 | Section 08, William Roberts | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 23 | Section 08, Daniel Roberts | DEF 14A | 2025-10-06 | 0001140361-25-037383 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 24 | Section 06, 2025 vote | Form 8-K | 2025-11-24 | 0001140361-25-043142 | Item 5.07 · say-on-pay result. As reported: 88% (votes for as printed: 215,574,890). Filing ↗ |
| 25 | Section 03b vehicle mix (computed) | Computed | — | computed | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 26 | Section 09b board cost (computed) | Computed | — | computed | Cash 362,780 + equity 607,527 + all other 7,220 = 977,527, summed across the director compensation table rows.machine: formula: Σ = 977,527 |
| 27 | Hut 8, Section 10b CEO total | DEF 14A | 2026-04-28 | 0001104659-26-049711 | CEO total compensation as printed in Hut 8's own proxy. As printed: 239,909,042. Filing ↗machine: t138 · r7 · c14 · span 579029–579040 |
| 28 | IREN Ltd (subject), Section 10b CEO total | DEF 14A | 2025-10-06 | 0001140361-25-037383 | CEO total compensation as printed in IREN Ltd's own proxy. As printed: 72,647,744. Filing ↗machine: t151 · r2 · c19 · span 512166–512176 |
| 29 | CleanSpark, Section 10b CEO total | DEF 14A | 2026-01-22 | 0001193125-26-019447 | CEO total compensation as printed in CleanSpark's own proxy. As printed: 44,901,507. Filing ↗machine: t84 · r3 · c13 · span 1267847–1267857 |
| 30 | TeraWulf, Section 10b CEO total | DEF 14A | 2026-04-28 | 0001083301-26-000077 | CEO total compensation as printed in TeraWulf's own proxy. As printed: 39,411,005. Filing ↗machine: r2 · c36 · span 326156–326166 |
| 31 | MARA Holdings, Section 10b CEO total | DEF 14A | 2026-04-30 | 0001507605-26-000010 | CEO total compensation as printed in MARA Holdings's own proxy. As printed: 27,053,236. Filing ↗machine: span 1074218–1074228 |
| 32 | Cipher Mining, Section 10b CEO total | DEF 14A | 2026-04-20 | 0001819989-26-000016 | CEO total compensation as printed in Cipher Mining's own proxy. As printed: 14,968,623. Filing ↗machine: r3 · c36 · span 547754–547764 |
| 33 | Galaxy Digital, Section 10b CEO total | DEF 14A | 2026-04-08 | 0001859392-26-000037 | CEO total compensation as printed in Galaxy Digital's own proxy. As printed: 7,651,727. Filing ↗machine: r2 · c21 · span 372282–372291 |
| 34 | Riot Platforms, Section 10b CEO total | DEF 14A | 2026-04-30 | 0001104659-26-053098 | CEO total compensation as printed in Riot Platforms's own proxy. As printed: 3,460,222. Filing ↗machine: t177 · span 1400543–1400552 |
| 35 | DigitalOcean, Section 10b CEO total | DEF 14A | 2026-04-24 | 0001582961-26-000029 | CEO total compensation as printed in DigitalOcean's own proxy. As printed: 1,210,795. Filing ↗machine: r2 · c42 · span 468499–468508 |
| 36 | Section 10a, Cipher Mining reciprocity | DEF 14A | — | 0001819989-26-000016 | Cipher Mining names IREN Ltd in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 37 | Section 10a, Riot Platforms reciprocity | DEF 14A | — | 0001104659-26-053098 | Riot Platforms names IREN Ltd in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 38 | Section 10a, TeraWulf reciprocity | DEF 14A | — | 0001083301-26-000077 | TeraWulf's most recent proxy was read; its disclosed peer group does not include IREN Ltd. Filing ↗ |
| 39 | Section 10a, CleanSpark reciprocity | DEF 14A | — | 0001193125-26-019447 | CleanSpark names IREN Ltd in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 40 | Section 10a, Hut 8 reciprocity | DEF 14A | — | 0001104659-26-049711 | Hut 8's most recent proxy was read; its disclosed peer group does not include IREN Ltd. Filing ↗ |